July 10, 2010

Jim Rickards correctly predicted that BP would be charged with criminal negligence, and he also predicted this would result in damages that would finish the company altogether. In less than 30 days, Politico has confirmed that criminal charges are forthcoming against BP and that others will be prosecuted as well.

This was from the Jim Rickards piece on June 18th titled Why BP Will Not Survive:

“Don't think the law can stop this. The law will accelerate it. BP's negligence will turn out to be criminal, not civil and the criminal penalties are exponentially greater than the civil fines and normal tort claims. Obama will use the threat of criminal prosecution to get more and then use an actual criminal prosecution to get the residual.”

To read the entire Jim Rickards piece “Why BP Will Not Survive”

To read the entire Politco article confirming the criminal investigation of BP and apparently others

Eric King

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