By Andrew P. Napolitano
The president's men trash the Constitution to pursue antagonists
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.
