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sassykathy464Jul 20, 2010
Mouchezdm I don't think its nearly enough - and I read somewhere that $1.7 b is a small percentage of its yearly profits.
johnagainJul 21, 2010
RTFA
sassykathy464Jul 21, 2010
Actually, I didn't find this article all that informative or enlightening; that's why I didn't digg it. Here is what I have learned from another source:
"To put this in perspective, BP has been bringing in between $26 billion and $36 billion annually in profits on revenue of $250 billion, and pays out more than $10 billion in dividends yearly.....***
As for the $20 billion escrow fund: "At first glance, one would believe, based on the headlines that the Obama Administration compelled BP to set aside $20 billion dollars in an escrow account to meet the needs of people and communities harmed by BP's criminal negligence.
But this is actually a great deal for BP.
The facts on the "escrow" account
The "escrow account" in 2010 is not $20 billion dollars. BP will put in $3 billion dollars in the third quarter of 2010 (ending September 30) and another $2 billion in the fourth quarter (ending December 31). Thereafter, it will have to make installments of $1.25 billion each quarter for the next three years.....The real number for the escrow account in 2010 is $5 billion—six months from now at the earliest."
- therefore the many thousands of people and small businesses in the Gulf who will lose their livelihoods and their homes right now will hardly see a pittance from BP NOW when they need it the most.
------
***Source: Seize BP - http://www.pephost.org/site/News2?id=9647
"What does the BP "escrow" deal really mean?"
digg2point0Jul 21, 2010
Good.
dragoon142Jul 21, 2010
Somewhere the mainstream media is mourning this and creating an artificial debate on whether this poor company is being unfairly victimized. Somewhere there are libertarians completely buying it.
aldangaJul 21, 2010
I don't think you understand the concept of libertarianism. Personal responsibility factors into this case, as it does all cases. If BP causes damage to others' property in some way, inadvertently or otherwise, it is BP's responsibility to rectify the matter. Assuming BP truly is at fault--and all indications seem to show that--I do not know a libertarian who believes they should not be held responsible for the cleanup.
publiclurkerJul 21, 2010
Actually, as we all know, the serf serving blather of libertarianism would have the person responsible blaming both their victims for not protecting themselves, and the government for actually having the nerve to try and prevent said spoiled brat from screwing over everyone around them.Comment is buried, click here to see the rest.
aldangaJul 21, 2010
Blame those hurt for not protecting themselves? What a load of bollocks. Under normal circumstances, sure, people need to be wary, but that does not mean they are at fault for the ill-conceived actions of others which damage such people's property.
Libertarianism is the belief in self-rule and non-aggression--and this includes not transgressing others' rights, but paying retribution when you do.
deusexmachina7Jul 21, 2010
Presumably, then, energy companies and factories should also be held accountable for global warming. Most libertarians I know seem to repudiate the very existence of negative externalities, except when it's politically expedient to do so (as in this case).
piznutJul 21, 2010
I think we fully understand the concept of libertarianism...Unfortunately, the populist elements of the libertarian movement have been usurped by the GOP.
orlandogeekJul 21, 2010
@Aldanga - I think he's talking about these faux-Libertarians that make up a portion of the Tea Parties and the Republican base who are trying to masquerade as something other than Republicans because they still feel the Republican brand is tarnished thanks to Bush & Co.
A *true* Libertarian, such as you seem to be, is not that far removed from a Classical Liberal and would indeed agree with your views on the matter. Unfortunately far too many people that claim to be Libertarians in this country are pretenders.
elliotysJul 21, 2010
Well they better be ready to do whatever it takes to fix this f**ken catastrophy.
cl1mh4224rdJul 21, 2010
This account has been closed by the user
johnagainJul 21, 2010
Well, unless you get a trophy for biggest oil spill...
piznutJul 21, 2010
f**kin*
piieerrrreeJul 21, 2010
Pffft, they should sell off their CEOs that cost them multi-millions.
khoazJul 21, 2010
and by sell off you mean hang
piieerrrreeJul 21, 2010
I don't condone murder, though I do imagine they could charge people an entry fee and profit from a privatly-held hanging...
csalitureJul 21, 2010
Isn't this company worth something like $350 Billion? When then would they need to sell off $1.7 b in assets. Thats like a nickle to them.
digg2point0Jul 21, 2010
Worth doesn't mean they have it on hand.
splat313Jul 21, 2010
BP is currently worth $110 billion.
charlesp2009Jul 21, 2010
Their profits will be down now since people don't want to buy their oil, and they're spending a tremendous amount of money to clean up their mess, so they do certainly need to raise some cash.
cl1mh4224rdJul 21, 2010
This account has been closed by the user
drmangrumJul 21, 2010
You have have a 45 pound diamond worth 30 trillion. If nobody is willing to give you money for it, all you have is a big shiny rock.
