10th June 2010, 09:50 AM
Oil giant BP, under mounting pressure to meet its obligations in the Gulf of Mexico oil spill, has agreed to implement a more transparent and expedited claims process to pay individuals and businesses harmed by the disaster, U.S. officials said Thursday...

In a news conference, Holder promised "that the American people will not pay a dime for the cleanup of the Gulf region and that BP will be held responsible for all the damages that have occurred." He said the administration would "take the necessary steps to make sure that that occurs." However, he declined to comment when asked whether the administration would seek an injunction to prevent BP from paying dividends to shareholders.

Since the Deepwater Horizon explosion, BP's stock price has dropped by more than 50 percent. The most recent declines were attributed to both the amount of oil flowing from the well and comments from Interior Secretary Ken Salazar that the Obama administration will ask BP to repay the salaries of workers laid off because of the six-month moratorium on deepwater exploratory drilling.

Concerns have also grown that BP will have to suspend its dividend payment under pressure from U.S. lawmakers who say the money should go toward paying legal claims and for environmental repair in the gulf. In the past two days, seven analysts have cut their expectations on the likely payout, giving more reason to sell the stock.

Also Wednesday, a group called Earth Economics issued a report valuing the "ecosystem services" of the Mississippi River delta at $12 billion to $47 billion per year. Those services include fishing, recreation and the hurricane protection provided by the delta's coastal marshes. If the delta were for sale, the group found, its value would be between $330 billion and $1.3 trillion.

Linky (http://www.washingtonpost.com/wp-dyn/content/article/2010/06/10/AR2010061002538.html)

Please read the entire linked article then ponder BP facing their Atlas Shrugged moment. According to Ayn Rand morality BP should pay the usual dividends to shareholders and proactively fight all liability claims by the government.



10th June 2010, 09:56 AM
Obama Backs Lifting $75 Million Liability Cap for BP
By Annie Lowrey 6/8/10 8:42 AM

Sam Stein at the Huffington Post reports that President Obama has come out in support of lifting the $75 million liability cap for oil spillers. Congress had hoped to raise the liability cap to $10 billion, but Sen. James Inhofe (R-Okla.) blocked the measure single-handedly. Now, Stein reports, the White House has backed new legislation to make oil companies liable for unlimited amounts for the economic damage caused by oil spills.

“The President supports removing caps on liability for oil companies engaged in offshore drilling,” White House spokesman Ben LaBolt told Stein. “Oil companies should have every incentive to maximize safety and arbitrary caps on liability create a disincentive to achieve that goal.”

Linky (http://washingtonindependent.com/86489/obama-backs-lifting-75-million-liability-cap-for-bp)


10th June 2010, 11:42 AM
Seems more like a 'What would Francisco Domingo Carlos Andres Sebastián d'Anconia do' question. 8)

10th June 2010, 12:00 PM
Atlas standeth before the task,
The others sat idle in his wake to bask,
They pondered ways to encumber him,
While Atlas toiled with all four limb,

The others grumbled and declareth to him,
That he disturbeth the earth and sullied the sea,
As Atlas piled the fruits of his labor,
The others looked with envy at their industrious neighbor,

They sat idle except for their calculating minds,
They refused to budge off their fat and widening behinds,
Atlas rested and consumed part of his fruits,
Then he offered his surplus to them who sat mute,

But this is not enough they cried,
For you have more than you should we decide,
Give us your surplus and a pound more of your flesh,
That we may enjoy the rewards of your labors best,

Atlas protested and refused to accede,
The others demanded that he pay for his ill deed,
That he had disturbeth the earth and sullied the sea,
As they gorged on his fruits and demanded their fee,

Atlas threw them his goods in disgust,
He threw down his tools and his enterprise bust,
He left them sitting on their fat spreading asses,
To contemplate how they will feed their idle masses.

10th June 2010, 02:13 PM
Love it, mamboni.