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      06-30-2010, 03:11 PM   #23
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Originally Posted by Rochdale Pioneers View Post
Question - did Union Carbide/Dow Chemical pay such vast sums to clean up India after Bhopal? Or is it only if the pollution hits your shores that you get upset?

Just curious. There is a air of hypocracy in the media coverage considering the record of American firms elsewhere. Or considering that this was an American rig run by an America compan operating under American safety regulations, perhaps the hypocracy flows closer to home. BP fracked up the clean-up, sure. Its hardly solely to blame though is it? Nor is it the first time - or the last - that American companies will be involved in environmental disasters.
UC's exposure over Bhopar was absurd. The history of that case is criminal and I doubt you'll find many here who would say that what happened in that catastrophe was right. That said, the (mis)treatment of Union Carbide by our government should by no means allow for a similar treatment of those responsible for our current disaster.

I do agree with the inconsistencies between the cases but the remedy here lies with the US government doing more to help hold Union Carbide (or Dow) accountable, not by absolving BP (or other related parties) of any commitment/responsibility in this case.

Of course, it does look like the investing world is at least being consistent. Didn't the fallout from the Bhopar disaster lead to a massive loss of market value for Union Carbide and ultimately start an unraveling that indirectly led to the Dow acquisition?
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      07-08-2010, 06:30 PM   #24
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Just wanted to update you guys on my position. Clearly, BP was up a lot of the last week or so. It took some balls, but I bit the bullet and stayed in for the ride. Since its low of $26.75, it shot up as high as $33.90 in relatively short order. I sold today at $33.67 for a little profit.

Although this turned out OK for me, I will say this taught me a valuable lesson: Don't panic. Further, I am done buying individual stocks of companies in crisis mode. Although I made around 10% in a month, there was a ton of emotional stress and huge risk to lose 10% or more.

My buddy was a day trader in NY and he always tells me it was an awful job. I never believed him, but the pressure to make money every single day is what must have worn him down. I am so much more comfortable being a long term investor in a diversified ETF where one piece of news doesn't knock the fund around so violently. Sure, this strategy yields ordinary results, but for now, I don't feel comfortable investing the time and emotion in managing individual stocks.

Another friend of mine bought BP around the same price as me, but he bought 1,200 shares. When it was down to $27, he panicked and sold his entire position. I couldn't blame him since he had $35,000+ in it, but of course now he's sick about it.
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