President Barack Obama deserves mixed marks for his handling of the BP oil well blowout in the Gulf of Mexico, says investment icon Warren Buffett.
He told Yahoo/the Huffington Post that the president can’t be held responsible for the explosion.
“I have no idea I could give him that would helpful in stopping the flow of oil down there. I think you engage the best people you can and you throw every resource you can at it,” Buffett said.
“But obviously, in terms of public opinion, he didn't handle it perfectly.”
Critics have blasted Obama for a passive approach to the crisis. But Buffett’s doubts that a more emotional approach would have accomplished much.
“I think if he'd raged and stormed and stomped his feet and held his breath on the first day after the blow-out, the same amount of oil would probably be flowing now,” Buffett said.
If his Berkshire Hathaway owned BP, CEO Tony Hayward probably would have been fired, he said.
“I'm not sure what fault he has to play in it. But when you have something with that impact on society, it's like the captain of the ship. They're responsible.”
Some investors see value in BP stocks and bonds. BP bond prices have gained 12 percent in recent days.
“People can make much more of an investable story out of it right now,” Matthew Eagan, a money manager at Loomis Sayles, told Bloomberg.
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