[Guest post by DRJ]
BP’s directors will meet Monday to decide whether to issue its quarterly dividend, followed by a meeting Wednesday between BP executives and President Obama:
“BP directors will meet on Monday to discuss whether to suspend dividends to shareholders, the BBC has learned.”
BP’s 10 largest shareholders represent interests from around the world, including a Los Angeles investment group. Many shareholders are British pensioners but there are a significant number of American investors, too, including the Southeastern Pennsylvania Transportation Authority (SEPTA) that runs Philadelphia’s transit system and has already sued BP.
Not paying this dividend may help BP’s image in the President’s eyes (and inflate Obama’s view of his power), but it won’t help the retired pensioners who depend on dividends to pay their bills. It won’t do much for U.S.-British relations, either.