BP finally admits it wasn't prepared

"BP's top executive acknowledged Thursday the global oil giant was unprepared to fight a catastrophic deepwater oil spill as engineers were forced yet again to reconfigure plans for executing their latest gambit to control the Gulf of Mexico gusher. BP Chief Executive Tony Hayward told The Financial Times it was "an entirely fair criticism" to say the company had not been fully prepared for a deepwater oil leak. Hayward called it "low-probability, high-impact" accident. "What is undoubtedly true is that we did not have the tools you would want in your tool-kit," Hayward said in an interview published in Thursday's edition of the London-based newspaper."
By MELISSA NELSON and ADAM GELLER, Associated Press Writers