Jun 15, 2010

http://www.dailyfinance.com/story/investing/fitch-downgrades-bp-credit-rating/19516729/

Fitch has just downgraded BP's credit rating a staggering 6 notches, as Congress contemplates forcing the company to set up an escrow account of $20 billion to pay for the damage.

I trust that none of you own any BP stock personally, but the problem is that a lot of pension accounts have investments in BP stock both in Britain and America.

They keep talking like they have plenty of money to cover all the cleanup costs. The fact is, even BP can't pay for the damage going on in the Gulf, nor for the economic damage to those who live on its shores. The time is coming when they will have to file for bankruptcy. Maybe the US gov't will just take all their assets to compensate for the damage, because it's ultimately the USS gov't that will have to pay for this.