Tuesday, June 29, 2010

BP/GOM- News #BP $BP

· Banks + BP - the NY Fed is said to be conducting inquiries looking into banks' trading/credit relationships w/BP; the Fed has found that no systemic risks exist in the event of a BP failure (Reuters)

· BP – collateral demands from trading partners growing – Credit Suisse has recently asked BP to post collateral on any transactions valued at more than $10MM (previously, CS would only demand collateral on trades worth more than $30MM).  CNBC (this story hit during the middle of the day on CNBC)   http://www.cnbc.com//id/37979759

· BP – Russia’ Deputy PM claims that Hayward is close to resigning at BP – London Telegraph.  http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7859679/Russia-claims-BP-chief-Tony-Hayward-is-poised-to-resign.html

· BP’s $20B disbursement fund may start making payments equal to 6 months of reimbursements; the stepped up payouts follow criticism that the BP fund was disbursing cash too slowly – Bloomberg

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