from The Huffington Post
Last week, I noted that
rating agency Standard and Poors had upgraded Massey Energy from
"hold" to a "buy." Massey's the company that owns the mine
where 29 miners were killed in an explosion recently.
Now we find out that
Standard and Poors were right: Massey's prospects are only going up -- in fact,
they're on a shopping spree!
Perhaps they're just
taking George W. Bush's advice from 2001 to heart: the best way to deal with a
tragedy is to go shopping. Anyway, the Wall Street Journal reports that Massey completed a purchase of U.S.
coal producer Cumberland Resources Corp. for $640 million in cash and 6.5
million of its shares.
One can't help feeling that while Massey's CEO may be on the outs -- there are mounting calls for his resignation -- the bigger problem's the coal industry itself. No fine's enough. And until we see some serious structural changes, the industry is going to continue doing what it has been doing: trading death for profit.
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