BP Chief Sold Stocks Shortly Before Oil Rig Explosion

Joe Schoffstall | June 7, 2010
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Weeks before the BP Deepwater Horizon oil rig explosion killed 11 and sent anywhere from 23 to 49 million gallons of oil gushing into the Gulf of Mexico, BP chief Tony Hayward sold about a third of his stocks, saving him 423,000 pounds according to Britain's the Daily Telegraph, or $613,096 US dollars. After doing so, Hayward paid off the mortgage on his mansion valued at $1,739,280. His total package was valued at $5,797,600. However, according to the Daily Telegraph, "There is no suggestion that he acted improperly or had prior knowledge that the company was to face the biggest setback in its history." Hayward disposed of his stocks on March 17, and BP stock has fallen by 30 percent since then. Attempts to stem the problem have been dreadfully slow from BP itself, as well as the federal government who took responsibility for the stoppage and clean-up- specifically President Obama himself. Obama  gave the oil rig a safety award just one year ago, and is the biggest recipient of campaign donations from BP. BP has placed a cap on the well to begin siphoning oil into a tank located above water in hopes of avoiding further damage. Since Friday, around 700,000 gallons of oil has been funneled to the tank. Coast Guard Adm. Thad Aleen, who is overseeing the government's response to the incident, would not comment on the newly placed cap over the well in fear of offering false encouragement. Allen claimed the leak may not be stopped until the fall.