In addition to the very real possibility that oil from the BP oil spill could have a catastrophic impact on the white sand beaches of Florida’s Gulf coast, the state is also facing an ethical and fiscal dilemma of whether or not to sell the 15 million shares of British Petroleum stock the state owns as part of the state pension fund.
While it would seem like a logical move for the state to distance themselves from the company that might soon be responsible for the loss of billions in tourism dollars, the decision is not that simple.
According to the Palm Beach Post, Florida has already lost some $21.5 million by selling off devalued BP stock since the spill began on April 20th and the state stands to lose an additional $64 million if they sell their remaining shares now.
It’s really a tough call. In a struggling economy and in a state that is likely about to face the some of hardest hits to their tourism revenue they have evr seen, that last thing they need is to lose more money, but then again how in good conscience can they keep money invested in a company that is responsible for many of the hardships the state will soon face.
While there is no clear answer to what Florida’s fund managers should do in the situation I am certain that some thought will have to be given to selling the remaining stock, but it would be a real shame to for the state to lose millions more because of BP’s actions.
What do you think they should do?