October 25th, 2007 BP Takes Hit Amid High Oil Prices; 4 Indicted
BP PLC, the global energy conglomerate, got busted for several civil and criminal charges. Four ex-employees were indicted for illicit trading schemes.
Global energy giant BP PLC agreed Thursday to pay $373 million to settle criminal and civil charges that it overcharged U.S. propane consumers by millions of dollars and ignored environmental warnings that resulted in an Alaska oil spill and a deadly explosion in Texas.
Additionally, a federal grand jury in Chicago indicted four former BP traders who were caught on tape discussing an alleged scheme to pump up profits by cornering the propane markets. Read more here.
I feel sorry for people who have BP stock. It is definitley taking a big hit. I don’t usually invest in big companies like BP, because if the stock is going to have double figure anythings, it’s going to be losses after a scandal like this. I usually like to put my chances for double digit growth on companies from stock picking services like Gorilla Trades.
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