Remember that nothing-to-see-here thing we mentioned about Goldman Sachs and BP CEO Tony Hayward offloading millions of dollars in BP stock in the first quarter of 2010, before the rig explosion in April?
In Put On Your Tin Foil Hats: Did Someone Know the Rig Was Going to Blow we suggested that maybe, just maybe, someone knew something bad was going to happen:
As more pre-explosion evidence is uncovered, signs are suggesting that there may have been foreknowledge that an accident was imminent.
Reports are now surfacing that BP was well aware of problems with oil leaking through the sea floor.
BP Plc was struggling to seal cracks in its Macondo well as far back as February, more than two months before an explosion killed 11 and spewed oil into the Gulf of Mexico.
It took 10 days to plug the first cracks, according to reports BP filed with the Minerals Management Service that were later delivered to congressional investigators. Cracks in the surrounding rock continued to complicate the drilling operation during the ensuing weeks. Left unsealed, they can allow explosive natural gas to rush up the shaft.
With all this talk about the Bush administration failing at rig safety, inquiring minds are asking why a February 13, 2010 Congressional report indicating there was seepage through the ocean floor was completely overlooked by regulators and the green White House administration. This was essentially an experimental well which was one of the deepest ever drilled in search of abiotic oil deposits. The depth is reported in the range of 30,000 feet. Pressures at those depths are incredible and any blow out would be devastating, as we have witnessed thus far.
BP’s report implies that they were able to fix the problem in February. But if this was no big deal, and the well was functioning properly, then why would Goldman Sachs unload 44% of their shares of stock totaling roughly $250 million? It could have been a normal sale, but if you were an investigator, wouldn’t you be asking questions?
Even if Goldman could explain themselves, what about Mr. Hayward? He is the CEO of BP and cashed in $2 million one month before the ‘accident.’
One viable conclusion is that BP knew that they had made a mistake. Maybe the pressure in the well became uncontrollable. They tried what worked in the past, but it didn’t work this time, perhaps because they were dealing with an unproven drilling approach for those depths and that type of oil.
Is it possible that BP got in over their head and couldn’t shut off the spigot?
If so, this would be one explanation for why Goldman, Hayward and other shareholders sold out for millions in profits.
This does not explain, however, why BP did not get the workers to safety if they knew a disaster was imminent. Anyone who had foreknowledge of an imminent disaster and did not take action to preserve human life should be criminally charged.
Independent investigations should be carried out starting immediately. This is the largest environmental disaster in US history and 11 people lost their lives. Investigators should be looking at everyone, includingÂ BP, the regulators, White House personnel, and Congress.
We want answers because Americans really need to know whose ass to kick.