On the one hand, there has been some good news for the oil giant. According to several reports, Hayward has been talking to sovereign wealth funds, most notably in the Middle East, about getting a cash infusion.
Once they have secured a cash infusion, they are more or less on safe grounds now. Investors need not worry about the present operations of the company per se for they know that they will be able to cope steadily well.
BP has also said it does not plan to issue new stock, a move cheered by investors since that would only dilute the value of current shares even further.
This further reinforces the investors' confidence that their stock value will continue to rise fast and furious.
Nonetheless, BP's CEO is most probably going to leave his desk in no time, probably before the end of 2010 as he has clearly failed to uphold his mandate.
He has promised to uphold safety but he has clearly failed abysmally here.
This is a terrible consequence but it is inevitable.
Good Bye
Credits -cnn
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