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M Plaut is a private investor and writer. I have been a full time investor for eight years, and I specialize in energy and financial companies. I have a strong bias for dividend paying stocks but am open to good opportunities wherever they present themselves. I have never worked for anyone else... More
  • Firefighters Caused the Macondo Oil Spill! 1 comment
    Jul 23, 2010 8:04 AM | about stocks: BP, RIG

    A recent lawsuit filed in Louisiana claims that the immediate cause of the huge oil spill in the Gulf of Mexico was improper techniques used by the boats that attempted to fight the fire on the Deepwater Horizon rig after an explosion on April 20.

    For two days the huge rig, owned by Transocean Ltd and operated by BP, burned in the water, before finally sinking.

    According to a suit ( Robin v. Seacor Marine LLC, 2:10-cv-01986, U.S. District Court, Eastern District of Louisiana (New Orleans) and reported by Bloomberg www.bloomberg.com/news/2010-07-15/gulf-o...) filed by a number of parties hurt by the disaster, the fireboats shooting thousands of gallons of water at the crippled rig eventually flooded rig and caused it to sink. At the time that the Deepwater Horizon sank it was still connected to the well, and crude oil started pouring out uncontrollably only after the pipes broke.

    The suit claims that if recommended techniques would have been followed, the uncontrolled leak would not have occurred.

    If the assertions of the suit are correct, it puts an entirely new spin on the whole disaster.

    Disclosure: No positions

    Stocks: BP, RIG
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  • seasonalrental
    , contributor
    Comments (9) | Send Message
    RIG.well one could say anything they want. but where was Tranocean team to put out the fire. also why did Transocean ''RIG '' officials had the fire alarm shut down. the blame game wont help this Stock. they are going to be liable big time, and they do not have the money and assets BP holds. so there goes the idea of the blame game.see you and the stock lower down the road
    27 Jul 2010, 09:53 AM Reply Like
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