Biz Brief: BP Execs to Meet with Obama; Shares Slip

BP (BP) Chairman Carl-Henric Svanberg, CEO Tony Hayward and other BP executives are meeting President Obama in Washington Wednesday. A day after Obama vowed to make BP pay for all of the damage caused by the massive oil spill in the Gulf of Mexico -- the biggest environmental disaster in U.S. history -- the meeting will no doubt be tense.

Meanwhile, Bloomberg reports that credit investors are pricing in a more than 39% chance BP will default within five years as it tangles with the Obama administration over cleanup costs. And Reuters reports that Bank of America Merrill Lynch (BAC) has ordered its traders not to enter into oil trades with BP that extend beyond June 2011.

BP shares, after sinking over 45% since the explosion on its Deepwater Horizon rig a month and a half ago, finished Tuesday up 2.4%. In Wednesday's premarket trading, however, they were down more than 3%.
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