They called the dividend a promise. A signal of stability. Proof that everything was under control. But promises break.
The $10 billion water settlement? That wasn’t the victory they told you—it was the down payment on something much darker. October is the blade. PFAS personal injury lawsuits start then, and the numbers crawling under the door aren’t whispers anymore: thirty billion, forty billion, maybe more if the dominos fall like asbestos and talc.
Bill Brown already said it out loud: up to a third of the company could be carved off to keep the lights burning. They’ll call it “portfolio optimization.” But inside the walls, everyone knows the truth: this isn’t about growth anymore. It’s about survival.
The dividend flickers like a candle in a storm—pretty, fragile, and doomed. And when it goes out, the calm won’t end with a whimper. It’ll end with a scream.