I was wondering if the ship owner/operator was responsible for damages as a result of the bridge collapse. Apparently not much. MIddle-class tax payers will be asked to bend over and take one for “team Private Equity”.
intercst
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It seems the owner is Maersk, a publicly traded company rather than private equity.
DB2
My understanding is that there’s a string of about 5 legal entities involved in the typical container ship cruise, each configured to avoid liabililty. Maersk may own the boat, but they’re likely renting it to someone with a way to escape liability. As the article states: “Maersk seen not at risk as it had no crew aboard the Dali.”
intercst
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The middle class gets most of the benefit of the arrangements. While the middle class does not get the gravy the rich do, the middle class has a standard of living that is far better because of trade.
The port is major for the import and export of automobiles and car parts. That has crumbled for a while right now.
We can expect a higher inflation number this coming quarter. Minor moment.
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Good article in WSJ today explaining the insurance coverage for Baltimore bridge disaster. They estimate that after about a decade of litigation as the various players try to put the liability on someone else, the eventual payout should be $2 to $3 Billion.
intercst
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