Saturday, June 26, 2010

Insider trading from Air Force One

On February 13, 2010 BP reported problems with the deepwater horizon well to the MMS. They struck oil and gas, too much of both. Continuing problems were reported through February and March. Emails were coming out of BP almost daily that high gas pressure was blowing out the cement at the top of the well. Repeated attempts were made to seal the area. MMS knew all about it.
In a similar situation in 2006 also in the Gulf, Exxon experienced high pressure gas and completely deep cemented the well instead of trying to harvest that which they couldn't control. It cost them a lot of money, but they did the right thing.
A very large investor in BP, Vanguard, through 2 subsidiaries sold all of its BP stock almost on the same day that Tony Hayward, CEO of BP, sold a lot of his stock. Two weeks before the explosion on April 20. Is this insider trading?
Unsealed wells with high pressure gas are almost all deep cemented and abandoned as they are very dangerous even above ground. The Russians had to nuke 3. This well should have been no exception. MMS knew it and could have forced it, they are the regulatory agency in charge.
One big holder of Vanguard funds is none other than Barack Obama who oversees MMS and had just surprised his opponents by announcing that Gulf drilling was going to be expanded. He had inside information and his portfolio was loaded with BP stock through Vanguard, who makes him uninterested. Amazing... Hayward and Vanguard sell their stock at almost the same time and 2 weeks later the well blows up killing 11 people and causing this mess.
If the crisis doesn't exist, sell your stock, then create the crisis that you can blame on big oil. Then use it to force Cap and Trade before you lose congress. Was this entire thing contrived?
Mike Stephens

No comments:

Post a Comment