As anger grows over the fact that BP’s CEO is out watching a yacht race while the Gulf oil blowout festers, a London paper reports that BP is set to raise $50 billion to cover the cleanup costs for the biggest oil spill in U.S. history.

BP would not confirm any exact numbers, but the newspaper, The Sunday Times, reported that BP will raise $10 billion from bonds, $20 billion from banks, and $20 billion from other asset sales over a two-year period. –JCL

Reuters:

BP is planning to raise $50 billion to cover the cost of the largest oil spill in U.S. history, London’s Sunday Times reported without citing sources. The paper said BP planned to raise $10 billion from a bond sale, $20 billion from banks and $20 billion from asset sales over the next two years.

[BP] had said last week that it would suspend dividends and increase the pace of asset sales to $10 billion this year.

A spokesman for the group would not confirm any numbers on Sunday, when asked about the Sunday Times report.

Read more

Wait, before you go…

If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.

Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.

Support Truthdig