Another giant leap into the sewer...
 

S&P
Marke****ch Pulse


NEW YORK -- Massey Energy on Monday drew an upgrade to buy from hold at
S&P Equity Research, while analysts cut their 2010 earnings estimate by
7 cents a share to $2.55 a share on production losses and costs
following an explosion that killed 29 miners. "We believe that the
financial impact of the Upper Big Branch mine tragedy to Massey Energy
will be immaterial," S&P said in a note to clients. "Our opinion is
based on our analysis of industry mining accidents, Massey's
indemnification to litigation via insurance, and our belief that the
company has ample capacity to mitigate most of the 1.6 million tons of
production that was expected to be sold from Upper Big Branch."

* * *

Well, of course...why should a corporation and its managers pay a price
for what hopefully will turn out to be criminal negligence? Why, I bet
all concerned will get big bonuses this year by cutting back on payroll.


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