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'The Biggest Coal Giant Has Fallen': Peabody Files for Bankruptcy


#1


#2

After the bankruptcy is completed they will have no cleanup liabilities for actions that amount to terrorism on a massive scale. The upper management's wealth will not even suffer.

So they pass the Bankruptcy Abuse Prevention and Consumer Protection Act in order to make it more difficult for people to file bankruptcy but corporations are free to take advantage without penalties to the ones who profited. If all was fair and they want corporations to be treated like people, then the ones who profited from Peabody would also be part of the bankruptcy so that there would be limits on what wealth they are allowed to keep afterwards.

"Broken Rainbow" a documentary from 1985 that really shows the brutal history of Peabody and its sinister treatment of the native American Indians is an excellent watch:


#3

Here are the Board Members for Peabody. Somebody get a rope.
http://www.peabodyenergy.com/content/167/corporate-governance/board-of-directors


#4

Coal is being replaced largely by natural gas for electricity and it isn't used for transportation or heating. Coal is still being increasingly used in many developing countries but the days of coal burning for electricity in the US look numbered. But, still about a third of electricity in the US is generated from coal. There remains a long way to go until this dirty fuel which emits twice as much carbon dioxide as oil and natural gas is finally completely phased out.


#5

John Prine sang about Mr Peabody a long time ago.

When I was a child my family would travel
Down to Western Kentucky where my parents were born
And there's a backwards old town that's often remembered
So many times that my memories are worn

"And daddy won't you take me back to Muhlenberg County
Down by the green river where paradise lay?"
"Well, I'm sorry my son, but you're too late in asking
Mister Peabody's coal train has hauled it away"

Well, sometimes we'd travel right down the Green River
To the abandoned old prison down by Adrie Hill
Where the air smelled like snakes and we'd shoot with our pistols
But empty pop bottles was all we would kill

"And daddy won't you take me back to Muhlenberg County
Down by the green river where paradise lay?"
"Well, I'm sorry my son, but you're too late in asking
Mister Peabody's coal train has hauled it away"

Then the coal company came with the world's largest shovel
And they tortured the timber and stripped all the land
Well, they dug for their coal till the land was forsaken
Then they wrote it all down as the progress of man

"And daddy won't you take me back to Muhlenberg County
Down by the green river where paradise lay?"
"Well, I'm sorry my son, but you're too late in asking
Mister Peabody's coal train has hauled it away"

When I die let my ashes float down the Green River
Let my soul roll on up to the Rochester dam
I'll be halfway to Heaven with paradise waitin'
Just five miles away from wherever I am

"And daddy won't you take me back to Muhlenberg County
Down by the green river where paradise lay?"
"Well, I'm sorry my son, but you're too late in asking
Mister Peabody's coal train has hauled it away"


#6

"The times they are a-changin'..."

From Bob Dylan (last stanza):

The line it is drawn
The curse it is cast
The slow one now
Will later be fast
As the present now
Will later be past
The order is
Rapidly fadin'
And the first one now
Will later be last
For the times they are a-changin'.

Big Coal and the bloated, bloviating execs got too damn comfortable with their exorbitant salaries, infinite federal govt support including Congress, unlimited lines of credit with the banksters, and lack of regulatory compliance as a result of any substantive government oversight...and "the worm has turned." These corporatists will simply walk off into the sunset with their moneybags stashed in offshore accounts in tropical hideaways. What is tragic is the monumental, life-altering consequences borne by the coalminers and other workers in the industry.


#7

Reminds me of another of one of my favorite Dylan songs and lines:
"Bankers' nieces seek perfection; expecting all the gifts that wise men bring." _ Love Minus Zero by Bob Dylan
And they rig the system to see that they get them.


#8

#9

This is great news aside from the fact that natural gas has replaced coal and that is even more damaging to us and the environment: Fracking. Toxic chemicals to get to the gas, water contamination, earthquakes so this is no trade-off and doesn't help in climate change or accepting green energy which is now readily available and accessible to all. As those on the planet in other countries are going green, the US is still self-destructing and stuck in the 19th Century.


#10

With over 900 million in cleanup liabilities, Peabody must be denied bankruptcy protection against these liabilities and to those coal workers' lives that need promised benefits they now face losing.