BP's Largest Shareholder says Oil Spill Good for the Economy → Washingtons Blog
BP's Largest Shareholder says Oil Spill Good for the Economy - Washingtons Blog

Thursday, June 17, 2010

BP's Largest Shareholder says Oil Spill Good for the Economy

JP Morgan says that the Gulf oil spill will help the economy.

This is an odd thing to say, given that the spill is our modern dust bowl, which could very well deepen and prolong our economic woes.

What might explain such an odd statement?

Well, JPM is apparently BP's largest shareholder. So happy talk meant to drive BP's share prices higher can only help JPM.

Then again, maybe JPM's prop desk is making a fortune shorting BP, just like Goldman famously shorted the CDOs it was selling like hotcakes.


  1. The word revulsion comes to mind! Just how crass, selfish and immoral can these Shylocks get? There are not enough derogatory words to describe these despicable S.O.B.s who can profit when there is so much damage and carnage tearing apart human lives. These are the greedy bastards who screwed up the financial system, took billions, profited and have hung the rest of us out to dry. Now that is distasteful! They honestly make me sick to my stomach. May God have mercy on their souls... they have none for ours.

  2. Just how to they expect this to help the economy? They know the workers are being exposed to gases that are harmful, and could spread to large sections of the population. What are those stockholders tripping on that makes them so delusional? It's now up to "we the people" to start holding these corporate thugs accountable. If "we the people" don't do what must be done it will never get done, and we will continue to see total corruption and crime in the high levels of government from the elite.

  3. We failed to heed Eisenhower's Farewell address in 1961. You read his speech and realise here's a guy in the know, and he tried to warn us back then! I for one don't know how many people over the decades have tried to talk about these glaring cancers. Ron Paul and Ralph Nader are some of the latest..and they got ridiculed and dismissed in favor of SARAH, JOHNNY MACK,OBIE,CHENEY /BUSHCO.and KERRY...

  4. Lets say I own property along the Gulf. My investment is now way underwater. What should I do? Keep making payments or walk away. What would you do? 10's of thousands of home owners and buisness owners are at this time asking this question. What do you think their answer will be? I fail to grasp how such vast destruction of property values will be "good for the economy"!

  5. People need to start looking at these huge financial entities for what they really are, THE ENEMY! These repugnant parasites have already declared war on the less than elite class of the population! It's time that the less than elite class recognize that declaration and lock horns with the enemy!

  6. This as been from the word go, a ploy to get the Cap and Trade bill going so that they (the gangster elites) may get their grubby little hands on billions from the public tax coffers, not to mention the multitude of schemes, out right theft of millions more, as practice by the same gangsters in Europe. The minions get to do what they do best, lie, cheat and steal, the Puppet Master gets to set up is one world government and we get to pay for it all. Pay with our livelihood, pay with our health, pay for the ecologic disaster that they created out of greed and are responsible for. Aint life grand.

  7. What I don't understand is HOW our own GOVERNMENT could sit back and let BP KEEP making false claims, knowing they had lied before about emergency equipment and man power just in case, and not do regular check ups on their safety claims. After all, they had a contract with the government... right??? I'm just curious. Everyone is attacking BP but BP isn't the only culprit here... Bless those that spoke up, screw those that dismissed and Obama isn't even looking too good at this point in my opinion because he KNEW about the smaller leak. Obama was told by BP heads that he needed to stay out of it, they were more experienced in deep sea dwelling. This statement is true but the government could have brought in equally qualified and experienced people that didn't have anything to gain/lose in this disaster to aid in the attempt to fix the initial leak. BP should have been MADE to step out months ago instead of letting things get THIS BAD!!! Good for this economy my ass, this is just as good for us as a bullet between the eyes!

  8. Hundreds of tons of COREXIT,classified as a neurotoxin,50%s deadly ,blended in oil makes it 11 times more toxic, is going to evaporate under the sun and be blown over America - where it meets with the atmo-sphere saturated during decades with CHEM-TRAILS. Is that healthy for the Americans ? - or is that irrelevant as it cannot be exploited? Or is it NWO-Agenda working? Rumours of new "pandemias" are allready appearing.

  9. Wow, these guys are deranged to the max. This is a sign of sociopaths running amok in the banking industry. This statement is congruent with "there are many dead bodies that will need cleaning up and therefore will boost the economy to do so. We'll need morticians, caskets and urns, funeral directors, embalmers or crematorium people. This is all helpful to the economy and is of little consequence."

  10. I'm not surprise! Transocean got about $270 million in insurance payouts after the KABOOM and then paid of employees, fishermen, and other survivors to waive their right to sue. The Interior Department is Lucifer's servant in this case as well. British tax payers are so not happy and BP CEO is wetting is bed very night since their shares cut in half and Obama mustered up the courage to pay 'em pay up.

    Yop, the economy is ripe and Afghanistan is a democracy!

  11. The "economy" is what makes the money, goods, and services -go around. That is the -ARTIFICIAL CONCEPTION- behind the study of the SCIENCE of economics.

    So -in this classical sense- there are some positive money-flowing, goods-a-galloping, and services-a-rendering spin-offs to the Gulf thing.

    Economics is a -purportedly- amoral science.

    But look again.

    A closer examination of the human-truth-value of THE knowledge-of-"economics" is however -very much like the human-truth-value of all sciences.

    Economics is a study of ways to help the Devil in humanity.

    Because ALL CRIME is good for the economy too, very good. Hence -all the thieving scoundrels in our economy, and Perdue Pharma's Oxycontin, which is synthetic heroin being sold throughout our country in America's own Opium War being waged for -PRIVATE PROFIT-.

    And, folks, face THE FACTS about economics.

    War is excellent for the economy. If you study economics well enough, you come to realize, WAR is far and away the very best of all economic realities.

    All our scientific pursuits lead directly to the Doorstep of the Devil.

    It may all start out benign enough, but making a Deal with the Devil definitely has its -DOWNSIDES-.

  12. I agree. I can't believe that BP are STILL in charge and STILL making false claims!!! I don't even think George W. would've done this badly, and he would've at least given a few laughs..

  13. The "oil spill is good for the economy" argument is just "the broken window fallacy" revisited. At least this shows the absurdity of the argument. Politicians and governments use it all the time.

  14. Hey, I've seen Gary Oldman in the 5th Element, too... Destruction creates work... Yes. But, dum dums-
    www.TORPEDOthe HOLE.blogspot.com

    'nuff said jack.

  15. I would suggest that you all find out who owns BP before you spread untruths. I am not saying that if JPM did say what this blog said it did that it is not gross. What I am saying is that the blog has the largest share holder as JPM and that is incorrect. Go to www.bp.com choose the investors tab, click on share information and tools and then choose ownership statistics and see for yourself the UK owns more shares than the U.S. so simple thinking lends itself to the easy conclusion that JP Morgan as a U.S. company can not be the largest share holder. So again through simple thinking I find it hard to find this blog to be credible in what "JPM said". Let's all try to think for ourselves and stop assuming that because we read it on the web it must be true.


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