Poor old Tony Hayward

Posted on: 27 July 2010 by Editor at Large

Tony Hayward, outgoing BP chief, is a patsy. He has been set-up to make Obama look strong and in control.

If you worked this out in ‘lump sum’ cash terms it works out to about £14 million! In fairness to him, a lot of this was already due to him. He’s worked in top jobs at BP for nearly 20 years.

To the outside world it looks like a lot of cash for being responsible for the world’s biggest environmental disaster!

In reality he was thousands of miles away and the oil rig wasn’t even BP’s. It was owned and run by an American company that has been decidedly quiet over the past three months.

The money he’s getting doesn’t bother me. What bothers me is the way the BP Board has put him forward as the sacrificial lamb to keep the Americans - particularly Obama -happy.

Disasters happen as humankind endeavors more and more to extract wealth from the ground and the ocean. Mistakes happen and will continue to happen. Mr Hayward is ‘the patsy’, so that Obama can show he’s a ‘tough’ president. Mid-Term Elections are only a couple of months away and the Democrats aren’t doing too well. The BP debacle got good news coverage in the US as Obama pranced around slagging of the incumbent CEO of BP. 

Guess what: It appears that the new CEO is going to be an American. Now there’s a surprise! Maybe in future the ‘whiter than white’ Americans should remember Bhopal disaster in the 80s when the Indian subsidiary of US company Union Carbide contaminated the whole town and killed and maimed thousands. Or maybe they should think about the pollution they are causing in Nigeria with their oil drilling and refining.

Still that’s not really important is it? After all, they’re only Africans

What were they thinking of?

Last week the food home delivery company Ocado floated on the London Stock Market.  You must have heard all the noise it made. A bit like a cow pat hitting the ground with a flop!

The bankers bringing this to market had been hyping it in the City for weeks and found there were very few takers at the ‘hinted’ price of £2.70 a share. When it finally went out it was priced at £1.80 a share. Since then it’s dropped to £1.64. Now why is this? We’ve all seen the Ocado vans driving around the streets where we live unloading their Waitrose goodies.  The middle class equivalent of Tesco Home Delivery.

So why did it flop? Well the big reason is because it has been trading for 10 years and has never made a profit. Even the John Lewis Pension Fund sold their shares and they were involved from the very start.

Maybe the world has regained some of its sanity and will no longer stump up cash for anything bankers stick up for sale. If so, there’s hope for us after all!

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