Heavily Backwardated

Life! One should learn something new each and every day, so some age old time tested saying guides. So for I, it was the word “Heavily Backwardated”. Now “Backwardated” isn’t found in Webster. Fortunately, it is found on Wikipedia. Accordingly: “Backwardation is a situation were the cash price of a commodity is pregnant with a premium a buyer is willing to pay, for having the immediate delivery of the commodity.” It must be a practice of British intelligence, and another word for the “squeeze” play. In fact, it is exactly what the management of British Petroleum - the uppity-up business unit managers - used to allow the company employees to “corner” the propane market back in 2004. So what, that was 4-years ago and BP has more pressing issues to contend with, like un-maintained pipelines in Prudhoe Bay, Alaska. Pipes that are leaking black goop onto the tundra. If that is not enough, dealing with the aftermath of that refinery fire down in Texas that cooked to death 15-workers. All of this could have been avoided but the company is under pressure by the shareholders to make as much money as possible by pumping as much hydrocarbons as possible in efforts to inflate their individual withholdings as high as possibly profitable, and letting maintenance be not a bother. And it is only tundra and a few human lives at stake! It is called the “money” line in the oil business. Any pipeline that is making money, it has no time for down-time. Keep it pumping is the sentiment from the boardroom. Anyway, British Petroleum is now under fire in the U.S. District courts for actions that are forbidden under the Sherman Anti-trust Acts. During 2003, a group of British Petroleum employees working here in America - turncoats - were practicing how to corner the propane market. The monopoly game trials showed that it could be done and with the blessing of upper management, the plan went to work. By cornering the market, the price of propane realized an increase of 50%, in two months time. Now most of this propane was sold to an outfit that filled bottles for consumer use. It is what trailer courts use. So it hit the poor people, those that have no say. It meant pay up or have a cold house. It worked, until a pipeline explosion uncovered the scheme, as deliveries under contract could not be made. When the smoke cleared out, it meant jail time for several of the employees, as they were caught red-handed on taped phone calls, as all trades are recorded per the Commodity Trades Commission’s rules and regulations. The employees knew their conversations were being taped. The upper managers realized that when they banned the word “squeeze”, it was also recorded – as if they really didn’t give a rat’s ass. Hey, it was only the poor people that were harmed by this outrageous behavior. And the employees involved were set to collect a handsome bonus. And by cornering the market, the shareholders were also to benefit. What am I getting at? It is this simple. Many years ago there was an oil giant called SOHIO that had prominence in Alaska. In fact, the weathered outline of the company’s famous logo can still be seen at the base camp in Prudhoe Bay – warn out but noticeable. It is a company long gone, as it also was caught in the monopoly game and awarded that card all game players despise, “Go Directly to Jail”! And it was British Petroleum that was allowed to buy all of SOHIO’s assets after the Fed.’s said dismantle Rockefeller’s success story. So it is interesting that British Petroleum now finds itself under the same criminal activity scrutiny. So when the crane shows up at the BP towers in mid-town Anchorage to tear down the embarrassment, I will be there to clap and cheer it down. Just like when the VECO sign was torn down, BP’s neighbor! Hey, talk about a teardown meltdown, what is with Ted Stevens. Why do I bring Ted into this, because it is Ted’s inability to take the side of the American citizens over that of big business that allows companies like BP to practice atrocities against the poor. The poor have very little say. They have no protection. It is the same thing that is choking the poor that finally thought that dream of owning a home of their own was that American dream come true, only to realize that it was a scam all the time, another “backwardated” attempt to monopolize. Sad thing, as all chatter of a bailout from the Fed.’s continues to side with the crooks. It will not help those heading to the homeless rank and file. Just the other day the Fed.’s bailed out Bear-Sterns, an investment firm that was over weight with failing ARM mortgages. Why? Because this firm had taken the bait and invested in the Carlyle Group, an outfit that took advantage once again of the poor. And guess who owns the Carlyle Group, the Bush dynasty. More like a dysentery disease in my book. Anyway, Ted was elected the bum of the day on “Why We Hate Washington” on Abram’s MSNBC show. Because of stealing away from the Treasury money to study blueberries! When one looks at the “blogs” and prime-time shows that pester Ted’s ability to be ethically responsible as a Senator, how can he continue to do what he thinks is right but is so wrong? Bottom line, companies like BP get away with murder, price fixing and pollution only because they know they can, as they have friends - or fiends - in high places. In Alaska, when one looks at all the corruption that VECO played itself into, that company was being directed by someone higher up with a motive. Maybe is was BP, as to spend time and effort to corner a market, it seems as though it is a mindset that corners the entire company’s mindset, and ethics is just “backwardated”, pregnant with greed wherein we all must pay while others play!

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