By on June 16th, 2010I 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
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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 [read more]