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BP Could Trigger Another Economic Meltdown

Uber-muckracker Matt Taibbi says the worst may yet be to come from BP’s unacceptable antics in the Gulf, in Rolling Stone:

bpIt was sickening enough when British oil giant BP set new standards for corporate scumbaggery in the Deepwater Horizon oil spill, turning the Gulf of Mexico into its own personal toilet and imperiling entire species of wildlife in an attempt to save a few nickels. But with the Gulf geyser finally capped, there’s still a way for BP to cause an even more unthinkable disaster: an AIG-style, derivative-fueled financial shitstorm. If the company decides to declare bankruptcy — a very real possibility with these bastards — it could trigger chaos in our casino system of finance, underscoring the insane levels of leverage and systemic risk we have left in place, even after the global economic crash of 2008.

The first serious whiff of trouble came on June 15th, when Barack Obama manned up and went on national TV to tell the nation that he wasn’t going to let BP worm its way out of this one. “We will make BP pay for the damage their company has caused,” he declared, vowing to push BP to set aside $20 billion to clean up its mess and compensate victims.

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Tabbed-up tabby with ‘cat’ written in its fur


Last updated at 9:33 AM on 13th September 2010

All the clues are there: the whiskers, the purring, the miaowing and even the toy mouse under her front paws.

But just in case you were in any doubt as to what sort of animal Polly is, the ten-week-old tabby is happy to help out, thanks to her unusual markings, which spell out the word ‘cat’ on her left flank.

Polly the tabby

Garry Marsh and wife Joan, both 57, adopted Polly from a local cat rescue centre last weekend.

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