BP Oil Spill…the real Tragedy
Eleven deaths and four criminal indictments. Billions in environmental and economic damages. The result is what will be close to $ 12 Billion in damages to be paid by BP. This was a truly devastating occurrence that was properly punished. My only question is how we as a society reward entities as a result of such horrible acts. Law firms that rack up huge fees and end up with nearly $ 3 Billion in income and the federal government nearly $ 4 Billion. While all of the remaining victims and tens of thousands affected to have to apply to receive the remaining funds.
A federal judge on Tuesday approved an agreement for BP to plead guilty to manslaughter and other charges and pay a record $4 billion in criminal penalties for the company’s role in the 2010 oil disaster in the Gulf of Mexico.
BP agreed in November to plead guilty to charges involving the workers’ deaths and for lying to Congress about the size of the spill from its broken well, which spewed more than 200 million gallons of oil. Much of it ended up in the Gulf and soiled the shorelines of several states.
BP separately agreed to a settlement with lawyers for Gulf Coast residents and businesses who claim the spill cost them money. BP estimates the deal with private attorneys will cost the company roughly $7.8 billion.
In a court filing before the hearing, attorneys for BP and the Justice Department argued that the plea agreement imposes “severe corporate punishment” and will deter BP and other deep-water drilling companies from allowing another disaster to occur.
A series of government investigations have blamed the April 20, 2010, blowout on time-saving, cost-cutting decisions by BP and its partners on the drilling project.
The losers end up being of course the thousands of businesses and victims of the spill. Also the eleven whose families and communities are deprived of their lives. Meanwhile the law firms and the federal government walk away with $ 7 Billion of the total $ 11.8 Billion in total damages.
Nice work… If you can get it!