Posts Tagged BP

ILL Baby, ILL

 

IT’S ENOUGH TO MAKE YOU SICK . . .

A Halliburton employee serving as a technical advisor to BP on the Deep Water Horizon oil rig that blew up in the Gulf of Mexico recently testified before a U.S. Coast Guard inquiry currently investigating the disaster.  In that testimony, he informed the Coast Guard commission that he had sent emails and a computer model to BP’s engineers two days before the explosion indicating that their was a considerable risk of gas leaks given the lack of sufficient stabilizing supports utilized in the construction of the oil well. 

BP Chief Engineer Brian Morel’s response to that email?

“Hopefully, the pipe stays centralized due to gravity [because] it’s too late to get any more product to the rig.”

In other words, “I hope SH!T doesn’t happen.”

Morel and one of the top two BP officials on the rig have invoked their Fifth Amendment right against self-incrimination, and have refused to testify.  The other top BP official has said he is too sick to testify.

So what do BP boys do when faced with having to take personal responsibility for their own monumentally disastereous  – as in deadly – decisions?

They either TAKE THE FIFTH or DRINK A FIFTH.

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The Rich Make Majority of Strategic Mortgage Defaults

So you think it’s all those ”immoral” people who got sub-prime mortgages on a house that they could not afford who are mailing the keys back to the  bank?

WRONG!

Statistically speaking, it is the wealthiest people who are making “business decisions” to walk away from mortgages when what is owed on the loan is greater than the value of the house.    And the rich are doing so at almost twice the rate of the sub-prime and owners of lower-cost homes, according to data compiled by the real estate analytics firm CoreLogic

In other words, sub-prime borrowers generally cannot make the payments, and involuntarily have to walk away; rich people can make the payments and voluntarily choose to walk away!

These are called “strategic mortgage defaults”, because the individuals do a complete cost/benefit analysis in order to determine if it makes financial sense to keep the home when it will likely never appreciate in value enough in the long run to pay for itself.

It’s not dissimilar to what health insurance companies do when denying coverage for that little bout of cancer your spouse is battling, or what BP did when deciding to take shortcuts while drilling on that rig in the Gulf of Mexico.  Hey, it might cost them more in the long run, but they are willing to take that chance given that it will certainly save them money in the short-run.  Thus giving them a better opportunity to make more money in the long run.

Amoral Capitalism. Risk/reward analysis.  It’s just business, partner; you know, it’s all about ”the bottom line.”

Sam Khater, CoreLogic’s senior economist, said it best:

“The rich are different: they are more ruthless.”

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BP Takes Integrity Test: Grade = F

So BP is going to commence with a procedure to test the integrity of a new system installed on that broken well that they have promised numerous times to fix over the past 80+ days now. 

Talk about testing integrity?  Look at this long list of their previous blunders.

Think about it.  An Integrity Test and  BP.  Is this engineering lingo or a public relations gambit?  Who inside BP would even consider putting the words “Integrity” and “Test” and “BP” all in one sentence.  After all, it’s a classic oxymoron - a contradiction in terms. 

BP’s integrity has already been tested numerous times.  They flunked.

Meanwhile, the United States is being executed by its own energy policy.

AND WE HAVE NO ONE TO BLAME BUT OURSELVES.

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Come On In, the Water’s Nice and . . .

WTF?!?

For all you people who supported Sarah Palin’s “Drill, Baby, Drill” policy, and are now living on ocean-front property along the Gulf Coast or the Atlantic Seaboard – what’s that old saying regarding the three things that determine the value of real estate? 

Location, Location and Location.”

Damn that nasty little Law of Unintended Consequences!?!

NOTE:  the above graphic simulation (and it is graphic) projects where the Gulf Stream current will carry the oil slick over time based on an experimental placement of dye in the Gulf waters, measured over a two month period.  [graphic courtesy of NOAA - National Oceanic and Atmospheric Administration]

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Is Today Thursday?

Seriously. 

That was one of the questions posed to BP CEO Tony Hayward Thursday by a Congressman during the BP hearings before the House Energy and Commerce Committee.  This was following several hours of questioning by others, after it became obvious that Hayward was well-versed in giving emotionless, but polite, non-descript, evasive answers to every question.  He simply answered every question without ever giving a clear answer.

Finally, in a show of exasperation, an unidentified Congressman apparently had had enough.  He asked Hayward, “Is today Thursday?”

Hayward almost showed a flicker of emotion, and seemingly answered in a veiled defensive tone:

“Yes, it is Thursday.”

That is likely the only good answer Americans will ever get from BP.

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A Tragedy of the First Proportion?

No, the heading of this post is not a reference to the tragic deaths of the eleven men killed from the horrific explosion and fire on that Gulf oil rig.  Nor is that heading alluding to the environmental devastation being wrought upon Gulf coast region by the oil spill.  And it is not even a commentary on the hardships the people of the Gulf coast are experiencing.

