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Show ALL Forums  > Politics  > Did BP get a "Chicago-style" shakedown AND do we "owe" BP an apology      Home login  
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 .dej
Joined: 11/6/2007
Msg: 25
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Did BP get a Chicago-style shakedown AND do we owe BP an apology OR ... Page 3 of 3    (1, 2, 3)

Did BP get a "Chicago-style" shakedown AND do we "owe" BP an apology OR ...
or should they have offered the 20 Billion up front a long time ago?

Am I allowed both? I think that they did get a shakedown. They were penalized an arbitrary amount of money outside due process of law, and I think that is unconstitutional.

However, I think that BP would pretty easily have had to pay out anyway. I just think it has made us (the United States) look terrible by going outside the law and imposing the fund on them. And I think it was a little ludicrous to jump down that one guy's throat for pointing it out, even if he should have had a little more political sense to shut his trap.
 itechman63
Joined: 7/7/2005
Msg: 26
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Did BP get a Chicago-style shakedown AND do we owe BP an apology OR ...
Posted: 7/2/2010 7:21:48 AM

Unless one can read the minds of the folks who work at BP, one can not say that they are not doing everything.


It's not whether or not they are doing everything now. As this story goes on, note terms in BP documents dating to 2009 about "loss of well control" and a series of calculated negligence indicating knowledge that the well needed to be shutdown for repairs at the minimum for a year before the explosion. There were dozens of opportunities to do SOMETHING before the disaster with knowledge of the potential consequences.

http://www.nytimes.com/2010/05/30/us/30rig.html

http://www.nytimes.com/2010/05/27/us/27rig.html?_r=1
 itechman63
Joined: 7/7/2005
Msg: 27
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Did BP get a Chicago-style shakedown AND do we owe BP an apology OR ...
Posted: 7/2/2010 10:46:03 AM
I think what stands out to me is that this isn't an approach isolated to BP in that Corporations will take outstanding risks in cutting corners to boost that shareholder's report and put livelihoods and lives in jeopardy to gross $200 billion in revenues instead of only representing $199 billion in gross revenues. How many more wells are out there waiting to experience similar catastrophe by BP or Exxon or any of the other Big Oil Corporations? Vehicles by auto manufacturers sent out the door with known defects putting lives at risk because the execs believe that in spite of the warnings of their engineers that they can get by and bring better earnings to themselves and their shareholders?

And this whole partisan bickering over this mess is this indoctrinated belief that our survival is dependendent on granting Corporations a wide berth without consequence and to not expect them to take a hit for even a dollar in demanding them to do things the right way. We can't irritate the Corporations a bit or they'll take our livelihoods away from us. Reaganomics or Trickle Down is essential. But in reality, there is never enough for the Corporations and they already learned they can keep as much as possible without trickling it down to us and our jobs already have left us to go to other places so as little as possible trickles down away from the execs and shareholders.

BP still could have made astonishing revenues on Deepwater Horizon even while absorbing some losses in shutting it down and making the needed repairs as they were already known a full year before the explosion. They took the risks and so should pay for the consequences even if it means that BP pays out every single penny they have and their executives have to flip burgers to survive. That's life for each of us if we make poor choices resulting in consequences... why not them?
 cotter
Joined: 10/17/2005
Msg: 28
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Did BP get a Chicago-style shakedown AND do we owe BP an apology OR ...
Posted: 7/3/2010 5:54:34 AM
Did BP get a "Chicago-style" shakedown AND do we "owe" BP an apology OR ... should they have offered the 20 Billion up
front a long time ago?
They should have offered the money up front and we should not apologize to them for asking them to put their money
where their mouth is.

They're putrifying the Gulf of Mexico and had ample time to prove they were willing to pay up when claims first starting
pouring in. Instead they took their time to even address the issues and there have been reports of filed claims being lost and
when people inquire, they are being told their claims are lost. People are having to re-file repeatedly.

From what I have been reading, it appears that 5 Billion Dollars a year, for four years, will be placed by BP into an escrow
account (to be administered by Kenneth Feinberg). I think one of the best parts about this is that people will now file
their claims with Feinberg instead of BP.

I think it will also reduce many of the concerns people expressed regarding the claims process related to the concerns about
the 'gaming' to be expected from BP in the claims process. This is good news for claimants.
 cotter
Joined: 10/17/2005
Msg: 29
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Did BP get a Chicago-style shakedown AND do we owe BP an apology OR ...
Posted: 7/3/2010 9:00:43 AM

Cotter, I love that you just answered your own OP question again.
I know, that was great ... eh?

Thanks for the pat on the back.

I've been busy lately, but I do try to post the information as it becomes available. That bit about the 5 Billion was not available the day I posted the thread.
Show ALL Forums  > Politics  > Did BP get a "Chicago-style" shakedown AND do we "owe" BP an apology OR ...