After mismanaging the worst environmental disaster in American history to epic proportions, now, the embattled BP CEO Hayward is handing over responsibility for the disaster to an American so he can run the rest of the business without distractions – you know, that little distraction in the gulf? Perhaps we can take some solace in the notion that this was a board move with the ultimate goal of letting him go at some point in the future. But given the company’s poor decisions to override the better judgment of contractors on the rig which led to this event, to the lackluster response, to initially pointing fingers at other companies, to his absolutely moronic statements during the ordeal, I challenge you to name a sitting CEO anywhere in the world who is worse.
The Best of Tony Hayward (the Guardian UK):
“This was not our accident … This was Transocean’s rig. Their systems. Their people. Their equipment.” 4 May
“The Gulf of Mexico is a big ocean. The amount of oil and dispersant we are putting into it is tiny in relation to the total water volume.” 14 May
“No one wants this over more than I do. I would like my life back.” 30 May
“So far I’m unscathed … Sticks and stones may break my bones but words will never hurt me.” 4 June
On a lighter note, there were some great articles in money and investing this week; here are some of my favorite reads from the week and a shoutout to some of my fellow Yakezie tribe:
- Financial Samurai – Only The Poor or Super Rich Say, Money Cant Buy Happiness
- Consumerism Commentary – Personal Balance Sheet Review
- Len Penzo –19 Things Your Suburban Millionaire Neighbor Won’t Tell You
- Financial Highway – 10 Things Your Broker Won’t Tell You
- My Journey to Millions – Can Pawn Shop Reality Show Teach Us About Making Money?
- The Mish – The Real Deal on this week’s Unemployment Numbers
- The Dividend Guy – ADRs as Investments
- Oblivious Investor – Social Security as a Bond in Asset Allocation?
- Monevator – Will a High Salary Make You Happy?
- Political Calculations – Tipping Point for Cigarettes (interesting!)
Some Stuff I Wrote All Over the Place Recently:
- Austerity Measure by Country (EU)
- Is Private School Worth It?
- Informational Interviews – Benefits and Execution
- Deflation Investments
- My Pairs Trade Success (GLD vs. PHYS)
- Should BP Suspend Their Dividend?
- Harvesting our Own Food for Fun and Savings