"New York state's pension fund plans to sue BP Plc to recover losses from the drop in the company's stock price following the worst oil spill in U.S. history, Comptroller Thomas DiNapoli said on Wednesday."
""BP misled investors about its safety procedures and its ability to respond to events like the ongoing oil spill and we're going to hold it accountable," said the comptroller, a Democrat, who stands for election in November."
Come on, DiNapoli - just say you're doing it as a political ploy to be re-elected, and we'll all understand. Now - let's not even bother to debate if the suit has merit - what is the point? As a commenter on Clusterstock put it:
"This is idiotic. How is BP going to make the stock holders full? By taking money out of its coffers? If so the stock price would fall further. Net effect would be zero change in the wealth of stockholders."