Posted by tpr on July 27, 2010 at 15:47:09:
The treatment of Hayward has caused me to take BP off my watch list. Ironically, I was preparing to buy BP based on their green image in the US.
I see the standing down of Hayward as blatant political manipulation that won't please anyone other than politicians. For our president to suggest that Hayward be fired was extremely un-American and in keeping with incidences in the Northeast where our president practiced micromanagement and subsequently blew off his foot.
There is a spirit in this country that someone is presumed innocent until proven otherwise. Why was Eric Holder present at the hearing for Hayward? The investigations into the Gulf explosion are ongoing. Yet, Hayward was convicted in a heartbeat. Astute shareholders should be cautious about BP's blantant pandering to political interest. The Russians are delighted to have Hayward. In Hayward's shoes, I would take the severance pay and go on the talk show circuit.
Hayward's major gaff was saying that he wanted "his life back." Had he simply said that he wanted the people of the Gulf to have their life's back so that he could then have his life back it would have been much more difficult to find a lamb. Maritime law, as I understand, puts responsibility on the owners of the rig. If the owners believed that their instruction were in some way reckless it was their responsibility to reject the proceedings. Hayward was not stonewalling at the hearing. He was simply doing what he obviously had to do. BP should have stood by Hayward until after the investigations. I am thankful that I never took a position in this stock. That Dudley knows how to be politically correct is not encouraging in my view.