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Why is the U.S. Government Protecting BP?

By Implode-Explode Heavy Industries

``... it is all about OTC energy derivatives. If BP, who had their credit reduced to one year duration, gets squeezed out they cannot hedge their already huge positions putting that entire market in the same condition as the fake electricity market was after Enron... The government knows that a BP bankruptcy would cause a giant financial meltdown that would probably make what happened in 2008 look tame. That is the reason I think the government is working so hard to protect BP. In June, the President said, ?Untold damage is being done to the environment ? damage that could last for decades.? I think the President got it right the first time.''

Full post as published by Mortgage Lender Implode-o-Meter on August 21, 2010 (boomark / email).