June 2/2010-11:58 PM EST.
Goldman Sachs sold $250 million of BP stock before spill
Firm's stock sale nearly twice as large as any other institution; Represented 44 percent of total BP investment.The brokerage firm that's faced the most scrutiny from regulators in the past year over the shorting of mortgage related securities seems to have had good timing when it came to something else: the stock of British oil giant BP. According to regulatory filings, RawStory.com has found that Goldman Sachs sold 4,680,822 shares of BP in the first quarter of 2010. Goldman's sales were the largest of any firm during that time. Goldman would have pocketed slightly more than $266 million if their holdings were sold at the average price of BP's stock during the quarter. If Goldman had sold these shares today, their investment would have lost 36 percent its value, or $96 million. The share sales represented 44 percent of Goldman's holdings -- meaning that Goldman's remaining holdings have still lost tens of millions in value.
Read the rest on : The Raw Story
2 comments:
Both the selling of stock pre blow-out and insuring blow-out. Is business as usual in our capitalistic world. Well is kicking and could blow. Okay, but also vast amounts of Lithium were also discovered in about the same time frame (I base this on news stating that "Taliban shoots down NATO plane" yet Taliban denies said plane downing. So with Iraq "a done deal" (foreign investment for the first time in history. Dinar still needs to be pegged by world monetary fund. But that too will come to fruition).So oil is not as valuable as pre-Iraq. But Lithium is the energy source of the future! So big business (BP) decides not to put any money into kicking well (corner cutting) in case it does blow. And it looked like it would, what with cracks in sea floor etc. Dump stock, insure for failure. Money money. Buy BP at say $18 to $20 (pre-blow up $60) and make more money when BP (now restructured) wins the bid for the mining rights to all that lithium.
Yet I am confident that Hans so and so (Swedish BP chairman) will sure miss those "small people" of the Gulf when dealing with the Taliban.
I am glad that about 2 years ago I decided to move from So Cal to a small town in the Ozarks. I have few neighbors, lax regulations, no permits needed for building. Big trees, spring water. I don't have museums, 24 hour stores and all the perks of big city Life. But when all hell breaks loose I would not want to be in a large metropolitan environment. Here I am building a solar panel energy system to "get off the grid".
Considering myself a logical person, I never bought into the current mind set that believes the World will end in 2012 because the 2012 believers fail to acknowledge that Mayan calenders were not meant to end on said date but rather were not completed before they met the Spanish.
Either way, the future is in dire straits. And "in the woods" is much prefered than large city when the nightmare that is , unfolds.
Corexit was needed to give BP time get the "hell out of Dodge City.
And yet the arrogance of those who believe money is ultimate power. are possibly thinking long term Once lithium has been extracted and all resources depleted then the reservior which BP had tapped that blew can, say in , who knows, ten twenty years, go back to GoM and by then the microbes which eat the methane which "sours" Louisana Sweet Crude will have been wiped out and the marsh lands will be gone thanks to the effects of oil on marsh grasses thus no more wildlife refuge. No more fishing beaches etc.GoM as a tourism destination a long gone memory. Real estate bottoms out as people move or succumb to poverty/disease. Then an oil rig can be placed on top of what was once marsh land tapping the same reservior which runs under the North American Plate (so much easier than deep water exploration and extraction) Plus real estate can be bought for 'a song'
This future forecast is all rather "tongue and cheek" because no one knows the future, not 2012ers not science and not religious organizations. It is all speculation.
Yet, I have a question that I wish to pose to the scientific minds of your site, albeit speculative as it may be. What are the chances of oil being distributed via rain to the Ozarks? I ask this because in digging my rain water collection cistern I have found that the red clay is a long slow dig.
And last be not least. I am as well as possible and I hope that you too my friend, are doing well. Thank-you you for your time and big thanks for taking the time to post such extensive information so that I may be well informed.
And if it all should end, may it be in one big bang rather than the long slow painful journey that it looks like it will be.
Nevertheless, I sure am glad that I have been fortunate enough to have been able to experience the human existence.
Being that it is what's called HI-E oil means this: When oil containing natural gas is vented from great pressure in the ocean floor, the natural gas will immediately starts to sublimate from the oil, the rate is determined with the Charle's law of volumetric expansion. After only 10% of the methane leaves the oil, the Low API gravity allows the oil to bind with the water. That's what the " E" refers to,..emulsify. As to how much will be drawn into a hurricane....that is anybody's guess...and everybody's guess...but nonetheless...a guess..just look at it like this....90% or so , is under the surface of the water, once the density of the oil changes, the higher density of the upper layers of seawater overcome the oil and keep it under the surface...it's what is called a " gassy cap ".
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