07-18-2010, 05:42 PM
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Join Date: Oct 2007
Location: Philadelphia
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Re: Deepwater Horizon rig was modified in China
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Originally Posted by saltwn
You get what you pay for. I hope BP's stock holders sleep well. And somehow I suspect they do...  |
Here's the kind of people you sarcastically wish sleep well...Average people that have nothing to do with what happened...everyday people...and you hate them...
Ohio pension funds lose as BP's stock drops
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Ohio's five public retirement systems and the state's injured worker fund have lost $177 million in value on BP stock.
The five pension funds and the Ohio Bureau of Workers' Compensation owned more than 30 million shares of BP stock when the Gulf spill began in April.
BP closed at $59.48 per share on April 19 and at $27.05 on June 28 on the New York Stock Exchange.
Ohio's retirement funds represent retired teachers, public employees, police officers and fire fighters.
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Hawaii Pension Fund Loses Millions With BP Stock
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The rapid decline of British Petroleum stock is being watched carefully by money managers in charge of Hawaii’s Employees’ Retirement System, the fund which pays pension benefits to state and county workers.
The ERS currently holds 1.3 million shares of BP stock, a combination of ordinary shares and American Depository Receipts (ADR’s) purchased over several years.
Before the explosion of a British Petroleum oil rig in the Gulf of Mexico on April 20, the book cost of British Petroleum stock held by the ERS was valued at $19.9 million.
The market value of the same stock as of June 14 was valued at $11.8 million - a 40 percent drop.
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BP oil spill costs state pension funds about $1.4 billion
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The California Public Employees' Retirement System lost $284.6 million in value as the largest oil spill in U.S. history erased more than $1.4 billion from BP PLC shares held by 42 state retirement accounts, data compiled by Bloomberg show.
Calpers, the largest U.S. public pension at $210 billion, held 58.2 million shares of BP on April 20, more than any other state pension, and saw the value fall to $301 million from $585.7 million, according to Bloomberg data.
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Florida owns 15 million BP shares; CFO Sink says state should weigh selling
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Florida's elected chief financial officer said Wednesday that the state should explore selling off its 15 million shares of plunging BP stock, although she stopped short of saying it should definitely dump the holdings.
"It should clearly be on the radar," said Democratic CFO Alex Sink, her party's top candidate for governor.
The state has already lost $21.5 million from selling devalued BP stock in the wake of the ongoing oil spill in the Gulf of Mexico as part of routine trading done by state pension fund managers. Florida owned 21 million shares of BP when the Deepwater Horizon rig exploded on April 20, or about one half percent of the company's outstanding shares.
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So you want the stockholders...a great many of average Americans that had their pension funds in their stocks and have now lost their retirement funds...to "sleep well"...
I don't think they are irrelevant of your hatred toward them... 
__________________
"You get the respect that you give" - cnredd
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