Quite to the contrary.  

That statement was Texas Republican Representative Joe Barton’s characterization of the outcome of the meeting between BP executives and President Obama in the Oval Office on Wednesday – where BP voluntarily agreed to pay $20 Billion into a fund to cover legal claims for the oil spill.  Barton seems to think that BP had no choice in the matter – describing it as a political “shakedown” – and then openly apologized to BP’s embattled CEO, Tony Hayward, as more Congressional hearings got underway this morning.  Here is what Barton had to say:

“I’m ashamed of what happened in the White House yesterday . . . [it's] 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.”

Furthermore, Barton attempted to insinuate that BP was denied it’s right to utilize the legal system by invoking the constitutional doctrine of  “due process and fairness” - thereby concluding that BP entered the agreement under duress, thus ostensibly elevating it to the level of “a tragedy of first proportion”; at least in Barton’s obviously warped world-view. 

If anything, Barton’s response is so remarkably disproportionate, it begs the question as to how he could reach such an extraordinarily nonsensical conclusion?  Want a not so little clue?

M-$-O-$-N-$-E-$-Y!

Barton – who is the top Congressional recipient of almost $1.5 million in political campaign contributions from the oil industry over the past 20 years – is just another shameless Big Oil shill in Washington, who is willing to do the bidding for their interests; all while placing the interests of average Americans at the bottom of the barrel.

Barton may be the only Republican brazen enough, or outright stupid enough, to say what he really thinks.  I guess money and power will do that to you.  Other Republicans simply insinuated that it was another Obama-style government takeover, of sorts.  Their “measured responses” are just a veil for the same manner of thinking. 

Meanwhile, as I am just finishing writing this post, Barton has suddenly issued a retraction of his earlier apology to BP CEO Tony Hayward – not so ironically, under duress from Republican leadership.  In Barton’s mind, that is probably compounding the “tragedy of first proportion”?  But even soul-less politicians have to compromise from time-to-time.

Nevertheless, don’t be fooled.  After all, defending Corporate America is the primary business of the Republicans.  Meanwhile, the small business owners of the Gulf Coast are cast afloat on a proverbial sea of oil, all going to Hell in a hand-basket together.

Let’s just hope the voters remember that come November.

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Message to British Regarding American Criticism of BP’s Monumental Screw Up . . .

 

 

 

 

 

 

 

 

 

 

ENGLAND vs. U.S.A – WORLD CUP SOCCER or BP OIL FIASCO?

Help Americans understand this:

So you are distressed over the fact that Americans are extremely outraged at BP’s (formerly called British Petroleum) environmental disaster which is wrecking havoc on our Gulf Coast region; that our fury over this corporation’s massive blunder is somehow to blame for the precipitous drop in it’s stock price; that this drop in the value of BP’s stock has effected the value of many of your citizens’ pensions; therefore Americans need to “ratchet down” criticism of the company so that the stock price can go up again?

Interesting.

So when our Wall Street banks screwed up the world economy, thereby effecting the value of your citizens’ pension funds because they bought some of the over-rated collateralized debt obligations (CDO’s) these financial terrorists were selling, it was OK for you to whip them like the worthless dogs they are.  However, when one of your energy corporations screws up, effecting the lives of millions of Americans living on the Gulf coast, we have to bite our tongues because that too negatively affects your retirement accounts?

Locke, HobbesBentham, John Stewart Mills, Bertrand Russell - all great British philosphers.  Men of extraordinary reason and intelligence.  Did present day British citizens skip the class in Logic and Critical Thinking?  These great British philosophers must be rolling over in their graves.

My ancestors left England (and Scotland) in order to come to the United States over 300 years ago. 

Maybe for good reason . . . no pun intended.

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No One is to Blame for the Oil Spill

  

  

THE WRATH OF GOD

 

“He did it.  No, he did it.  No they did it . . . “

Legal Memorandum to Members of the U.S. Senate Energy Committee:

This is in response to testimony provided the other morning to your committee by executives from the three energy companies involved in that drilling rig that is currently spilling oil into the Gulf of Mexico.  By way of this memorandum, we are giving notice that our law firm is providing legal representation for all three companies in this matter – BP, Halliburton, and Transocean – as well as the rest of the oil industry. 

To clarify and correct the testimony provided to you thus far from our clients, we submit the following: 

First: we acknowledge that our clients engaged in “finger-pointing”, blaming one another for the spill and then each denying that their company had any culpability in, or liability for, the disaster.  We would respectfully assert to the members of the honorable committee that this is simple human nature; people often blame one another when something terrible happens that demands accountability. 

After all, each one of us learned from the time we were about three years old that taking responsibility for doing something wrong will often have dire consequences.  The lesson that some individuals took away from those experiences is that it is best to immediately deflect responsibility away from themselves, and blame someone else so that they can avoid becoming the target of the palpable wrath and inevitable punishment; we call them ”America’s Business Leaders”.  By way of recent example, the Senate Banking Committee hearings involving executives from Goldman Sachs immediately comes to mind.

