by Cedwyn
That represents a total drop of $23 billion in BP's market value. So, while I'm not lifting a finger to defend BP, I do want to point out that the company truly does have every interest in fixing this problem. That includes the fiduciary obligations to its shareholders. The failure to solve this problem reflects on them, as it should. Or more to the point, it reflects on their bottom line, as it should. BP is going to get their clocks cleaned over this and it's one hell of an object lesson for others in the business. I'm very fond of saying "just because you can do something, doesn't mean you should" and BP's spectacle of fail is a perfect example of it. Yes; the regulatory environment made it possible for them to do what they did, but they very clearly shouldn't have. They've been penny-wise and pound-idiotic. Thankfully, they're paying the price and will be for quite a while.
continued at Daily Kos....
