Chart of the Day: Obama’s Shakedown

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Via Steven Taylor, this chart shows what happened to BP’s stock price after President Obama finished his infamous shakedown session with BP last Wednesday. Apparently, after brutally assaulting BP’s leadership with threats of Chicago style anti-business thuggery, the market rejoiced, sending BP’s stock up more than two points in the space of a few hours.

In any case, as Dave Weigel has pointed out, the escrow account was hardly Obama’s idea in the first place:

On Thursday, Rep. Anh “Joseph” Cao told me that he pressed BP on the fund idea a month ago, inspired by the example of Exxon after its 1989 spill off the coast of Alaska. And on Friday I talked with Ray McKinney, another engineer, who is running for Congress in Georgia against Rep. John Barrow (D-Ga.). McKinney stressed that there was no serious disagreement about the escrow issue, and said Democrats were concocting a political debate when all that mattered was making BP pay and investigating the disaster.

Are Democrats concocting a political debate? No. I suppose they’re reveling in a political debate that’s mostly been handed to them on a silver platter by tone deaf Republicans, but that’s a different thing. All Obama did was announce the fund. It was Republicans who made it into yet another media firestorm.

HERE ARE THE FACTS:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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