FedUpUSA

God's Work? Luck? Or Lawbreaking?

 

By Karl Denninger 

One has to wonder about the BP thing….

It seems incomprehensible that the president and other members of the administration still have jobs when it is now being reported that the federal government was apprised by BP on February 13 that the Deepwater Horizon oil rig was leaking oil and natural gas into the ocean floor.

In fact, according to documents in the administration’s possession, BP was fighting large cracks at the base of the well for roughly ten days in early February. 

Further it seems the administration was also informed about this development, six weeks before to the rig’s fatal explosion when an engineer from the University of California, Berkeley, announced to the world a near miss of an explosion on the rig by stating, “They damn near blew up the rig.”

Hmmm….

Now let’s see…. there was no public dissemination of this information, was there?  Well, no.

And yet we know that:

According to regulatory filings, RawStory.com has found that Goldman Sachs sold 4,680,822 shares of BP in the first quarter of 2010. Goldman’s sales were the largest of any firm during that time. Goldman would have pocketed slightly more than $266 million if their holdings were sold at the average price of BP’s stock during the quarter.

Really…..

We also know that:

Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster.

The latter article also says:

There is no suggestion that he acted improperly or had prior knowledge that the company was to face the biggest setback in its history.

Oh really?

Again:

Further it seems the administration was also informed about this development, six weeks before to the rig’s fatal explosion when an engineer from the University of California, Berkeley, announced to the world a near miss of an explosion on the rig by stating, “They damn near blew up the rig.”

So here are my questions, which I believe we all deserve answers to:

  1. Did Goldman or Mr. Hayward know this?

  2. Did they sell stock with knowledge of material inside information that had not been disseminated to the market?

Just curious, mind you….

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