Gem of the day

There are many, many things that could be said about former BP CEO Tony Hayward's latest venture. Here's one: it's the ultimate example of unsustainable, inherently risky business without purpose (via NY Times):

"Mr. Hayward, Mr. Metherell and Mr. Rothschild...set up what is known as a cash shell, a company with no business, just a promise that it will find one. It was called Vallares. Mr. Hayward then spent weeks in New York, London, Abu Dhabi and beyond, drumming up investors. Vallares eventually went public on the London Stock Exchange, raising $2.1 billion. That money, Vallares said, would be used to buy unspecified oil and gas assets in emerging markets, although Mr. Hayward hinted that he was interested in Kurdistan."

Even better is the quote from Mehmet Sepil, a 'pioneer' in Iraqi oil investment:

“I didn’t know anything about oil but the tank of my car,” Mr. Sepil recalls. 

Don't worry Mr. Sepil - neither does anyone who works in the oil industry.

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