By Andrew P. Napolitano
The president's men trash the Constitution to pursue antagonists
Independent voices from the TWT Communities
Speculation is mounting that BP may go bankrupt paying costs associated with the Gulf oil disaster. Pre-spill, BP had net assets of $105 billion and annual cash flow of up to $40 billion per year, excluding dividends and capital expenditures. Goldman Sachs estimates that BP will spend about $40,000 per barrel for cleanup, containment, litigation and related costs. If estimates hold, BP's present liability already has reached as much as $56 billion. Another $50 billion in liability is not unrealistic, and a few analysts are giving a high estimate of as much as $398 billion.