The quote from Carl-Henric Svanberg should speak for itself.

“[Obama] is frustrated, because he cares about the small people. And we care about the small people. I hear comments sometimes that large oil companies are greedy companies or don’t care, but that is not the case in BP. We care about the small people.”

Svanberg later apologized for his clumsy choice of words, and a BP spokesman attributed it to an error in translation. But BP’s chairman really should have known better.

In my humble opinion, Svanberg is a typical example of a man who became CEO just because he had some nice buddies. He was never a good leader. And he is definitely not suited to be the chairman in a big international company.

Swedish Reactions: SVD,  Expressen,  DN,  GP

American media: Washington Post,  NY Daily News,  News Tribune

Columnist Matthew Lynn argues that BP should tell whiny Americans to take a hike.

He gives three reasons why BP’s current tactics will never work, and why they should just pack up and go somewhere else.

First, the U.S. is guilty of crazy double standards. Who refused to do anything about climate change, or even to put sensible taxes on gas? If US insist on being addicted to cheap oil, the country has to recognize there are risks attached. So grow up, and stop acting like children!

Second, BP likely is finished in the U.S. There is no form of apology that will make any difference. The average American consumer now hates BP. So, BP should fight every lawsuit. Refuse every claim above the bare minimum.

Lynn urge BP not to waste a lot of money on an army of advertising agencies and PR consultants trying to restore company image. It’s not going to work, so there is no point even trying.

Third, Lynn says, BP’s job is to look after the owners of the company, not make itself acceptable to a country that doesn’t want it anymore.

Fortunately, BP has a very weak chairman in the Swedish Carl-Henric Svanberg.

Svanberg is the former CEO of Ericsson, a Swedish telecom company, where he was only noted for playing around with sailboats. He knew little, if anything at all, about the telecom business. And he, of course, thought that his smooth ride in life would continue that way. Right now, he probably doesn’t even know what hit him, and he doesn’t know how to act. In Britain he is now called “the invisible man”.

He will not be able to take the tough decisions that would help BP as a company. Meaning, he will drag BP shareholders down with him. Until he is replaced. Which must happen sooner or later.

Then, I have no doubt, the will do just what Lynn says they should do. Just pack up and leave.

Swedish media: DN  Expressen

British Media: The Indipendent  The Guardian

Lynn’s Column in Dallas News

Today, June 12, it is somewhere between 40 million and 110 million gallons of oil that have gushed into the Mexican Gulf since April 20. 11 workers were killed and it the accident triggered the worst oil spill in U.S. history. Now hitting the Alabama beaches hard.

Officials from BP say the only way to permanently stop the well is drilling a relief well. That cannot be finished before August.

U.S. President Barack Obama has escalated his criticism of BP. The company’s chairman Carl-Henric Svanberg is called for a meeting with the president on Wednesday. And the US coast guard has now given the company 48 hours to come up more effective measures to collect the gushing oil.

Obama has also discussed the issue with British Prime Minister Cameron.

In addition to the potential for many billions in fines, BP is responsible for paying all cleanup costs and maybe $75 million for economic damages. The BP share is going downhill. And the anger against the company is growing everywhere.

Still you see those ads everywhere: “We will get this done. We will make this right”.

But the question is: Will they?

Swedish Newspers: SVD  Expressen

US Media: Dallas News  Al.com  Miami Herald

British Media: The Guardian