President Obama Revives the ‘Debtors’ Prison’ Concept
In an 18 minute speech from the Oval office President Obama vowed to “make BP pay” even as he takes steps that will almost inevitably lead that company to seek bankruptcy protection as their only path to continue in business.
While BP has a huge asset value it does not have the $20 – $40 billion in liquid cash that would be required to fund the escrow account(s) that the Feds and various Gulf states are now clamoring for. If they were to sell assets or borrow that much (not likely to be possible anyway) the company would be crippled and unable to generate the future earnings that will be needed to actually pay the cleanup costs.
Keeping BP healthy and profitable is the only chance that they will be able to cover the costs of the spill and related liabilities. Killing the “goose that laid the golden eggs” is Obama’s plan for dealing with the problem.
This is akin to our ancestors when they sent people to debtors’ prison for failure to pay what they owed. Lock them up and you’re sure to prevent them from ever having the ability to pay.
If American citizens insisted that Obama funded an escrow account for future Social Security and Medicare liabilities right now, as he’s asking of BP in this matter, our country would be technically bankrupt the same way BP will be if they comply with his request.
President Obama can force a BP bankruptcy or liquidation for near-term political gain only at the cost of an enormous loss of jobs in America and worldwide as BP shrinks or disappears. The loss of shareholder equity and dividend income will also depress our own economy while ensuring that the only group that benefits will be Obama’s favorite people – the lawyers who will spend years (or even decades) trying to squeeze the last dollar from the carcass of what was, until recently, a healthy company.
Dr. Paul Price
www.BeatingBuffett.com
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