IS THIS SERIOUS? – AT 6:53 P.M. ET:  Eric Holder goes into action.  That's the first piece of bad news.  The second piece of bad news is what he's doing.  From AP:

NEW ORLEANS – BP's stock plummeted and took much of the market down with it Tuesday as the federal government announced criminal and civil investigations into the Gulf of Mexico oil spill, and BP engineers tried to recover from a failed attempt to stop the gusher with an effort that will initially make the leak worse.

Attorney General Eric Holder, who was visiting the Gulf to survey the fragile coastline and meet with state and federal prosecutors, would not specify the companies or individuals that might be targeted in the probes into the largest oil spill in U.S. history.

"We will closely examine the actions of those involved in the spill. If we find evidence of illegal behavior, we will be extremely forceful in our response," Holder said in New Orleans.

COMMENT:  Hey, look Eric, don't you think your priorities are a little mixed up?  There's plenty of time for probes and lawsuits.  Right now the idea is to plug that leak.  Distracting BP, and wrecking it financially, will not help that cause.  It will hurt it. 

This is pure showmanship.  "Look at us, we're suing!"  At the same time, President Obama is showing his usual lack of urgency. 

The crisis worsens.  There's only a chance that the next methods to be tried will work.  We have a national emergency.  The Obama administration has called out...the lawyers.

June 1, 2010