Weekly Investment Journal - Week 28 June 2010
Addressing The Deficit
Weekly Investment Journal - 29 June 2010 - 10:27 AM
While it may be somewhat excessive to suggest that what is currently happening to BP (BP.) is a once-in-a-lifetime event – Northern Rock, RBS and HBOS were of similar magnitude - the combination of bad luck and bad PR seems to be of a unique nature. Given that in BP we have one of the UK’s largest companies and bluest of blue chips halving in value in less than two months and no longer paying a dividend, it can be said that CEO Tony Hayward et al have inadvertently presided over one of the fastest examples of wealth destruction ever seen...