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Dumping Stocks

I see that there is a fire sale going on with BP shares. But what I am curious about is why did both Goldman Sachs and BP President Tony Hayward (30%) dump all their shares 3 weeks before the disaster? Its probably just a lucky coincidence but I’m thinking these guys need to become professional gamblers.

These guys below didn’t get off quite so lucky.

Check out this FOX article:

BP Stock Frowned On as Bank of America, Lawmakers Unload

 

Published June 16, 2010

| FOXNews.com

 

Bank of America reportedly has sent around a directive to limit trades with BP as the oil company’s stock continues to decline and its credit rating erodes. 

The bank’s stink-eye toward BP comes as several lawmakers revealed they’ve unloaded the oil company’s stock.

Reuters reported that a high-level Bank of America executive on Monday ordered traders not to conduct oil trades with the company that last beyond June 2011. The decision comes as the company scrambles to staunch the gushing oil leak in the Gulf of Mexico while working with the federal government to contain and clean up the damage. 

Bank of America would not confirm or deny the report. 

“We’re not commenting on that. That’s a client, so as a rule we do not comment on client relationships,” said spokesman John Yiannacopoulos. 

The crisis has left BP on the hook for what will likely be billions in clean-up costs, economic damages and potential penalties. The company reached a deal with the Obama administration Wednesday for a $20 billion fund to pay claims to Gulf residents. 

Meanwhile, several lawmakers in Congress have dumped their shares in companies connected to the oil rig disaster. The Center for Public Integrity said in a statement Wednesday that Sens. John Kerry, D-Mass.; Kit Bond, R-Mo.; and Judd Gregg, R-N.H.; and Rep. Carolyn Maloney, D-N.Y., had all sold shares in either BP or Transocean, which owned the rig.

The center was basing its statement on information obtained ahead of the release of financial disclosure documents. According to the center, Gregg earlier reported owning between $15,001 and $50,000 in BP shares; Maloney reported owning between $50,001 and $100,000 in BP shares; and Bond reported having between $1,001 and $15,000 in Transocean shares. Bond’s office said the senator actually sold his stock in February 2009, long before the Gulf of Mexico oil spill. 

Kerry sold his Transocean stock but still owns between $1,001 and $15,000 in BP stock, according to the center.

 

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