http://www.reuters.com/article/idUSTRE65G42D20100617?feedType=RSS&feedName=topNews

"I'm speaking totally for myself, I'm not speaking for the Republican party ... but I'm ashamed of what happened in the White House yesterday," Barton said.

He called it "a tragedy of the first proportion, that a private corporation can be subjected to what I would characterize as a shakedown, a $20 billion shakedown."

Barton is not alone among Republicans holding this view.

Georgia Republican Representative Tom Price, chairman of the Republican Study Committee, a group of conservative House members, issued a statement on Wednesday arguing the same point.

I completely disagree with Barton.

As I see this, BP voluntarily put up the slush fund based on strong lobbying by the White House.

If they wanted to, BP could have refused and told the White House to "go to court" to force the fund.

Exxon stiffed the Alaskans for decades - and still are.

The O'bama administration did the right thing by forcing BP's hand... "Shakedown" or not.

Now... let's see them also force Transoceanic (the drill platform operator) to fork over some dough too.


**** Caution ****

We do need to have one caution though.  If actions are taken against BP that would force it into a premature bankruptcy, this would be coounterproductive.  We need to make sure that while BP has to pay for the damages, we do not become so punitive that they collapse.  That will not make people whole and it will not repair the environment.

That said, I am OK with the slush fund.

Halliburton is supposed to be in that mix, they keep on forgetting to mention Halliburton....wonder why that is.  ::)

Halliburton is supposed to be in that mix, they keep on forgetting to mention Halliburton....wonder why that is.   ::)


My understanding from several news accounts is that on several occasions, Halliburton advised BP and Transoceanic that what they were doing is unsafe, particularly with the type of drilling "mud" used, testing of the wellhead cement seal, and the number of "centralizers" to properly align the well casing within the well bore.  In other words, Halliburton told them what to do (for a safe operation) and then BP and Transoceanic ignored the advice and did whatever they felt like.

You can be sure that if Halliburton had any significant culpability here, democrats would be screaming it from the rafters.

I completely disagree with Barton.

As I see this, BP voluntarily put up the slush fund based on strong lobbying by the White House.

If they wanted to, BP could have refused and told the White House to "go to court" to force the fund.

Exxon stiffed the Alaskans for decades - and still are.

The O'bama administration did the right thing by forcing BP's hand... "Shakedown" or not.

Now... let's see them also force Transoceanic (the drill platform operator) to fork over some dough too.


**** Caution ****

We do need to have one caution though.  If actions are taken against BP that would force it into a premature bankruptcy, this would be coounterproductive.  We need to make sure that while BP has to pay for the damages, we do not become so punitive that they collapse.  That will not make people whole and it will not repair the environment.

That said, I am OK with the slush fund.


Oh say, that gives me an idea.  BP should have to fork over an annual stipend to any family whose livelihood was injured by the spill.  Not that it would work, but it would keep BP tied in up in court for the next thirty years, and that would be suitable punishment!
8)

Yes, it is partially our government's fault.  We let BP set that rig up while cutting all kinds of corners.  An oil well at the bottom of the ocean is like a nuclear plant or a space shuttle.  You don't let the people who build it cut corners.  Sure, there's a 99% chance that such-and-such a thing won't happen...but if it does, you can't just break out the Fix-a-Flat!

We do need to have one caution though.  If actions are taken against BP that would force it into a premature bankruptcy, this would be coounterproductive.  We need to make sure that while BP has to pay for the damages, we do not become so punitive that they collapse.  That will not make people whole and it will not repair the environment.

BP's got the money.. it's not like $20Bn is going to bankrupt it, or even come close.  There's a lot of hand-wringing over this side of the pond about how it's going to affect all the pensioners who "depend on the BP dividend for their income", but investing in shares is a bit like that.  Ain't no such thing as a risk-free guaranteed return.

Heaven forbid that BP should held accountable.

::)

Heaven forbid that BP should held accountable.

::)


They were held publicly accountable.  That happened in this week.  They sent him home after asking him if he'd learned his lesson like some kind of "Davey & Goliath" episode.  Then he get sent home.  Or to the French Riviera, or the Alps if you wish to ski, or Thailand to pick up Young Boozer!
http://www.youngboozerfortreasurer.com/