Sunday, June 20, 2010

The REAL Explanation for BP: It's a Hedge Fund

This ought to sound familiar to a lot of people around Wisconsin.

Mr. Browne had built BP by taking over other oil companies, like Amoco in 1998, and then ruthlessly cutting costs, often firing the acquired company’s most experienced engineers. Taking shortcuts was ingrained in the company’s culture, and everyone in the oil business knew it.

IOW, Browne is/was a typical shark. Buy it, squeeze all the juice out of it, leave it on the beach. (No pun intended but damnation....that was good.)

HT: Barry

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