BP's Record $4bn Deepwater Criminal Penalties Approved

[masterblaster72 0]

Some good news for a change.

http://www.bbc.co.uk/news/business-21244916

Quote

The Deepwater Horizon incident was one of the worst environmental disasters in US history.

It killed 11 workers and released millions of barrels of crude into the Gulf of Mexico over 87 days. The company has apologised for its role and said it regretted the loss of life.

Two BP workers have been indicted on manslaughter charges and an ex-manager charged with misleading Congress.

The oil giant has been selling assets worth billions of pounds to raise money to settle all claims. The company is expected to make a final payment of $860m into the $20bn Gulf of Mexico compensation fund by the end of the year.

The resolution with the DoJ includes a record criminal fine of $1.26bn, as well as $2.4bn to be paid to the National Fish and Wildlife Foundation and $350m to be paid to the National Academy of Sciences, over a period of five years.

BP will also pay an $525m to the Securities and Exchange Commission over a period of three years.

Be humble, ask questions, listen, learn, follow the golden rule, talk when necessary, and know when to shut the fuck up.

[lawrocket 3]

Quote

In November, BP said it would pay $4bn (£2.5bn) to the US Department of Justice and agreed to plea guilty to 14 criminal charges.

The sum included a $1.26bn fine.

Nice to see the money going right where it is needed most - the Feds.

My wife is hotter than your wife.

[billvon 3,116]

>Nice to see the money going right where it is needed most - the Feds.

$860m into the $20bn Gulf of Mexico compensation fund
$2.4bn to be paid to the National Fish and Wildlife Foundation
$350m to be paid to the National Academy of Sciences (over 5 years)
$525m to the Securities and Exchange Commission (over 3 years)

By my math the Feds are getting a tiny fraction of that $4 billion. Most of it is going to the victims.

[regulator 0]

We're sorry.

http://www.youtube.com/watch?v=9u0EL_u4nvw

[lawrocket 3]

$860m into the $20bn Gulf of Mexico compensation fund - okay. $860 million dedicated to the Gulf.
$2.4bn to be paid to the National Fish and Wildlife Foundation - a quasi-governmental charity corporation created by Congress. Okay - so they'll put some money toward restoration of the Gulf but I'd think that money could help out businesses.
$350m to be paid to the National Academy of Sciences (over 5 years) - again, a quasi-governmental charity that's out there to fund research.
$525m to the Securities and Exchange Commission (over 3 years) - a governmental organization that will be out there to help who?

Politics will be involved in who gets the money. That's why I'm worried about this.

My wife is hotter than your wife.

[billvon 3,116]

> Okay - so they'll put some money toward restoration of the Gulf but I'd think that
>money could help out businesses.

Sure it could; it could help out our business. (Rigging isn't the cash cow we thought it would be!) But would probably be better spent mitigating the damage they did to the Gulf.