Peter Reynolds

The life and times of Peter Reynolds

Posts Tagged ‘shareholders

Obama Stoops To Bully

with 17 comments

It's A Tough Job

I suppose it was bound to happen eventually but I am deeply, deeply disappointed in President Obama’s treatment of Tony Hayward.  It’s not worthy of him.

As I’ve written previously, Tony Hayward undoubtedly made some mistakes in his earlier handling of the oil spill crisis but,  apart from two or three minor gaffes (which have no substantive effect on the real issues at all), I’d like to know who could have done any better and how?

As Barack’s biggest fan I’m not going to give up on him.  I’m just sad to see him playing Big Bully Yankee.  It’s undignified, unnecessary and he should reflect on how often when America exercises its power without proper thought it ends up hurting its own.  No country on earth has sustained more friendly fire, blue-on-blue casualties.  I thought the era of dumb and dumber was behind us.

Tony Hayward is a brave man probably doing the most difficult job anyone in the oil industry has ever been faced with.  Obama should be backing him up, not undermining him.  BP shareholders should be asking themselves who they could replace him with.  There is no one with his experience.

Tony Hayward, BP And The Oil Spill

with 12 comments

Good Job

I am really very impressed with BP’s Chief Executive.  He is doing the best possible job for his company – and probably for all concerned.  His appearance on the Andrew Marr show this morning was an object lesson in how to handle such a crisis.  He is suitably contrite.  He is direct, honest, loyal, everything that any board of directors or committee of shareholders could ask for.  Crucially, in the TV age, he looks right.  His appearance is an exact match for his message.

Here is a man who is worth every penny of a salary I would expect to run to hundreds of thousands of pounds.

I’m no fan or friend of big oil companies.  There’s little doubt in my mind that BP and Esso/Exxon, the world’s biggest, operate an effective cartel on fuel prices.  They’re so big that no government can do anything about it.

I don’t think you can blame BP for the disaster although obviously it is responsible.  Clearly, you have to ensure that all possible safety standards and procedures are complied with but, given that, it could have happened to any oil company, anywhere.  There’s no more greed in BP than anywhere else. It’s just a business trying to make a profit like any other.

I deplore the oil spill just as I approve of motherhood and apple pie.  I understand that Obama has to give BP an appropriate amount of flak but the important point is how it is dealing with the disaster and all its consequences.  From what I see I think we should all be grateful that Tony Hayward is the man in charge.