CEO: BP will make good on $10 billion in profit payouts to shareholders, despite spill
OPS_admin | Jun 05, 2010 | Comments 0
BP’s shareholders may receive more this year from the company’s coffers than those affected by the spill in the Gulf of Mexico will receive in their lifetime.
BP CEO Tony Hayward has indicated that he will go ahead with massive dividend payouts to shareholders in the aftermath of the worst oil spill in US history. $10 billion in payouts are scheduled for this year. The cost of the spill has been estimated in the tens of billions, but ExxonMobil only ended up paying a $507 million settlement for the 1994 Exxon Valdez spill after 20 years of appeals.
BP’s dividend ratio is now at 7.4 percent per year, more than twice the average payout of companies listed in the S&P 500. This means that US investors who hold BP stock effectively earn 7.4% interest on their shares — more when US tax law is taken into account — in addition to any gains or losses as a result of price shifts in the stock’s value.
Full Story: CEO: BP will make good on $10 billion in profit payouts to shareholders, despite spill | Raw Story.
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Who will you vote for this year: Big Oil, Big Casinos, or Wall Street?
Billionaire hedge fund manager - and primary contributor to Rick Santorum's Red, White, and Blue SuperPAC - Foster Friess let the truth slip out about politics in this post-Citizens United age during an interview with Politico. Friess was among several billionaires who attended the Koch brothers secret meeting last month where over a hundred million dollars was pledged to beat President Obama.Trying to get other oligarchs on the side of Rick Santorum - Friess said, "There isn't a person at the Koch brothers events who would not get a good return on their investment by investing in [Santorum] as president, because of what they believe about the free enterprise system." The key word there: investment. These aren't campaign contributions - these are investments that millionaires and billionaires are making to keep their tax breaks, their subsidies, and their lax regulations in place.We no longer have actual people running for President - we have a few very, very rich people like Friess and the Kochs investing in stooges to do their bidding - and hoping to see major returns in their bank accounts. So who will you vote for this year? Big Oil, Big Casinos, or Wall Street?-Thom(Who will you vote for this year? Tell us here.) -
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