Tuesday, May 18, 2010

Transocean dumps their assets

This reminds me of the Law and Order episode I saw last night. Three guys cooked up a scheme to get rid of their assets so they could get divorced and not have to give their wives any money. It seems Transocean has a similar plan. Not they admit they're on the hook for damages on the sunken rig.
Transocean has passionately argued that they don’t share financial responsibility for the disaster. A clause in a contract they had with BP says that the oil company is obligated to pay for any environmental damage, even though Transocean actually owned the rig. BP was leasing the rig from Transocean at the time of the accident.
But just in case the courts don't agree, they disbursed some one billion in profits to their shareholders this week. Shameless.

But the main reason I'm linking to this is John Cole posted video of the 60 Minutes segment at the end of this post. I happened to catch it. Powerful piece but it will piss you off.

[More posts daily at The Detroit News]

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Blogger Capt. Fogg said...

fascinating that there's an ad for investing in oil drilling on the blog right now!

I really don't think any of the responsible companies will be forced to pay very much and of course the idea that this can simply be "cleaned up" is fatuous. The Exxon Valdez spill is still an environmental disaster and although they make 40 - 60 billion a year, the fine, which I'm not sure was ever paid was only 500 million.

I probably won't live to see the gulf recover from this and perhaps the Caribbean and parts of the Atlantic - washing some birds and beach rocks really won't do much and the worst the oil companies will suffer won't add up to two weeks profits.

11:32:00 AM  
Blogger Libby Spencer said...

That is the worst insult Fogg. They won't end up paying because the courts will let them off. That's our system. Best *justice* money can buy. Digusting.

1:12:00 PM  

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