I’m sorry, but if a major corporation is responsible for huge, and as of yet, unstopped damage to a very large section of a sovereign country’s coastline, adversely compromising the economies of several states, thousands of people, an unknown number of industries, and wrecking the ecology of thousands of miles of coastline, I think any government would be derelict in their duty to their citizenry to NOT make sure that company is going to pay. So what if they SAID they would? So what if they’ve coughed up some money already, and made mea culpas? We all know that the bottom line, and profit is the only motivator that has any effect on these multinational giants. Hayward could be gone tomorrow, someone who can play to the cameras or spin this differently can be installed in no time, and the spin doctors will be hard at work concocting more fiction. There are already commercials on tv with sincere looking people promising to stay until it’s cleaned up. That may placate some people, but I, for one, would rather have some kind of governmental grab on the privates, as it were to make sure they really pay for the vast amount of damage this is causing. Tough noogies if it’s unprecidented.
Perhaps it’s time that the first responsibility of a corporation is not to make sure the shareholders get paid, but to do what’s right for larger humanity. This idea that the almighty Business is some kind of sacrosanct god that we don’t dare offend is what got us in this whole mess to begin with. We can’t mess with banks and Wall St, they run the economy. We can’t criticise Big Oil, they are too important. On and on. It’s disgusting. The fatcats get richer and more powerful, while the rest of us suffer. It’s no wonder conspiracy theorists think there is an all powerful business cabal running the world. They might be right.
“Right now, however, all they are doing is engaging in a shakedown.”
You say tomato, I say tomato.
You see it as a shakedown. I see it as a form of proving they will do the right thing. It’s an enormous disaster, and it’s going to cost money, probably more than the escrow account.
If they invoked that law, what would the ramifications be? Worse than the deal they already got? It seems they were willing participants to the shakedown.
“They had to leave through the back door. I’ll ask you: is this how you would end a good-faith negotiation?”
Part of Obama’s troubles with the public is that he’s been deferring to BP the whole time, error which got him in hot water.
BP’s liability is limited by federal law to $75 million in cases like this. If they wanted to limit their liability, the law is on their side. However, they had already agreed to waive this limit, understanding the extent of the damage, and trying to do right.
If you look at President Obama’s press conference regarding the escrow (I encourage all to do so), note the following two things:
a) he specifically told folks that this $20 billion does not limit their right to seek further damages. In other words, he is telling BP that they have an open-ended liability, despite the fact that they could have invoked the law and limited it.
b) he refused to be seen with the BP executives at the press conference after the negotiations. They had to leave through the back door. I’ll ask you: is this how you would end a good-faith negotiation?
To me, this had all the appearances of a shakedown.
“yes, it’s all tragic but now foreign CEOs will think twice about setting up any investments here.”
Baloney. They’ll just have to stop playing it so fast and loose and take real precautions that cost real money. And they may not see the extravagant returns that you Hedgie’s like. But then possibly, just possibly, we won’t have many more of these outrageous ‘accidents’.
” despite the fact that they could have invoked the law and limited it.”
That would have been the end for BP. See if they get any lease licensing renewed!
I’m sorry, but if a major corporation is responsible for huge, and as of yet, unstopped damage to a very large section of a sovereign country’s coastline, adversely compromising the economies of several states, thousands of people, an unknown number of industries, and wrecking the ecology of thousands of miles of coastline, I think any government would be derelict in their duty to their citizenry to NOT make sure that company is going to pay. So what if they SAID they would? So what if they’ve coughed up some money already, and made mea culpas? We all know that the bottom line, and profit is the only motivator that has any effect on these multinational giants. Hayward could be gone tomorrow, someone who can play to the cameras or spin this differently can be installed in no time, and the spin doctors will be hard at work concocting more fiction. There are already commercials on tv with sincere looking people promising to stay until it’s cleaned up. That may placate some people, but I, for one, would rather have some kind of governmental grab on the privates, as it were to make sure they really pay for the vast amount of damage this is causing. Tough noogies if it’s unprecidented.
Perhaps it’s time that the first responsibility of a corporation is not to make sure the shareholders get paid, but to do what’s right for larger humanity. This idea that the almighty Business is some kind of sacrosanct god that we don’t dare offend is what got us in this whole mess to begin with. We can’t mess with banks and Wall St, they run the economy. We can’t criticise Big Oil, they are too important. On and on. It’s disgusting. The fatcats get richer and more powerful, while the rest of us suffer. It’s no wonder conspiracy theorists think there is an all powerful business cabal running the world. They might be right.
“Right now, however, all they are doing is engaging in a shakedown.”
You say tomato, I say tomato.
You see it as a shakedown. I see it as a form of proving they will do the right thing. It’s an enormous disaster, and it’s going to cost money, probably more than the escrow account.
benson,
If they invoked that law, what would the ramifications be? Worse than the deal they already got? It seems they were willing participants to the shakedown.
“They had to leave through the back door. I’ll ask you: is this how you would end a good-faith negotiation?”
Part of Obama’s troubles with the public is that he’s been deferring to BP the whole time, error which got him in hot water.
“Manufacturing shipments have increased 15% compared with the previous post recession increase of 11%.”
DeLepp;
I’m not sure what your point is here. 15% up from an abyss is still a pretty low spot. You think our manufacturing sector is in good shape?
Uhh seriously – fuck BP. Bury them. I could care less about the financial/industrial rammifications. Case closed.
I’d probably get arrested for taking a dump on the beach and these guys can dump tons of oil in it?
Lech;
BP’s liability is limited by federal law to $75 million in cases like this. If they wanted to limit their liability, the law is on their side. However, they had already agreed to waive this limit, understanding the extent of the damage, and trying to do right.
If you look at President Obama’s press conference regarding the escrow (I encourage all to do so), note the following two things:
a) he specifically told folks that this $20 billion does not limit their right to seek further damages. In other words, he is telling BP that they have an open-ended liability, despite the fact that they could have invoked the law and limited it.
b) he refused to be seen with the BP executives at the press conference after the negotiations. They had to leave through the back door. I’ll ask you: is this how you would end a good-faith negotiation?
To me, this had all the appearances of a shakedown.
Can’t say I’m concerned about pensioners in UK. Half of BP stock is owned by americans.
“yes, it’s all tragic but now foreign CEOs will think twice about setting up any investments here.”
Baloney. They’ll just have to stop playing it so fast and loose and take real precautions that cost real money. And they may not see the extravagant returns that you Hedgie’s like. But then possibly, just possibly, we won’t have many more of these outrageous ‘accidents’.