Second:  after giving these circumstances their due consideration, as well as following the example provided by Wall Street, and finally by applying sound legal reasoning coupled with currently accepted American business principles, we have concluded that no one is to blame.  At least not any of these oil executives, and certainly none of their companies. 

This was simply an Act of God. 

When American private enterprise engages in the pursuit of profits – as in “doing God’s work” – and something goes horribly wrong, it would be misguided to blame the shameless human beings who run these companies, or the heartless corporations themselves. This is just God’s will. 

Think about it.  These executives and their companies were following the Lord’s wishes by providing jobs for tens of thousands of employees at virtually the same wages they were earning thirty years ago – adjusted for inflation, of course.  This results in huge profits for the corporations, as well as admittedly obscene salaries and bonuses for the executive management. 

And in spite of the huge tax breaks you give the rich and the big corporations in order to protect and preserve the American way of life, they unfortunately still have to pay some income taxes.  Fortunately, those taxes support the tax subsidies which you so generously give right back to the oil industry - talk about an “Oil Slick”?  We like to think about it as a trickle-down theory for oil industry welfare.  The oil executives pay taxes, and then they get that money back vicariously through their company coffers. 

Isn’t it strange how the free market’s “invisible hand” and God’s hand work in concert with one another?

So if you expressly blame the oil executives, and then financially punish these companies, they will have to stop drilling for more oil off-shore because it will no longer be nearly as profitable.  Oil exectutive salaries will fall.  Along with large political campaign contributions from the petroleum industry.  That is contrary to God’s will.  You, in turn, will be blamed for taking gasoline out of the tanks of every American car in the country.  Do you really want to answer to your constituents when they are waiting in long lines at the gas station this summer?  Remember: mid-term elections are just around the corner (November).  Getting voted out of office will simply be the consequences of you having incurred God’s wrath.  This is just plain common sense to every good American – especially Sarah Palin.

Third:  If you still are so inclined to make someone accountable, there really is only one group of people to blame:  You.  Washington.  The Politicians.  After all, Congress is the one that approved off-shore drilling.  You were the one’s that insisted that our clients explore for oil anywhere in the United States, and that new technology made drilling for oil safer than ever.  You said it was in the interests of our national security; that we had to stop buying oil from the Middle East, and vicariously supporting the terrorists. 

It’s kind of like the War on Drugs (speaking of disasters):  forget addressing the issue of demand for the product; Americans choose to focus on the problem of supply.  Except in this case, Americans demand more oil, and simultaneously want a cheap supply, as well.  Like drug addicts, they have no intention of taking responsibility for their behavior.  They have been in and out of “oil rehab” numerous times over the past 40 years.  We all recognize that relapse is very common among addicts, and we just have to accept that fact.  

Let’s face it.  Addicts are always deep in denial, and our clients are just opportunistic enablers, providing these oil addicts with the means to “chase the high” they get from driving their cars whenever they want, and wherever they want.  Case in point:  a new NBC/WSJ (Wall Street Journal) poll shows that 60% of these addicts still support off-shore drilling.  Let’s just give them what they want. 

Like any junkie, these American addicts can suffer the consequences of their behavior.  OK.  We are willing to concede that their children will suffer the greater consequences in the future.  But hey, we all accept the fact that there will always be collateral damage in every war; it’s inevitable.  Just go ask those maimed and wounded children in Iraq that George Bush “liberated” so American oil addicts would not be deprived of their “drug” (and real Americans did not want Uncle Dick Cheney to be deprived of obscene capital gains on his Halliburton stock – which God help him, he sold the minute that oil well “had heart failure“;  he worked so hard to push us to war in Iraq so Americans could have their next ”fix” of cheap Middle East oil).

We rest our case.

In conclusion: we would once again encourage you to embrace our rational explanation for this environmental disaster, and re-frame the way you look at it; given the popularity of Congress right now – or rather the lack thereof – you guys may want to think carefully about this most recent poll (no, that is not a pole, Republicans), and reconsider your opposition to off-shore drilling.

We would suggest that when you are kneeling at your bedside tonight, praying for more political campaign contributions, you should ask God for guidance on this issue.  We have faith and trust that you will come to understand the wisdom of his desires.  For God only knows why he works in such mysterious ways.

Respectfully submitted,

Hugh Lewis Dewey (a.k.a. Hughie Louie Dewey)

The Law Firm of Dewey, Cheatem, and Howe (pronounced “Do We, Cheat ‘Em, and How”)

P.S.  If God, in turn, shirks responsibility for this disaster, we’ll see you all in court.  Including him!

UPDATE [5-14-10]:  Watch “There Will Be Blame” – the segment which aired last night [5-13-10] -  from Jon Stewart of The Daily Show – TOO FUNNY!

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