MSNBC:

Stephen Baldwin has sued fellow actor Kevin Costner over their investments in a device that BP PLC used in trying to clean up the massive Gulf of Mexico oil spill.
The federal lawsuit filed in New Orleans on Wednesday by Baldwin and a friend claims Costner and a business partner duped them out of their shares of an $18 million deal for BP to purchase oil-separating centrifuges from a company they formed after the April 20 spill.

You know who else made a lot of money out of this BP oil spill? BP. Seems The Awl bought one share of BP stock six months ago:

Without furthur ado, the final profit on our one share of BP stock. Purchased for $29.67, the one share closed Thursday, Dec. 23 at $44. That is a six month profit of $14.33, or a 48.3% return. (Not counting transaction loss.) Six months ago, if we had invested $10,000 (an amount of money many Americans have available), it today would be worth almost, yes, $15,000. (Not counting soul loss.)

4 replies on “Stephen Baldwin Is the Real Victim of the BP Oil Spill”

  2. Just coffee.

    Need to go buy some egg nog.

    Hey, did anyone else catch that story that the EPA has declared Texas a non-compliance zone for EPA greenhouse gas emissions and will be sending in armed feds to enforce permits?

  4. That’s not BP making money, that’s smart investors making money. BP’s profits fell a bit during the spill: $1.79 the quarter before the spill, $1.66 the quarter of the spill, and $1.77 the quarter after the spill.

    Their stock price fell disproportionately, because frightened investors worried that their losses could end up being much larger than they actually were. The smart investors who bought from the frightened ones booked a profit when the market realized that BP’s looses wouldn’t be as large as the frightened investors had feared. BP itself was just a spectator to these games. It neither booked a loss as its stock price fell nor booked a gain as its stock price rose again. Its gains and losses are determined by its sales and expenses, not by fluctuations in its stock market valuation.

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