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Deepwater Horizon Settlement a 'Major Coup for BP'


#1

Deepwater Horizon Settlement a 'Major Coup for BP'

Nika Knight, staff writer

In the six years since BP's catastrophic Deepwater Horizon spill poured millions of gallons of oil into the Gulf of Mexico, environmentalists, Gulf coast residents, and politicians have clamored for justice. But Monday's historic $20 billion settlement against the oil giant is not what they hoped it would be.


#2

In the end, BP will pay the equivalent of less than one business quarters profit.
A bargain at twice the price.


#4

Another disgrace that leads me to further despair about the state of the world. In addition, the Obama administration has already granted additional leases to this vile, reckless oil giant to further exploit what I call the "Gulf of Texaco". Remember how BP announced that they were going to spray "Corexit" on the waters affected by the 2010 spill in order to supposedly "disperse" the oil? Corexit is listed by the EPA as an "acute and chronic health hazard". The real reason to use it was that it would make the oil on the surface (where it could be easily photographed) sink so that the vast damage to the Gulf would be less obvious.
Obama warned BP not to use this toxic spray but they went ahead and did so anyway and Obama did nothing. Later Obama was part of a PR attempt to calm residents' fears about the effects to their heath and livelihoods by going swimming with his daughters in an attempt to show that the danger was exaggerated. Thing is, the place where the photo op occurred was never affected by the spreading oil. It was a sham.
Obama's administration announced last year that they were studying the possibility of granting oil leases for drilling along the Atlantic Seaboard, something that not even the Bush Regime proposed. Thanks to deep criticism that was withdrawn but only as part of a compromise that included more drilling in the Gulf and in Alaskan waters. An article on Politico stated that Obama had been the biggest recipient of money from BP along with many members of Congress. Small wonder that a congressman (I can't remember the name) stated that the oil companies have Congress in their back pockets. It would appear so and it would also appear that we are not going to be able rein in their dreadful exploitation of these so-called "resources".
The CEO of BP, Bob Dudley, has already stated that the threat of "peak oil" is not true. When asked what should be done with the estimated 75% of carbon fuel resources that are still in the ground he said that it should all be burned.


#5

Coming on the heels of the Panama Papers revelation, this clearly reveals how insignificantly the 99% are viewed.


#7

Socialism for the losses and capitalism for the profits, that's the way the rich has been operating first in England and then in the USA for centuries.


#8

The Corporation must be dismantled.

They were formed so as to SHIELD the investors in the same from liability for their actions and have as a mandate one purpose only and that to return a profit to shareholders. As such they are anti-justice anti-democratic and anti-life.

This simply incompatible with what societies deem (or should deem) as "values".


#9

It is this kind of thing - the headlines say that BP gets fined $20 billion - that turns people off to hard news and to out seek entertainment news instead because this stuff makes people apathetic and depressed. The truth is that BP was fined $20 billion but will pay only $5 billion in reality (if that). That is the penalty and the truth is that people will end up paying for their own suffering and damage to the gulf - $15 billion worth.

BP as your punishment we will make the victims pay $15 billion dollars and don't do it again because we are going to give you another chance to try.

Oligarchy in action. They make us fools and treat us as such. You can imagine them celebrating at BP.


#10

Crime pays. Lesson learned, but if you are Stealing food for your children get ready for big punishment.


#11

Ex US Senator, D-Colorado, Ken Salazar, and Obama appointed Sec of the Interior at the time of the BP disaster did absolutely nothing about this catastrophic environmental disaster. It should be spread far and wide and made loud and clear what role Sec Salazar had in these preposterous concessions to BP; Both the original deals and the final results. What I do know is that Ken Salazar heads up the Denver office of the Wilmer - Hale international law firm that represents BP. That office was created especially for Salazar upon his departure from Interior. In addition, Tom Strickland, Salazar's top advisor while he was Interior Sec, went to work for the Wilmer - Hale firm in Washington, DC. Talk about revolving door politics at its most shameful.


#12

Like you said >>> What you know is...

Yeah well at least you knew that much... Appreciate you sharing the info btw. Most of us function not knowing such things. Talk about corruption? This sure looks like it don't it. Check out Joe Brewer's piece about framework and knowing. Here's an example about Salazar and BP's getting away with a light penalty for all the damage it did and with this corruption, as well the why of it. How is that legal? Revolving door or follow the yellow brick road except that road is paved with gold!


#13

Yet another BS corporate/banker/financial "settlement" by the DOJ for pennies on the dollar! A "major coup" for BP and major failure from the DOJ!
"In announcing the final $20.8 billion settlement with BP over the 2010 Deepwater Horizon oil spill, Attorney General Loretta Lynch said on Monday, “BP is receiving the punishment it deserves.”
BS, that's NOT what BP deserves!!

"What Lynch didn’t mention is that BP—which was found grossly negligent for the 2010 disaster will likely only pay about three fourths of that punishment once tax deductions are taken into account."
"The tax deduction tactic is fairly common in big environmental and bank settlements—when the feds settled with J.P. Morgan Chase in 2013, the bank got a $2.45 billion deduction on a $13 billion settlement"!

ALSO If the DOJ hadn’t settled, BP could have faced even steeper penalties. In January, Judge Carl Barbier ruled that the company could be liable for up to a $13.7 billion Clean Water Act penalty—far more than the $5.5 billion penalty in the current settlement.

The Obama/Lynch "Justice" Department is apparently unwilling to play hardball against any corporate/banker scumbag or put any actual perpetrator in the slammer, only make "deals" with corporate "persons" and levy BS fines! Such "failures" are often called criminal collusion or complicity! WTF?!

http://fusion.net/story/209141/bp-gulf-oil-spill-settlement-tax-deduct/


#14

As long as People discount the charges made for destroying our planet for private exploitation, a corporation whose only measurement criteria that counts is profit, must see fending off impotent oversight as a business expense.

We've hired ineffective representatives of our interest from Obama down to the rookie congressmen. We keep returning them to office despite getting a worsening bargain for our support every election cycle for the last 4 decades.

We get exactly the kind of oversight on our behalf that we ourselves bother to exhibit.


#15

Agree.
That is EXACTLY the Number One issue facing us.
Travesties like this will continue to plague us unless we dismantle or, at the very least, amend the corporation.
We (humans) created these things out of NOTHING, frevvinsakes.


#16

Michael, row your boat ashore, fast, the amount of water coming in exceeds the size of the pail, gotta bail. Oh, you've sunk, darn.


#17

This is just another example of Fascism, or Corporate State at work.
* Corporations Bond together for mutual strength and protection. (That's the bundle of rods). In the middle of the bundle is an axe (The symbol of the state or government).
* The corporations exist solely to make profit. The function of the government is to make laws to protect the corporations and their profits. The corporations pay the government, the government protects their profits and so the world turns. (The 99.99% pay the taxes and do the work for however little the corporations want to pay.)
* Since WW-II, the 0.001% have honed this to a fine science.
http://thehalloffame.wikidot.com/minitrue
;-})