Mad Money's Jim Cramer: Bankruptcy Looming for BP? - CNBC
The collapse of the Transocean rig leading to a bankruptcy filing for BP? That is highly questionable and borders on the ridiculous. Remember, BP doesn't just make billions of dollars from this rig. It is a multimillion dollar corporation that profited - yes, profited - 14 billion dollars in 2009 alone. It seems far more likely, given the 50 million dollars spent on a public relations campaign to improve their image after the spill, that this is just more public relations spinning. And what if it does happen? BP will emerge a leaner, more vibrant company than before. In other words, nothing can hurt the giant of petroleum. BP has the judges in their pocket, the administration in their pocket, and even Dawn, the Unilever brand detergent used to clean the oil sludge from delicate animals in their pocket because, after all, Dawn is made with petroleum.
The most disheartening part of this whole nightmare scenario is that, again, our bankruptcy dockets will include more and more independent fishermen, restaurant owners and other small businesses who now see their future making an independent living choked by the very people who kept them in business. In fact, most are still advocating for more drilling as a way to keep jobs in the community.
I foresee this having a trickle down effect to parts across the country. What happens when the local fishmarket who always has the freshest seafood is no longer able to stock his store? What happens to local eating establishments who are having to pay more and more for seafood from other parts of the country? What happens when the gulf income stream is no longer in the economic market?
But, yet, somewhere there is a highly paid PR guys telling the BP chairman "Bankruptcy could actually make people more sympathetic with us!"
