British pensioners will pick up the bill for spill

Obama bullies BP into £13.5bn fund for oil spill victims... but British pensioners will pick up the bill

British oil giant forced to suspend paying any dividends until 2011
But BP shares rally this morning as news helps cool uncertainties
CEO Tony Hayward to be 'sliced and diced' at Congressional hearing today
Siphoned oil is burned off at sea in latest bid to staunch spill

Well as long as BP shares are rallying that's OK after all they do not pay for this mess the good old grannys will pay disgusting.

The crisis engulfing BP has plumbed new depths as President Obama bullied the company into depositing £13.5billion into a fund to settle compensation claims for the calamitous Gulf of Mexico oil spill.

£13.5 billion is that going to be enuf

After a face-to-face showdown with the President at the White House, BP chairman Carl-Henric Svanberg revealed the payment meant the oil giant would be forced to suspend dividends to its shareholders until at least next year.
BP shares rallied more than 8 per cent today as the news helped remove some of the uncertainty hanging over the stock following the oil rig disaster in the Gulf of Mexico.

Linkwww.dailymail.co.uk...

Why should the pensioners suffer for this it's disgusting buy the end of year BP will prob make billions in profit you watch.

Barry has shown his weakness in this crisis of that there is no doubt.

Emerging from the meeting, Mr Svanberg apologised to the American people and acknowledged Mr Obama's frustration.
'He is frustrated because he cares about the small people and we care about the small people,' BP's chairman said.

Forget everything i said because Barry & BP care about the small people


Well its just disgusting its always the little people that pay.

Thankyou

If its BP's fault then BP should pay, not the taxpayers of the US.

If pensioners have shares in BP then I guess thats their choice..
I didn't hear them screaming about record profits....

BTW, the motorist will end up paying at the pump.....

reply to post by virgom129


It's not that they have share in BP, it's that many pension funds are invested in BP stock.

Many pension funds are simply paid into with the payee having very little knowledge of where the money is invested. So it is a bit of a shame that after working hard and paying for a pension you suddenly find it's starting to evapourate through no fault of your own!

I've got no stmpathy for BP shareholders or BP in general but this is a different issue.

reply to post by G_man


No decent fund would have a large percentage of holdings in ONE share...
THey spread the risk, maybe just 5% BP shares...
Only self investors who took the risk of higher returns would concentrate on one sector..

I doubt it would effect them as dramatically as has been reported...

I had the unpleasure of flicking through a copy of the Daily Mail the other day and was shocked at how Anti American it was. It really is a piece of trash.

reply to post by G_man


Good post same as when the banks messed up pensions got hit there and i have no sympathy for shareholders in any company for that matter.

There going to have to change retirement age again end up working till 80 at this rate.

Thankyou

reply to post by virgom129


Thats a fair comment although i think the exposure in the UK is a bit higher than 5%.

Good article here about the impact on pensions.

Link

So while the impact will not be devastating, the pension market has already taken a big hit with the credit crunch in general so this will only help to compound the problem.

reply to post by G_man


Yeah, my super fund dropped 30% last year...
Everyone is suffering except the bankers....

They just want to point fingers, blame someone other than the corrupt bankers... BP is just this weeks excuse, wait till next week...

Oh well some one has to, better them than me

reply to post by mars1


Grannies will not pay...


Investors who took a risk without exercising their ability to make sure safety was job one.



Investment means taking a risk.... An investment is not a sure thing...

Perhaps this will be the end of market based pension funds?


I have no sympathy for any share holder in bp

reply to post by mars1


Sorry to bring this to you . . .but who do you think pay for the economic crisis created by the US and the trillions of dollars already been passed around by the US banks and international banks.

Tax payer in the US and other countries' citizens like the UK, so is not the first time and is no going to be the last, this is how economies work they pass the blunders of the wealthy corporate power elite to the citizens.

So hey is only fair, right?