BP has apparently hired Goldman Sachs to advise the company on how to deal with the increasing liabilities from the Gulf oil disaster. Is this pre-bankruptcy planning? Are they going to sell assets or spin assets off to other companies? Will they leave the government with a mess? Will we have another tax payer bailout for BP funded by the American taxpayer?
It is amazing to me that Goldman Sachs can make money on any type of situation. They have made huge amounts of money from the AIG and bank bailouts and the issuance of government debt. It is rumored that they have also profited from and caused food shortages by trading commodities. It was just a matter of time before Goldman Sachs would receive some type of payment from BP regarding this disaster. I have heard that BP was going to try and issue some unsecured bonds to pay for the cleanup. Maybe Goldman Sachs is doing the bond issuance? Who knows? I would not imagine too many people buying these bonds if BP is going to file bankruptcy.
It seems like Goldman Sachs is ahead of the curve on investing and profiting. Goldman Sachs has already saved a substantial amount of money when Goldman Sachs Asset Management, L.P. sold 4,680,822 shares of BP in the first quarter ending 3/31/10 before the oil spill started on April 20, 2010. How did know when to sell? These guys could earn a profit and pay an executive bonus in every market. There are smart too. It looks like they contributed a substantial amount of money to Obama campaign when he ran. I’m sure that has paid off already in the excessive tax payer funded Wall Street fat cat bank bonus bailouts. Why don’t they hire me or you? We could use an executive bonus.
Here is a link with more info:
BP hires Goldman Sachs
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