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Coal Company Shopping Spree

Last week, I noted that rating agency Standard and Poors had upgraded Massey Energy from "hold" to a "buy." 
Massey's the company that owns the mine where 29 miners were killed in an explosion recently.

Now we find out that Standard and Poors were right: Massey's prospects are only going up -- in fact, they're on a shopping spree!

Perhaps they're just taking George W. Bush's advice from 2001 to heart: the best way to deal with a tragedy is to go shopping.
Anyway, the Wall Street Journal reports that Massey completed a purchase of U.S. coal producer Cumberland Resources Corp. 
for $640 million in cash and 6.5 million of its shares.

While Massey might be a particularly egregious union-buster and regular safety violator, they're hardly that far outside the norm 
for their industry. They're serving their investors and the politicians who benefit from their largesse, and they're taking advantage 
of opportunity -- the purchase of Cumberland was said to be part of a focus on underground mining for Massey in the face of 
expected federal regulations on surface mining.

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