If BP sets aside $20 billion for the spill, they'll have to scrape by with only $220.64 billion in assets, but that won't stop people from fearmongering about "forced bankruptcy" and "nationalization"
Varney's nightmare scenario does not appear highly likely to occur. Currently, BP appears in online listings as having $240.64 billion in assets, ranking second in its industry only to Exxon Mobil, and its profits for the first quarter of 2010 were $6 billion. Although speculation was rife ten days ago that the Gulf disaster might drive BP into bankruptcy, analysts quickly concluded that BP has the financial flexibility to deal with its liabilities unless "we're still talking about this in 2011 and the price tag has reached $75 billion or $100 billion."
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