Tuesday, June 15, 2010

BP: Warnings ignored? Perhaps not!

A heavily oiled pelican flounders on the beach at East Grand Terre Island in Barataria Bay, La. 
(Carolyn Cole / Los Angeles Times / June 4, 2010)

Perhaps not!!!

The chief executive of BP sold £1.4 million of his shares in the fuel giant weeks before the Gulf of Mexico oil spill caused its value to collapse.

By Jon Swaine and Robert Winnett
Published: 05 Jun 2010

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.
Mr Hayward, whose pay package is £4million a year, then paid off the mortgage on his family’s mansion in Kent, which is estimated to be valued at more than £1.2million.

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

His decision, however, means he avoided losing more than £423,000 when BP’s share price plunged after the oil spill began six weeks ago.

More pictures: LA Times
Latest on BP:  Washington Post,The Guardian
Nature Posts

No comments: