Oil Slick

British Petroleum are now saying that they take responsibility for the slick in USA. Their head of media did appear to be passing the blame down the line in interviews last week. But as main contractor the buck actually, in law, stops with them. However they then have the right to sue their sub contractor Trans Ocean who own and operate the rig, who will, no doubt, sue their sub contractor who had the job of capping off the well namely Halliburton. Everybody and his/her Granny will have a lawyer and there will be class action claims on and on and on. Basically m'learned friends will make a pile but fishermen, if they live long enough will get very little compensation.

B.P. are extremely clever regarding their Accounts structure. They were they first multi national to buy a bank. Each section borrows funding from the bank and all income from the sections is paid into the bank. The bank operates as a private merchant bank investing in the market place and lending to B.P sections only at a lower than market interest rate. Therefore B.P. always have an advantage as their costs of borrowing are lower. Of course the bank is situated in a zero tax haven. If I remember correctly it is in San Marino, Italy.