"Investors receive apology but few answers from BP; Officials are mum on dividend, cost of Gulf disaster" by Jane Wardell and Chris Kahn, Associated Press | June 5, 2010
LONDON — Tony Hayward, BP’s chief executive, apologized to investors yesterday for the Gulf oil spill and assured them the company had “considerable firepower’’ to cover the cost.
See: BP Can Cover Costs of Gulf Gusher
Investors seeking an estimate of that cost, or an update on future dividend payouts, were left wanting however. BP has spent more than $1 billion so far containing and cleaning up the oil, but it also faces untold liabilities. Its dividend has become a politically sensitive subject.
Hayward struck a penitent tone in BP’s first comprehensive update to shareholders since the April 20 rig explosion. He received a warmer response on the call than in many public forums in recent weeks....
“We will work tirelessly to rebuild the confidence of the American people, and of the world, in BP,’’ Hayward said.
You can forget it.
You skimped on the safety standards, you SoBs!!!
He was trying to reassure skittish investors who have lost more than $70 billion in the last six weeks, telling them BP would have money left over for a dividend after covering the spill costs. He noted that hundreds of thousands of shareholders “rely on their investment on BP to their financial security and in many cases their retirement income.’’
That's not you, slogging slaves of AmeriKa.
Major institutional shareholders such as Wellington Management and State Farm Mutual Automobile Insurance Co. declined to comment after the call....
There were no overtly hostile questions on the call and no discussion about Hayward’s string of gaffes — one British-based analyst even congratulated him on his handling of the situation.
Hayward said it was fair that he endure the bulk of the criticism. He credited his thick British skin for coping with it.
“Sticks and stones can hurt your bones but words never break them, or whatever the expression is,’’ he said.
A George Bushism!!
Isn't that special?
BP faces a tough balancing act, caught between worried investors and an increasingly angry US government and public.
Yeah, POOW BPwe, huh, weadews?
It’s a key stock for millions of investors and pension funds. About 40 percent of BP shares are held in the United States. The stock also accounts for about 6 percent of all the UK equity money held by defined benefit pension schemes....
Most Americans 401Ks -- not pensions, distorters -- have already dumped, so WTF?
I'll cover that above. Even if they claim success I won't believe them.
I saw the cameras and that oil is still gushing.
No longer interested in excuses.
--more--"
Related: BP Oil Leak May Last Until Christmas
What if BP Never Stopped the Oil in the Gulf of Mexico?
