June 11, 2010

Sensenbrenner angry he didn't sell BP in April

When his 3,604 shares in the firm were worth $60 apiece.

British Petroleum stock began its steady decline on April 23, three days after a semi-submersible oil rig exploded 40 miles offshore from Louisiana in the Gulf of Mexico, killing 11 crew members. The rig sank in 5,000 feet of water, where conservative Republicans said BP was "forced" in 2008 when the Bush administration solicited cut-rate royalty bids on the property, known as Mississippi Canyon Block 252.

You know the rest.

"BP notes the fall in its share price in US trading last night [June 9]. The company is not aware of any reason which justifies this share price movement," said a flack. BP PLC closed up more than 12% yesterday following F. James Sensenbrenner's devastating blog, which details an extensive list of proactive solutions to the present crisis as well as engineering and regulatory tips for preventing future ones.*

F. James Sensenbrenner has served for several years on the House Committee on Science and Technology, which supposedly oversees federal energy policy and specifically as it relates to the environment.

And we already know how Sensenbrenner is all about the science.

Portfolio in a jackpot? You were a person-in-charge there, buddy.

See also: F. James Sensenbrenner, Congressman of No
And: Who stands to profit from pro-oil industry legislation
eta: Sensenbrenner tantrum transparent even to the press (h/t Xoff)

* Seriously, Tony Hayward is an oil executive, whose ultimate duty is to his shareholders (like Sensenbrenner with his unproductive tirade). President Obama is rightly far less interested in what he has to say under the circumstances than BP's construction superintendents and engineers in the field who are actually performing the work.

It's like when your toilet breaks, you don't call Herb Kohler.

In an instance of genuine national catastrophe, it's troubling that instead of rallying behind the president, a certain cohort can offer nothing except tearing him down, and on the flimsiest of pretense.

1 comment:

Anonymous said...

On March 17, 2008, JP Morgan Chase offered to acquire Bear Stearns at a price of $2 per share or $236 million. On March 24, 2008, that offer was raised to $10 per share or $1.1 billion in an effort to pacify angry shareholders. JPMorgan Chase completed its acquisition of Bear Stearns on May 30, 2008 at the renegotiated price of $10 per share. The U.S. Federal Reserve rewarded Bear Stearns' shareholders in the deal by taking responsibility for $29 billion in toxic assets in Bear Stearns' portfolio.

That very day, Sensenbrenner sold his BS stock at $66.1057 per share…. far above the $10 sale price.