BP bankruptcy ahead? Rivals 'licking their chops'
Some have wondered whether BP can financially survive the disaster in the Gulf. Sure, the oil giant is a diverse, international money-making machine, but the Guardian reported Monday that BP had already spent $1.25 billion seven weeks into the oil spill, with no clear end in sight. The company will be dealing with an avalanche of lawsuits for years (a New Orleans attorney told me she expects that some local law school grads will spend the bulk of their careers working on spill-related cases) and the company's stock recently nose-dived. In spite of all this, BP CEO Tony Hayward has repeatedly insisted that his company will see the disaster through until the Gulf Coast is "made whole" again.
But New York Times financial reporter >Andrew Ross Sorkin notes that many industry watchers doubt BP can survive. Rivals Exxon and Shell are already circling like buzzards in anticipation that the company may stagger into oblivion. Or, as Sorkin puts it....
via Brett Michael Dykes - national affairs writer for Yahoo! News. READ THE REST OF THIS ARTICLE HERE: news.yahoo.com