US Take Over British Petroleum? Updated

Obama should take over British Petroleum so says Robert Reich former Secretary of Labor under Bill Clinton .

“[But] under temporary receivership, BP would continue to have the equipment and expertise. The only difference: the firm would unambiguously be working in the public's interest. As it is now, BP continues to be responsible primarily to its shareholders, not to the American public.”

Mr. Reich argues that President Obama should take over British Petroleum giving the US authority until the gusher is controlled. He maintains that it is the only way the US public will be confident that enough resources are being put to use to stop the disaster.
What follows are his five reasons for take over and the final (and I think most persuasive) paragraph of his argument for take over.

The President should temporarily take over BP's Gulf operations. We have a national emergency on our hands. No president would allow a nuclear reactor owned by a private for-profit company to melt down in the United States while remaining under the direct control of that company. The meltdown in the Gulf is the environmental equivalent.

Here are his five reasons and a link to the full article CLICK

1. We are not getting the truth from BP.
2. We have no way to be sure BP is devoting enough resources to stopping the gusher.
3. BP's new strategy for stopping the gusher is highly risky.
4. Right now, the U.S. government has no authority to force BP to adopt a different strategy
5. The President is not legally in charge.

UPDATE:Follow-up from TPM

Closing the Hole in the Gulf: A Petroleum Engineer Responds by Robert Reich
A petroleum engineer who's worked in the oil industry tells me BP is doing the minimum to clean up the oil and everything it can to protect its bottom line. According to the engineer, here's what BP should be doing right now to mitigate the damage.