The Obama Administration Bullies Business Again

Obama and congressional Democrats have become accustomed to badgering, bullying, and berating business. They see nothing wrong with suing and excoriating Goldman Sachs for shorting the housing market. They thought it was fine to force AIG to take away bonuses from executives who were contractually entitled to receive them. And now this:

BP faced demands Tuesday that it withhold its first-quarter dividend, which it committed to pay in April, in the early days of the Deepwater Horizon crisis. A confirmation of the payment date Tuesday drew a letter of condemnation from 32 members of Congress. … The dilemma comes as BP faces tremendous heat over the issue. Last week, President Barack Obama warned the company against “nickel and diming” people affected by the spill and said BP had “moral and legal obligations” to Gulf Coast residents that may supersede its obligations to shareholders.

You do wonder whether any of these politicians understand that stock price reflects expected cash flow — including dividends. Are they trying to crash BP’s stock? Surely investors will start dumping the stock if the dividend is taken away.

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The Obama Administration Bullies Business Again

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