Why is the U.S. Government Protecting BP?

If BP, who had their credit reduced to one year duration, get squeezed out they cannot hedge their already huge positions putting that entire market in the same condition as the fake electricity market was after Enron. Right now and with the financial conditions arround the world unchange from 2008-2009, but camoflaged, by the FASB copitulation, a banking criris would be put right back on the front burner. The envirornmental disaster is to the financial commumnity, as it is to Mother Earth.
Ry, Jim

Not much else more to say

He said recently, “I could not have stated it any clearer than Jim Sinclair at jsmineset.com: People are seriously underestimating how much liquidity in the global financial world is dependent on a solvent BP. BP extends credit – through trading and finance. They extend the amounts, quality and duration of credit a bank could only dream of. The Gold community should think about the financial muscle behind a company with 100+ years of proven oil and gas reserves. Think about that in comparison with what a bank, with few tangible assets, (truly, not allegedly) possesses (no wonder they all started trading for a living!). Then think about what happens if BP goes under. This is no bank. With proven reserves and wells in the ground, equity in fields all over the planet, in terms of credit quality and credit provision – nothing can match an oil major. God only knows how many assets around the planet are dependent on credit and finance extended from BP. It is likely to dwarf any banking entity in multiples.” (Click here for The Market Oracle story in its entirety.)

Source: usawatchdog.com