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Author: Goofyhoofy Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1947300  
Subject: Bee Pee Date: 11/15/2012 3:19 PM
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Recommendations: 54
I'm remembering the BP Deepwater Horizon disaster. Nearly a dozen workers killed, safety concerns overridden, blowout preventer failed - and then, when the dreaded heavy hand of government stepped in, the shrieks from the Right.

It was called "extortion" to have BP put up a surety bond to pay for the cleanup. Someone else said it was a shakedown by the DoJ, so Obama would have a slush fund to play with. How the government shouldn't be involved because BP would do the right thing anyway.

Item:

BP to Plead Guilty to Felonies, Pay $4.5 Billion in Spill

BP BP.LN -0.08% PLC has agreed to plead guilty to felony charges and pay $4.5 billion in penalties, including $1.26 billion in criminal fines, stemming from the Deepwater Horizon disaster that killed 11 workers in 2010 and unleashed the worst offshore oil spill in U.S. history.

Separately, federal prosecutors filed criminal charges against three current or former employees of BP over the disaster, including two engineers who were on the drilling rig when it exploded and a higher-level executive involved in the energy company's spill response.

http://online.wsj.com/article/SB1000142412788732455630457812...

The felonies relate to "misconduct or neglect" which caused the deaths, and another is for lying to investigators. "Making false statements", specifically. An there are other misdemeanor charges as well.

In the most serious charges against the employees, Don Vidrine, 65, and Robert Kaluza, 63, who were stationed on the Deepwater Horizon when it suffered the deadly well blow-out, each has been charged with 11 counts of "seaman's manslaughter," 11 counts of involuntary manslaughter and one violation of the Clean Water Act....
The men could face up to 10 years in prison for each manslaughter count and up to eight years for the Clean Water Act count.


Current Events board: "Representative Barton apologizes to BP"
GOP Rep. Joe Barton of Texas — the ranking member on the House Energy Committee — made a decisive splash in his opening remarks. A staunch conservative who has a long record of backing oil industry interests, Barton apologized to BP CEO Tony Hayward for the "shakedown" the Obama White House pulled on the company.

Current Events board: "Representative Barton apologies to BP": "If BP didn't agree to the amount and handing it over to an independent body, Obama threatened to introduce laws to force it to.
That smacks of extortion!"
http://boards.fool.com/20-billion-is-a-lot-but-probably-will...

New Paradigm Investing board: " the private sector can do anything....it slices it dices.....The BP fiasco needs to be taken care of only by the private sector.....I trust the govt to do nothing at all......the govt should have nothing to do with this shyte......nothing......"
http://boards.fool.com/bp-28603278.aspx

Another: "Many here are now thinking that the scurrilous American government attack on BP was a deliberate act to devalue BP and make it a takeover target.
Obama would then have to refer to it as 'Blitish Petloleum'.
Serves him right the slimy ***!!"
http://boards.fool.com/bp-28628982.aspx

METAR: " there must be quite a few people on this board who take issue with this Federal investigation, if I recall all the heated discussion that happened back in may and June:
http://online.wsj.com/article/BT-CO-20101108-715775.html
WASHINGTON (Dow Jones)--A federal investigation into the U.S. Gulf oil spill hasn't found evidence that BP PLC (BP, BP.LN) sacrificed safety to save money, backing a key argument made by the oil company."
http://boards.fool.com/bp-28878242.aspx

Felonies. $30 billion cleanup. Another $5 billion in penalties. Thank you Representative Barton, head of the House Energy Committee, for your astute views on the matter.
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