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Daniel Gross, senior editor at Newsweek and Slate columnist, discusses BP's announcement that they will create a $20 billion fund to pay spill claims and suspend shareholder dividend payments this year.
Hello, I too feel like a caller who said that the stockholders got screwed. It is not the stockholders' fault and they should not have to pay the consequences, even if buying stocks is taking a risk. Eugenia Renskoff
Mr. Patriot,I haven’t done the same 60 second search you have, but were these all spills caused by off-shore drilling or land and tanker spills? Greenpoint and Gowanus/Red Hook most assuredly not caused by drilling but refining. I don't like revisionists anymore than you do, but the guest chose his words carefully and was only referring to drilling on the continental shelf.
There used to be a thriving oyster and shellfish fishing industry along the Northeast coast that has been severely reduced due to pollution factors (perhaps the industry is showing signs of recovery today). Was there any compensation fund provided to the oyster fishers of the NE to lessen these impacts?
It really irritates me when history revisionists go unchallenged. Daniel Gross claimed that the last oil spill in US waters was near Santa Barbara, CA so many years ago. My sixty second internet search revealed at least eight since then: Dec 76 (MA), June 1990 (TX), Aug 1993 (FL), Nov 2000 (LA), Aug 2005 (LA), June 2006 (LA), July 2008 (LA), Jan 2010 (TX). And of course the aforementioned Greenpoint spill. As previous poster asks, what is Daniel Gross's conflict of interest her? Why does he downplay the oil industry's record on oil spills?
Where is the first caller coming from? He’s claiming shareholders are being hurt by the suspension of dividend payments by BP; share holders bought stock in energy companies for their ability to generate billions of dollars, no one complains when they’re getting benefit from corporate malfeasance but they aren’t willing to accept responsibility for their part when the s*it hits the fan. Or in this case, the oil hits the sand. This is the exact same sickness when Americans paid too much by half for the roof over their heads thinking it was an ATM and are now demanding principal reductions when they are as much to blame as the banks. Where are the former homeowners that looking to give back their ill-gotten gains from the overheated market?Americans got in bed with the oil companies by deregulating, inviting big business to write legislation, investing in these companies, and reaping the profits. Congratulations. British Petroleum gave you clap, live with it.
And that's why shareholders shouldn't just vote with the BoD without examining what it is they're voting for. Many board directors in recent times have just as much as management have caught the greed bug and just went along with every sleazy move management put to them and then the shareholders go along with it. The difference is that most shareholders might make $100/quarter, if even, whereas the board and management will make millions. Get the picture.
Saying that there's been few off-shore oil spills, as Mr. Gross said, is off the mark. You must ask how much each oil spill costs. If there's an oil spill every 100 years, but it takes 100 to recover from it, then it is a serious risk.
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No one should hold a brief for the shareholders. They are the owners of BP, and perhaps this will send a message that shareholders need to take a more activist role in the management of publicly held companies. This talk of the "widows and retirees" is a reprehensible smokescreen.
"bp shareholders getting hurt" so what!??!
BP social responsible in NY? have you heard of the greenpoint oil spill? the land is owned by BP and Exxon. That's decades later, and is that cleaned up?
Part of the compensation should be shares of BP. As said, this company is not going under any time soon. I suggest those compensated should spend a portion of their money buying BP stock anyway and form a monitoring group of shareholders, just to keep pressure on these SOBs in future.
How about an escrow fund of 20 billion for solar and wind energy--for electric cars--to invest in the non-oil economy that we need RIGHT NOW?
"Widows and Orphans"?What about the kittens and puppies!!!!
will citibank (and the other major banks who's mortgages will be going unpaid b/c of bp's spill) ironically & out of self interest, turn into the real white knight for its debtors to obtain a higher amount of bp restitution cash?
Does Daniel Gross, Newsweek, or Slate have any conflict of interest with this subject matter?
bp's obligation to mexico?
how does this compare to the exxon valdez corp.-govt. relationship?
How many years will the ceo spend in jail?
Obama implied that the 20B fund was a downpayment. Then why are traders treating the amount as a cap?? Is that a cynical instinct?
Whenever there is sufficient cause for a Congressional Panel to investigate a disaster, there is never open talk of Government liability.
The tragedy unfolding in the Gulf of Mexico could not have happened off the coasts of Norway or Brazil because mandatory technology would have to be in place that would have prevented it.
If Government weren't in bed with the petroleum industry, this catastrophe would never have been possible.
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