The droll Robert Peston offers insight on the suspension of the BP dividend:
The cost of insuring its debt has gone To-The-Moon-Alice, so every bit of dry powder they can keep on hand will be needed.
The markets know what that one poor Congressman was excoriated for expressing in public: The Obama Administration has performed a shake-down of BP, with $100 million as down-payment to cover Himself's backside for shutting down deep-water drilling for six months. At least $20 billion to follow, to flow into friendly 'third-party' hands. No moral hazard there, ya'll.
As OS continues to quietly insist: This is not about finding solutions, it's about seizing power.
Obama and friends just made BP an offer they couldn't refuse, because they were in no position to...
Welcome to the Chicago Way, big-time.
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