Video: BP shares sink

  1. Closed captioning of: BP shares sink

    >>> an exclusive live interview.

    >>> this morning, ann curry is at the news desk for us.

    >>> good morning, everybody. on this day 52 of the gulf oil disaster, president obama is meeting with the families of the 11 workers killed when the rig exploded. he is also getting an update on the spill and clean-up effort. meantime, as bp tries to stop this leak, its stock dropped 16% in u.s. trading on wednesday. cnbc's trish regan now joins us with more on this. trish, how much trouble is this company in?

    >> it is in a lot of trouble. people are talking about potential bankruptcy in this situation. look at where this stock price is. it's lost more than half of its value since the spill happened 52 days ago. it is a loss of $82 billion, ann. it's now sitting at a 14-year low. and the reason folks are so concerned about this company is because the administration is talking about lifting the liability caps in terms of what bp would have to shell out to cover all these problems. now typically they would just be responsible under the 1990 oil act. they would just be responsible -- pollution act, that is -- for the costs associated directly with the spill. however, the administration is talking about lifting those liability caps so bp would be responsible for all the costs associated with this spill so essentially bp would have to cover any workers that lost their jobs as a result of the moratorium. they'd be responsible for those wages so you'd be talking billions and billions and billions of dollars. and investors are worried that the company just, frankly, doesn't have it. so it is really taking its toll. people are questioning whether this is going to in fact mean bankruptcy. they're certainly questioning the company's going to in fact give that dividend. so a lot weighing on bp certainly this morning.

    >> it is amazing when you consider this company was considered something that could not fall. trish regan , thank you this morning.

Text: We're sorry. The text content of this page is no longer available.


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%