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"they Damn Near Blew Up The Rig." - 6 Weeks Before It Blew

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http://market-ticker.denninger.net/archives/2433-Gods-Work-Luck-Or-Lawbreaking.html

One has to wonder about the BP thing....

It seems incomprehensible that the president and other members of the administration still have jobs when it is now being reported that the federal government was apprised by BP on February 13 that the Deepwater Horizon oil rig was leaking oil and natural gas into the ocean floor.

In fact, according to documents in the administration's possession, BP was fighting large cracks at the base of the well for roughly ten days in early February.

Further it seems the administration was also informed about this development, six weeks before to the rig's fatal explosion when an engineer from the University of California, Berkeley, announced to the world a near miss of an explosion on the rig by stating, "They damn near blew up the rig."

Hmmm....

Now let's see.... there was no public dissemination of this information, was there? Well, no.

And yet we know that:

According to regulatory filings, RawStory.com has found that Goldman Sachs sold 4,680,822 shares of BP in the first quarter of 2010. Goldman’s sales were the largest of any firm during that time. Goldman would have pocketed slightly more than $266 million if their holdings were sold at the average price of BP’s stock during the quarter.

Really.....

We also know that:

Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster.

The latter article also says:

There is no suggestion that he acted improperly or had prior knowledge that the company was to face the biggest setback in its history.

Oh really?

Again:

Further it seems the administration was also informed about this development, six weeks before to the rig's fatal explosion when an engineer from the University of California, Berkeley, announced to the world a near miss of an explosion on the rig by stating, "They damn near blew up the rig."

So here are my questions, which I believe we all deserve answers to:

1.

Did Goldman or Mr. Hayward know this?

2.

Did they sell stock with knowledge of material inside information that had not been disseminated to the market?

Just curious, mind you....

Looks like this well was fatally doomed long before it blew, this could be one very interesting court case. Obama as CEO of America may have a bit of explaining no wonder he's keen to keep saying it's the British.

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Also if you do a google search for Transocean's testimony to the US govt it states clearly that the pressure that the oil was coming out at exceeded the max pressure the BOP was designed to work at.

Obummer wants BP to admit responsibility before all the nasty little facts come out about how they all the oil companies were basically learning on the job with this deep water drilling.

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Guest sillybear2

That's hideous. I find that picture really disturbing.

I know, it looks like a dying oil sodden pelican.

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If this were true and in the South China sea, Tony Hayward wouldn;t only get his life back he'd get Afterlife on the end of a bullet!

Edited by Abstra

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Guest sillybear2

If this were true and in the South China sea, Tony Hayward wouldn;t only get his life back he'd get Afterlife on the end of a bullet!

Get real, Exxon got off with minor fine after fouling Alaska, Shell have collectively leaked more into the Niger Delta over the years, and Texaco just openly dumped unwanted oil/water byproducts into rivers and streams in Ecuador. Union Carbide, now Dow Chemical, refuse to provide compensation for Bhopal, and the US is preventing its former CEO from facing a criminal trial. But they're just poor brown people in far off countries.

Even Chevron is dealing with a leaking pipeline right now in Canada. BP isn't any better or worse than the other lot, they're all paying the same game of Russian roulette, so what you hear from Big Oil and US is nothing but rank hypocrisy.

Edited by sillybear2

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http://market-ticker...awbreaking.html

Looks like this well was fatally doomed long before it blew, this could be one very interesting court case. Obama as CEO of America may have a bit of explaining no wonder he's keen to keep saying it's the British.

You are right!

On Panorama (i-player) one of the oil workers said that the management deliberately pumped in the "wrong type of cement" to seal around the well (Cutting Corners).

The gas and oil then blew up between the outer and inner casings of the well due to weak/wrong cement mixture put in the surrounding area.

The engineers even sent emails to headquarters stating they were using the wrong type and not enough well support structures - their protestations were ignored & they were just ordered to get the well online a.s.a.p

In addition, the blow-out preventer was identified as fulty weeks before explosion. Parts of it were shut down and bypassed instead of being mended which involved shutting the whole rig down.

BP 'ran' the rig, Transocean 'owned' it - the blow out preventer was Transocean's responsibility ie it should have been working perfectly/tested when they signed the lease.

Looks ever more like a 'put-up' job by the minute!

Wrong type of cement seal put in against engineers advice!

Put only a fifth of recommended well support structures at bottom end of well against engineers advice!

Known faulty blow-out preventer on top: known about weeks before blow out and mending ignored by top management!

Edited by erranta

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Obummer wants BP to admit responsibility before all the nasty little facts come out about how they all the oil companies were basically learning on the job with this deep water drilling.

They have to learn somehow.

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They have to learn somehow.

True but you would have thought being cautious would be the better approach and learning which corners can safely be cut rather than going for cutting all corners from the start. Now they have no idea which corners can safely be cut.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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