It’s time for the federal government to put BP under temporary receivership, which gives the government authority to take over BP’s operations in the Gulf of Mexico until the gusher is stopped.
I wonder how Britain would feel about this. Considering that BP’s stock price has dropped from $62.32 on January 22 to about $38 today, perhaps heir shareholders would like some US intervention. Then we can give it back to them afterwards, just like we did with the car companies.
It will never happen and perhaps should not. There has been a meme going around that a part of government regulation might be to prevent companies from committing ‘corporate suicide’. That regulations prevent them from going over the edge as they chase short-term profits. It gives them an out to fight off shareholder lawsuits that might push them to cut corners, and leading to corporate catastrophe.
An interesting thought also.