British Petroleum Should Bail!

[JackLuis]

Perhaps this is what Ami intended?

Biggest Defaulters on Mortgages Are the Rich

The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.

Hard to make those payment on $3 M of principle, I'll bet.

 

[amicus]

Perhaps this is what Ami intended?

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Quote:
Biggest Defaulters on Mortgages Are the Rich

Quote:
The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.

Hard to make those payment on $3 M of principle, I'll bet.

~~~

You need not be Trysail or Handprints, or a genius of any kind to follow the well publicized efforts of Federal Mortgage lenders to include minorities in home ownership. It was no doubt filled with good intentions, but as so many well intentioned government fuzzy policies, those marginal buyers began the default parade in the housing market.

But middle and high income speculators, counting on the continual rise of housing prices, often secured low entry mortgages on several properties, intendind to 'flip' them when prices rose as they were predicted to.

No market phenomenon continues forever and when prices began to fall, and the speculative homes were worth less, 'underwater', they called it, the bubble began to expand and finally burst.

Since you blame the wealthy and the Republicans in general, do not be surprised when you find the motive force behind Fannie and Freddie, were Democrat congressmen, securing votes in low income areas by granting toxic loans.

This information has been widespread for two years now, strange how you have overlooked it.

Amicus

 

[colddiesel]

Suit yourself. I have plenty of "skin in the game" having purchased a slug of the BP Capital Markets America, Inc. 4.20% of 6/15/18 at 83 on 24 June, 2010 with a YTM of 7.03% and duration of 6.7 years. I'm a long time BP shareholder ( having bought my initial shares in 1991 when Bob Horton cut the dividend and the stock market puked up the shares ). Even today, I have a substantial profit in those shares. The only way you'll ever get bargains on high quality companies in the stock market is when they have problems. Ya gotta buy stuff when nobody wants it ( and there's usually a very well-known and widely understood reason that something's in disfavor— it's reflected in the price ). I am a very patient fellow; when I buy, it's with the intention of holding forever.





Bonds

Symbol CUSIP..... Type....... Issuer Name........ Coupon.... Maturity Moody's S&P Fitch Last $ Change Yield Last Sale Date & Time

BP.IX 10373QAA8 Corporate BP CAP MKTS AMER INC 4.20 06/15/2018 A2 A AA 89.960 3.335 5.797 07/08/2010 10:03:00

BP.JH 05565QBH0 Corporate BP CAP MKTS PLC 3.88 03/10/2015 A2 A NR 90.250 1.625 6.322 07/08/2010 10:26:13

BP.JI 05565QBJ6 Corporate BP CAP MKTS PLC 4.75 03/10/2019 A2 A NR 90.250 1.750 6.222 07/02/2010 10:22:36




Bonds

Symbol CUSIP..... Type....... Issuer Name........ Coupon.... Maturity Moody's S&P Fitch Last $ Change Yield Last Sale Date & Time

BP.IX 10373QAA8 Corporate BP CAP MKTS AMER INC 4.20 06/15/2018 A2 A AA 85.500 1.950 6.573 07/02/2010 13:40:05

BP.JH 05565QBH0 Corporate BP CAP MKTS PLC 3.88 03/10/2015 A2 A NR 88.000 1.250 6.923 07/02/2010 15:24:48

BP.JI 05565QBJ6 Corporate BP CAP MKTS PLC 4.75 03/10/2019 A2 A NR 88.070 1.820 6.575 07/02/2010 15:33:39




Bonds

Symbol CUSIP..... Type....... Issuer Name........ Coupon.... Maturity Moody's S&P Fitch Last $ Change Yield Last Sale Date & Time

BP.IX 10373QAA8 Corporate BP CAP MKTS AMER INC 4.20 06/15/2018 A2 A AA 82.150 0.150 7.188 06/30/2010 09:36:05

BP.JH 05565QBH0 Corporate BP CAP MKTS PLC 3.88 03/10/2015 A2 A NR 85.176 1.551 7.707 06/30/2010 11:26:48

BP.JI 05565QBJ6 Corporate BP CAP MKTS PLC 4.75 03/10/2019 A2 A NR 84.752 2.042 7.135 06/30/2010 11:59:39


http://cxa.marketwatch.com/finra/BondCenter/Default.aspx

Well made point. I too have bought BP, because they are cheap, they might get cheaper in which case I might buy a few more. They have phenomenal positive cashflows, good quality assets and are a good fit in an education fund for my grand children.

Chasing short term gains and losses is a mugs game but that is what so many do. I would just like to know what their liability position is net of reinsurance and retrocessions but I guess that if I knew so would everybody else so I'd be no better off.

 

[trysail]

Well made point. I too have bought BP, because they are cheap, they might get cheaper in which case I might buy a few more. They have phenomenal positive cashflows, good quality assets and are a good fit in an education fund for my grand children.

Chasing short term gains and losses is a mugs game but that is what so many do. I would just like to know what their liability position is net of reinsurance and retrocessions but I guess that if I knew so would everybody else so I'd be no better off.

BP is ( reportedly ) self-insured. I have no reason to doubt those reports. No one knows what the liability for this accident will be. Persons suggesting otherwise are not being honest. Anadarko Petroleum has rejected BP's bill for the portion of costs attributable to its 25% working interest ownership. I do not believe the Mitsui subsidiary with a 10% working interest position has yet indicated a position respecting its share of costs.