Pelosi wants BP dividends halted...UK says not so fast

United States
June 13, 2010 11:37am CST
Nancy Pelosi has called for BP to halt dividend payments to stockholders. But the UK is saying not so fast...that BP will decide for themselves what to do about the dividend payments without consulting US politicans. BP is not an American company. Nancy Pelosi has been calling for BP to not pay out it's dividends until it has taken care of the oil spill and all damage claims from it. So it looks like we have an international battle brewing over this. What do you think should be done? Does our government have the power to tell a foreign company if they can pay our dividends? Should it? What should BP do?
2 people like this
9 responses
• United States
15 Jun 10
I knows there's a world court, but I don't know what kind of authority they have, if any. Hasn't BP said they'll pay every legitimate claim? If they follow through with this payment claim, I can't imagine that the shareholders will be getting much in the way of dividend payments anyway, especially when you take into consider the added cost of plugging the hole and the cleanup. Does it really matter what Nancy Pelosi says or wants? What authority does she have in any of this? I don't know the answer to this, but when one of our chemical plant stationed in India blew up some years back (correct me if I've got my story wrong), did any of the shareholders forfeit their dividends?
• United States
16 Jun 10
If congress decides to pass a law giving them the power...she can have ALOT of control or say about it. That is what we don't want.
• United States
17 Jun 10
You're right. We certainly don't want her to have any say about it.
19 Jun 10
The chemical plant that you are talking about was Bhopal and the local community there, which was devastated by the chemical leak, have still not been compensated by the American company that owned the plant. They just walked away from it and the plant is now derelict and still contaminated with dangerous chemicals.
@BCRMike (279)
• Vanderhoof, British Columbia
13 Jun 10
Simple. Seize their assets to pay for the damages. They have not told the truth, and they have made haphazard attempts to seal the leaks. And they have under estimated everything. As a result, they have over estimated the number of assets they are entitled to. Screw them and the BP share holders too.
• United States
16 Jun 10
Their holding in America are dropping like a rock. Every sence the oil spill their stocks have take a HUGE dive. Personally I think they don't want to deal with it so they are hoping if they are slow enough about it that Obama will have the government come in and take over the clean up. that way Obama and the feds will get the blame if it goes bad and not them.
@laglen (19782)
• United States
13 Jun 10
No our government has no standing other than to refuse to allow BP to continue drilling here. Pelosi should probably keep her nose out of it.
• United States
16 Jun 10
Good luck getting Pelosi to keep her nose out of it. She thinks EVERYTHING is her business.
1 person likes this
@laglen (19782)
• United States
18 Jun 10
she can stick her nose in, but she has no power with this.
@ram_cv (16516)
• India
13 Jun 10
I think that is where the human greed and disregard for the environment is very evident. On the one hand we have a massive spill and the impact of it on the environment. While on the other hand, BP is planning dividends to it's investors. I think sanctions should be made on BP to first pay out the damage claims irrespective of the fact whether they pay the dividends or not. If BP is not an american company, America can still ban it from operating in US, which would be an adequate slap as US is one of the biggest market for BP!! Cheers! Ram
• United States
16 Jun 10
The US won't ban BP if they can help it. They don't want to hurt BP because we need them to make money so they and not the tax payers can pay for this mess. We need BP's stock price to say up. We need to them keep making money....because if htey go under...we get stuck with the clean up bill.
1 person likes this
@ram_cv (16516)
• India
17 Jun 10
Interesting thought. But if they keep handing out dividends to their stock holders, it is not really helping out. Cheers! Ram
@sierras236 (2740)
• United States
14 Jun 10
Frankly, Pelosi can blow all the hot air she wants but there really isn't anything she or Congress can do about stopping the company from paying out dividends. They don't fall under Congress' control and I think that little fact is what is making her mad, not the feigned outrage over the oil spill.
• United States
16 Jun 10
If Pelosi does not have control over something it always makes her mad. She thinks government (her) should control all.
@rodney850 (2145)
• United States
13 Jun 10
Hi lilwonders, everyone, I haven't been here in a while but when I do come to Mylot I always find something I can't resist. First, I don't believe the US can do much more than request BP not pay dividends but let me address the real reason BP is even considering dividends. It is my firm belief that no real true effort has been made to stop the flow of oil from this well by either side. Brash statement? Consider this: BP has been waiting for the enevitable "take-over" by the US who always believes they can do it quicker and better (which we can of course). The problem they have is that this administration doesn't want to take this over and get it stopped very soon at all. The reason? It plays right into the talking points of their agenda to stop fossil fuel exploration in the gulf or any US coastline. If that weren't the case this would have been a done deal already, period. My opinion, take it for what it's worth.
• United States
16 Jun 10
You have a point. BP has not really done much about this problem...they want the government to do it. The government does not want to do it...so nothing is really getting done because no one wants to do the job.
@matersfish (6311)
• United States
13 Jun 10
BP should be held 100% responsible and 100% liable for the oil spill. They're a foreign company operating here, thus having an effect on us, and thus having to act responsible. Whatever else they do with their shareholders and the like is their business and Pelosi should put away her Mao shrine and stop foaming at the mouth. This disaster isn't an opportunity for politicians like Pelosi so seize the day by doing what they really want to do in seizing corporate power and making it government power. BP shouldn't have to consult the US on anything other than the matter at hand. What's next? Pelosi and company are going to go nuts over bonuses BP is paying out and unions will start picketing their homes and scaring their children?
• United States
16 Jun 10
Pelosi sees everything as an opportunity for a government take over. LOL Don't look for that to stop. " Pelosi and company are going to go nuts over bonuses BP is paying out and unions will start picketing their homes and scaring their children?" Oh I definately see that it could happen. Just give it time.
@TTCCWW (579)
• United States
13 Jun 10
BP is an international company with 30% of it's work force American and 40% of it's holdings in the US. They also have many American retirement accounts invested with them so this England Versus The US politico hoopla is a little silly. They are based out of England and pay taxes in England but have most of their investments else where. Nancy was not the one who started this conversation but law makers have been pressuring her to do this. Mostly, from the southern states that are concerned with getting their money back. The company has anounced that it will not pay dividends this term and has agreed to set up a trust for payments.
• United States
16 Jun 10
Those promises are nice...but if BP goes under because stock holders do a massive sell off....there won't be money in the trust fund account for payments.
• United States
16 Jun 10
It is really sad, but America can really do nothing but blow hot air. All those people screaming that Obama should "do something have no idea that he can do nothing. Bobby Jindal tries to look like superman, and screams about building a wall to (waste money) stop the oil, and he really can do nothing. BP could turnaround and walk out tomorrow - America can do nothing. Voodoo may work - and I would get all those wonderful juju people from New Orleans out there to give those BP execs a little awakening.