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The Sovereign State of BP - Down for the Count?

Michael Collins

British Petroleum has operated as though it were a sovereign state since its inception.  When they blew the well at their Macondo Prospect in the Gulf of Mexico, it never occurred to them that they would have to take orders from anybody.  But that may change largely due to their inability to stop the flow of oil after nearly sixty days of gushing.

President Obama was clear in his speech last night.  If any entity is going down as a result of the catastrophe, it will be BP.  Today, Obama meets with BP's Chairman of the Board, Carl-Henric Svanberg, and the man he told the chairman to fire, Chief Executive Officer Tony Hayward.

Two sovereign states will collide.  The outcome is a foregone conclusion.