first comes the 'natural' disaster -- precipitated by corporate greed.

and then comes the 'shock capitalist' disaster -- precipitated by... well, you know...

it's not what the kids meant, but all catastrophic disasters are "all good" for the corporations. wont it be fun to watch this one unfold...

Buy'em off. Baby. Buy'em off.

That is of course the same NOAA that collects all the data that shows global warming is occurring. I hope they are right about this too.

Q: What is 50 oil company executives in orange jumpsuits and handcuffs?

A: A good start.

http://www.huffingtonpost.com/2010/05/03/robert-menendez-pushes-bi_n_561011.html

Robert Menendez Pushes Bill Raising BP’s Oil Spill Liability To $10 Billion

A trio Democratic Senators are introducing legislation on Monday that would dramatically raise the amount of money that oil companies like BP would have to pay in economic damages in an event of a spill.

Authored by New Jersey Sen. Robert Menendez, and co-signed by fellow Garden Stater
Sen. Frank Lautenberg and Florida Sen. Bill Nelson, the (craftily-titled) “Big Oil Bailout Prevention Act” would raise the economic damages liability cap for offshore oil spills from $75 million to $10 billion.

The impetus for the legislation were reports that surfaced over the weekend that British Petroleum, the company responsible for the disastrous spill in the Gulf Coast, would face limited responsibility for covering costs beyond cleanup and containment.

The oil company, in addition to others, pays money into the Oil Spill Liability Trust Fund — a kind of rainy day piggy bank for handling the immediate costs of dealing with disasters. Under the charter of the federal law that created the $1.6 billion fund, however, operators of the offshore rig face no more than $75 million in liability for non-cleanup and containment damages. And in a region like the Gulf Coast the cost to local industry of a massive oil spill can easily skyrocket well beyond that total.

Hmmm. $5,000 initial cash offer. That means actual damages will be more in the range of $100,000 - $150,000.

That was a seriously stupid move by BP. If fits neatly into the storyline where the fat, rich corporatist comes into town with his bags of money and buys off the townsfolk for a pittance.

There's good corporate citizenship for ya. Not.

Can't have BP pay anything for the same reason you can't tax a corporation's profits -- they'll just pass along the cost to the consumers!

The head of BP was talking to Steve Inskeep on NPR this morning and he said the $5,000 offer was a very earlier offer and was a mistake.

They claim they are settling legitimate claims as quickly as possible.

You can blame BP for a lot of things but talking today about the $5,000 offer that is no longer on the table is probably not fair.

Did anyone else here it this morning. Is a transcript posted?

It seems to me it would be a case of joint liability between BP and whomever BP wanted to share the blame. If that's the case, then I say more power to them--the more deep pockets, the better, and perhaps even ways around liability limits.

I heard the interview too. Hayward said that the $5000 offer was a mistake and had been withdrawn. We think that Goverment does too much, and should not regulate companies (big government again), but now blame the Government for not regulating these companies enough. And yes, the price for a cleaner environment is higher prices - if we want oil companies to minimize risks in drilling in difficult conditions, we have to be willing to pay a higher price for the oil. Is this another caes of us wanting everything without wanting to pay for it ?

neil..

"You can blame BP for a lot of things but talking today about the $5,000 offer that is no longer on the table is probably not fair."

Honestly, do you think for even a moment that BP wouldn't have kept it up if the AG hadn't urged them to stop? Remember, they are a corporation, and as such, their interest is in reaping the highest profits. I have no doubt they wouldn't pay a dime if someone didn't call them on it, and will be surprised if they don't fight these costs in the courts.

They count on their monied friends protecting them, and they have absolutely no interest in doing the right thing, if that were the case, they would have had a remote shut-off installed, let alone a crisis plan in place. But their billions in profits can't seem to absorb a $500K safety feature, it would eat into their personal bonuses me thinks.

IMHO, every step they've taken is open for criticism and scrutiny.

...if we want oil companies to minimize risks in drilling in difficult conditions, we have to be willing to pay a higher price for the oil.

Right, because there's no room in their razor thin profit margins. Sometimes I don't even know how oil executives feed their families. There just isn't enough to pay them reasonable salaries. Fucking greedy Americans, wanting oil drilling to be safe and clean. Is there no end to your treachery!?

Wait, what? An AG who actually is, you know, participating in the legal process on behalf of the citizens he represents?

"AG Troy King last night urged BP to stop the effort, and told Alabamians to be wary."

Why does he hate America? Doesn't he know that there are boobies on state seals? Cooch! Where are you when we need you!

You liberals are all such a bunch of nervous Nellies.

Exxon made good after the Valdez spill, right?

Relax.

I would, once again, recommend this story by Rob Kall of OpEdNews.com that lays out a possible global catastrophe of the "spill." Gulf of Mexico Worst Case Scenario
Any comments? As I said on a thread from Sunday, this is beyond politics and blame. This has the potential to be a global scenario. If it is contained to the Gulf Coast, it is still beyond politics.

I am committed to Oneness through Justice and Transformation
peace,
st john

I normally try to refrain from profaning on the comments but Goddamn!

Are you fucking kidding me?

BP made mmore than five BILLION dollars in profit last year and, their offering victims who will soon be up to their knees in light sweet crude the equivalent of a Barrack Obama tax cut.

WTF are they supposed to do with five thousand dollars?

Here, go buy yourself a fish sandwich.

How much are they paying the lawyers who came up with this bullshit?

OOPS! the Link did not work: Here it is, in long hand: http://www.opednews.com/articles/Gulf-of-Mexico-worst-Case-by-Rob-Kall-100502-823.html”>
I'm still struggling with links!

http://www.opednews.com/articles/Gulf-of-Mexico-worst-Case-by-Rob-Kall-100502-823.html
Once again. I am so sorry!

Not to let the BP execs entirely off of the hook, but accidents like this are what happens when all the incentives to behave properly are removed.

Now Congress wants to raise the liability caps from $75 million? Hmmmm. It makes you wonder who wanted that cap in the first place, doesn't it? Bottom line: You can't tell corporations that they won't be exposed to liability for accidents and then expect them to take the same level of care.

Here's a concept. No caps and treble damages. If BP goes bankrupt, who cares? It isn't like their oil wells and other assets will disappear.

Winkandanod @ 2:22
I don't have the skill-set to say it better but you are being far to polite.

I just want to know who made the blowout preventer? Is that what BP stands for? I think I read they bought it at Toys R Us.

And what about the cause of this mess? Hayward noted that the equipment on the Deepwater Horizon rig was owned by Transocean Ltd., which operated the rig.

And weren't our good friends at Halliburton actually working on the well at the time of the explosion? Let's spread the blame around; they're all culpable.

OK, here is another link to this story of catastrophic proportions:
Scientist Doesn't See a Way for Preventing Oil From Reaching Florida Keys

Any comments?

I hate, Hate, HATE to say this, but taking the $5,000 might have been the way to go.

How much money (if any) of any final settlement will there be?

Will citizens get any of it, or will it all go to the state and government?

How many years is it going to take to settle?

How much a chunk of that settlement are the lawyers going to get for "legal fees".

I'd take $5000 right now (which would pay off a my highest interest credit card debt) now, instead of a theoretical sum of indeterminate amount years in the future.

This disaster was caused by hubris and more hubris is only going to make things worse.

I don't believe a 'screw the rubes' policy is going to work ou in BP's favor.