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REAL WORLD EVENT DISCUSSIONS
BP to pay record fine for Gulf oil spill
Thursday, November 15, 2012 6:37 AM
NIKI2
Gettin' old, but still a hippie at heart...
Quote:BP will pay a record fine to settle criminal claims arising from the 2010 spill in the Gulf of Mexico. The fine comes on top of $20 billion that the company has agreed to pay into a trust fund to meet damages claims from the spill. It said it expects to pay a final $860 million into that fund this quarter. BP reported a $17.2 billion loss in the quarter when the explosion took place. But it has been profitable since then, booking total profits of $43 billion over the course of the subsequent nine quarters. BP has reached a $7.8 billion settlement with lawyers representing private-sector victims. But in September, the Justice Department accused BP of gross negligence and a "culture of corporate recklessness" in a federal court filing, which expanded the company's liability. No criminal charges have yet been filed, and a major civil trial set to take place in New Orleans has been delayed until February 2013. Transocean, the owner and operator of the rig, also has unresolved liability issues. The DOJ, in its September filing, said the company is also guilty of gross negligence. "BP did not act alone, by any means, and its gross negligence and willful misconduct are inextricably joined with the acts and omissions of Transocean," the government said in the filing. http://money.cnn.com/2012/11/15/news/bp-oil-spill-settlement/index.html?hpt=hp_t1
Thursday, November 15, 2012 6:45 AM
ANTHONYT
Freedom is Important because People are Important
Thursday, November 15, 2012 7:48 AM
BYTEMITE
Quote:Originally posted by AnthonyT: Hello, No sum would touch them. Their profits are so huge that these minor losses are just the cost of doing business. Doubtless calculated into their bottom line. I bet at the high level business meetings their risk assessment teams are like, "Each year, on average, we will cause X amount of damage, minus Y amount of profit, we still come out ahead." --Anthony
Thursday, November 15, 2012 7:57 AM
Quote:Originally posted by BYTEMITE: Quote:Originally posted by AnthonyT: Hello, No sum would touch them. Their profits are so huge that these minor losses are just the cost of doing business. Doubtless calculated into their bottom line. I bet at the high level business meetings their risk assessment teams are like, "Each year, on average, we will cause X amount of damage, minus Y amount of profit, we still come out ahead." --Anthony It's not enough justice. But it's some justice, at least.
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