Quote Of The Day

“It appears that the plan of the state and the federal government to stop the Deepwater Horizon oil leak, remediate its effects and compensate Louisiana citizens damaged by the leak is predicated on BP’s ability to pay for these objectives. I write because I am concerned about the solvency of BP. More specifically, I am concerned about the possibility that BP will seek the protection of the United States bankruptcy laws. A Chapter 11 filing by BP North America, a fully owned subsidiary of BP plc, could be used to protect the company from its creditors, including the United States government, the State of Louisiana, other states and individuals and businesses damaged by BP.”

– Louisiana state treasurer John Kennedy, in a letter to Gov. Bobby Jindal

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