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British hear prejudice in US tone on BP oil spill
Surely, who but a small club of wealthy investors could shed a tear for BP, which has seen a quarter of its share value wiped out since the beginning of the Gulf of Mexico oil spill?
Clue: remember what those initials stand for.
If you thought that fat-cat shareholders were the only losers from the oil giant’s pounding on the international markets, then spare a thought for tens of thousands of ordinary Britons whose futures are heavily linked to the firm’s fortunes.
Shareholder dividends paid out by BP last year accounted for as much as £1 in every £7 paid by the biggest 100 firms into Britain’s pension funds and saving plans.
So when BP's shares plunge as a result of President Obama's initiation of a criminal investigation into the Macondo oil well disaster, British pensions take a hammering as well.
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