ABWTQ - BP (Similarities with CDS)
In a post last week, I talked about the CDS were increasing on BP.
This morning, CNBC Reporter Trish Regan did a good job on the Today show of slamming BP and talking BK -- likely what Wall Street wants. Or for that matter U.S. Oil Companies that want the Horizon Oil Find for themselves. What a major discovery.
Now the UK Gov't appears to be fighting back -- talking about Nationalization -- so as to stop the US Banks from playing the CDS Casino Game.
I have yet to see the Naked Short Data for BP -- since Horizon went down -- but if there is a direct correlation, our lawyers should be able to show a lot for shareholders.
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BP credit-default swaps widen to junk territory 22 minutes ago It will get progressively worse over the next few weeks.
BP credit-default swaps widen to junk territory
By Steve Goldstein MarketWatch
6/10/2010 04:55:02 AM
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LONDON (MarketWatch) -- BP's credit-default swaps ballooned on Thursday to junk level status, despite the oil giant being rated AA by rating agencies. According to data from Markit, BP swaps widened to 570 basis points, up 195 points from Wednesday. That means it costs $570,000 per year to insure $10 million of BP debt for 5 years.
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