Even with a jury-rigged system, there are times when the market works. Then again, remember how battered Goldman Sachs was and they've managed to recover, even with the latest investigation hovering. It won't be a surprise if BP also bounces back strongly as well since there is so little competition. The Republicans can also be thanked for that consolidation which is yet another miserable legacy of their policies.
As BP hacked away at a pipe gushing oil at the bottom of the Gulf of Mexico, investors sawed off 15 percent, or $21.1 billion, of the company's market value Tuesday.
Attorney General Eric H. Holder Jr., during a trip to the Gulf Coast, announced that the Justice Department had launched criminal and civil investigations, adding to pessimism among BP investors reeling from the failed attempt to plug the leaking well over the weekend.
BP, the world's fourth-largest company before the April 20 blowout on the Deepwater Horizon drilling rig, has lost a staggering $74.4 billion, or 40 percent, of its market value in six weeks.