Closed AccountJul 21, 2010
They have revenues of a quarter trillion US dollars and they need to pawn equipment to scrape up 2 billion? Do they burn money or something?
factorof13Jul 21, 2010
Who cares how they get the money as long as they get it?
pronouncableJul 21, 2010
I'm sure a good portion goes to the commercials
ravagedsoulJul 21, 2010
Who said they're "pawning equipment"? companies buy and sell plants and businesses all the time, for all kinds of reasons. In this case, at least some of the properties "are considered to be past their peak" (but the buyer feels it is better positioned to make use of these assets.)
BP has plenty of money, and is just ensuring that it continues to have sufficient cash flow for current and future needs.
cl1mh4224rdJul 21, 2010
This account has been closed by the user
lnxfiJul 21, 2010
"British energy giant on Tuesday announced plans to sell assets worth about $1.7 billion as it seeks to build up cash to pay for the worst oil spill in British history."
fixedComment is buried, click here to see the rest.
curufirJul 21, 2010
"On Tuesday Amoco announced plans to sell assets worth about $1.7 billion as it seeks to build up cash to pay for the worst oil spill in American history"
Fixed again
thejasonresnoJul 21, 2010
And crazies like Glenn Beck cry for these guys.
toemailerJul 21, 2010
Sure makes you wonder who all that money actually belongs to?
faskippyJul 21, 2010
You do what you gotta do. It's not like they need to have a garage sale or anything. . Just a small trim compared to what they're worth. It's smart, really to not dip into other areas for the money.
hipmanJul 21, 2010
I don't see what difference it makes.
faskippyJul 21, 2010
Well, let me try to explain my thinking. If you were going to clean a room, would you toss the stuff you use all the time, or the stuff you hardly ever touch?
If you were going to clean up your portfolio, would you purge well performing stocks, or those who've been stagnant?
If you were going duck hunting, and had to choose a dog to take with you, would you take the one who always retrieves, or the one that sits lazily by, staring at you like he's waiting for a bedtime story?
LOL! I don't know you, so I tried to put it in a few different ways. No offense, man.
unluckybastardJul 21, 2010
hen you read what happened with the Exxon Valdez oil spill and how that company dealt with it, you can admire BP response to this disaster. at least they are paying for something
cajungalJul 21, 2010
That's true, I think they dragged it out until 2009.
http://www.nowpublic.com/environment/exxon-valdez-oil-spill-settlement-exxon-pay-507-5-million
zzzblazJul 21, 2010
Anyone else read today that they let the Lockerby bomber go? I was wondering, what else can BP do wrong!
enantiodromiaJul 21, 2010
We should probably follow the money and see who winds up with it. I'd guess, BP winds up with it.
seltaeb4Jul 21, 2010
And if they'd installed a $500,000 secondary failsafe switch, they'd have spared themselves and us all of the trouble.
The real question is "why do private petroleum corporations drilling in American waters get to make that call?"
The answer lies in the files of Dick Cheney's Energy Task Force.
angerproblemsJul 21, 2010
some ass actually buried this
darrelcJul 21, 2010
And if they'd (I assume you mean Cameron / Transocean) installed a $500,000 secondary failsafe switch, they'd have spared themselves and us all of the trouble.
tony0724Jul 21, 2010
I do not exactly have sympathy for big oil , so I am not crying about this one. They knew that the rig had a faulty connection and did nothing. Now we have a region and a ecosystem that has been completely destroyed. Screw em !
piznutJul 21, 2010
Watch how fast the Libertarians come to their defense....or rather, the fake Libertarians who are now basically under the GoPs thumb
ldrummeraxJul 21, 2010
This account has been closed by the user
lumberingoafJul 21, 2010
You can't put a price on the damage they've caused. The company should be forced to change it's name to Fubar, Inc.
sassykathy464Jul 21, 2010
Actually, I didn't find this article all that informative or enlightening; that's why I didn't digg it. Here is what I have learned from another source:
"To put this in perspective, BP has been bringing in between $26 billion and $36 billion annually in profits on revenue of $250 billion, and pays out more than $10 billion in dividends yearly.....***
As for the $20 billion escrow fund: "At first glance, one would believe, based on the headlines that the Obama Administration compelled BP to set aside $20 billion dollars in an escrow account to meet the needs of people and communities harmed by BP's criminal negligence.
But this is actually a great deal for BP.
The facts on the "escrow" account
The "escrow account" in 2010 is not $20 billion dollars. BP will put in $3 billion dollars in the third quarter of 2010 (ending September 30) and another $2 billion in the fourth quarter (ending December 31). Thereafter, it will have to make installments of $1.25 billion each quarter for the next three years.....The real number for the escrow account in 2010 is $5 billion—six months from now at the earliest."
- therefore the many thousands of people and small businesses in the Gulf who will lose their livelihoods and their homes right now will hardly see a pittance from BP NOW when they need it the most.
------
***Source: Seize BP - http://www.pephost.org/site/News2?id=9647
"What does the BP "escrow" deal really mean?"