Posts Tagged ‘Obama’
A Question of Greed…
Since the rule of law is dead:
GOP cuts funding to the SEC because of “budget deficits,” despite the fact money for the SEC does not come from the budget, but from regulatory charges paid by the brokerage firms the SEC investigates, thus saving the same companies/banks that fucked us into a recession millions while also making it more financially difficult for the SEC to prosecute all the companies that did all the fucking.
Oh, and that recession – nobody in jail, banks made billions.
Oh, and that British Petroleum oil spill – nobody in jail or charged.
Oh, and that Foreclosure Fraud – nobody in jail or charged.
Oh, and the Medical Lobby/hospitals/administrators/insurance companies/big pharma – how many people have died because they couldn’t afford not to? – nobody goes to jail and nobody charged.
Okay then, so does this mean when Republicans and not a few Democrats, including Obama, cut back on the safety net because of the deficit, one debt ceiling and/or budget at a time, while in the same moment, they give ridiculous tax cuts to the wealthy which go a long way towards helping create that deficit…does this mean then, that when I decide to go to the exclusive parts of town or to the Financial District to get my money back, that just like the banks, the oil companies, the insurance and medical industry, that I won’t go to jail or be charged either for theft and/or fraud?
Right, right?
No?
Interesting, then the rule of law must only be kind-of dead, inasmuch as the bottom 99% is ruled by the laws of the top 1%, the same 1% who only calls it class war when the bottom 99 fights back against their greedy, entitled ways…
Have a nice day.
Bob Dudley…what are we playing for?
British Petroleum’s CEO, Bob Dudley has provided estimates to the business world and more importantly, to its investors that BP’s share of costs associated with the Deepwater Horizon will not exceed $40 billion dollars when all is said and done. Still trying to reassure his company’s investors, Dudley has even indicated that dividend payments will resume again in the new year.
Course, there is a lot riding on those statements and actually, it is somewhat of a gamble.
In order to meet these two goals, the estimate’s accuracy and the dividend payments, it is becoming increasingly important that BP not be found guilty of gross negligence which would quadruple the per barrel fine, and the recent uplift in BP’s stock prices assisted by these announced goals? Yeah, those stocks would again fall.
So keeping this in mind, there is ample reason for BP to keep pointing fingers at Transocean and Halliburton, according to David Prosser, business writer for the Independent:
“It is important that BP does not have to shoulder the full responsibility for the spill when Mr Reilly (Oil spill commission co-chair) makes his final report to President Obama in the New Year. And not just because sharing the blame might leave BP feeling just a little less uncomfortable. What is more important is that if Mr Reilly finds the British company only jointly culpable for what happened, he is much less likely to say it was guilty of gross negligence.”
Ah, business strategy…well, If there is one thing we all seem to continue learning about British Petroleum, it is just how strategic they are about trying to save money and cut costs, and this would seem to be more important to them than human lives, taking responsibility for their actions or doing what someone of sound conscience would consider to be the right thing, the moral thing.
From the Oil Spill Commission’s document that shows BP’s risky decisions on the Deepwater Horizon to their use of toxic chemical dispersants to drive the oil from sight, from the hiring of Ken Feinberg as arbitrator of the escrow fund to the stipulation that the fund money not paid out be given back to the company, from BP’s new insistence that the government’s estimate of spilled barrels could be off by as much as 50% to their refusal to give Gulf Coast charities further funding in helping residents make rent payments, pay utilities or put food on their tables: all strategy, all cost cutting, all serving British Petroleum’s interests.
BP appears to have never really been about making things right; their actions seem to indicate they are only about making things right enough. So it would seem in very poor taste for Bob to make this gamble, to make his suggestions and estimates, especially when these rosy scenarios appear to be based on BP’s attorneys finding a way for the company to shirk their moral responsibilities to the Gulf, again.
Senator Mary Landrieu and other lawmakers are trying to pass legislation that would direct 80% of the fine levied against BP towards the Gulf Coast and its repair, so when BP is doing all that they can to drastically cut into that money amount by lowballing the government’s oil estimates and avoiding a decision of gross negligence this is more than big business just being big business and trying to protect their own.
This is another example of a company’s failure to live up to the slogans of their public relations TV commercials.
This is a gamble at the expense of the Gulf Coast.
And though it may be legal, this is wrong.
Have a nice day.
Feinberg out smoking a cigarette while 100,000 claims denied in ten days
December 15th is looking to be a disappointingly memorable day for citizens of the Gulf Coast. This is the deadline when all emergency claims to BP’s $20 billion fund must be processed and since August 23rd when Kenneth Feinberg took over the fund from British Petroleum, he has denied 173,000 claims including 100,000 in the past seven days alone.
Documentation, documentation…documentation..
“The number of denied claimants continues to soar for two reasons,” Feinberg said in an e-mail Monday. “1) Thousands and thousands of claimants, who were asked over the past few months to submit additional documentation have not done so; so they are now being denied. 2) Claimants who filed in the past few weeks with insufficient documentation have automatically been denied.”
This is an excuse to give Feinberg cover.
He has been in charge of the claims fund for over three months and it would seem reasonable to believe that Feinberg knew of documentation problems early on. When you take into account that the average amount of fraudulent claims in any national disaster have been about ten percent, and in the Gulf there have been 455,000 claims, this would indicate that only about 45,000 of these claims should be considered fraudulent. When Feinberg denies 173,000, or 40% of the claims, this strongly indicates that thousands upon thousands of people being hurt by this oil spill are not being compensated. Even worse, this simple math doesn’t take into account all of the people who feel they have been shortchanged, getting pennies on the dollar for their losses.
According to my math, 120,000 legitimate claims are being denied and that is simply, wrong. That’s 120,000 families, businesses and individuals and that is a lot of people, too many. I’m sorry, but I refuse to believe there is nothing Feinberg could have done, or could do now to help. Sure, by the letter of the law, he is doing what is legally permissible, but by any kind of moral law, he is a dismal failure and should be removed.
120,000 legitimate claims denied, 120,000 rent payments, homes, businesses, dinner tables, families abandoned by the neutral arbitrator: it’s simply another criminal gut punch to the residents of the Gulf Coast, after British Petroleum’s oil spill slashed their jugular.
And lest we forget, any of the money Feinberg doesn’t pay out of the fund gets returned to British Petroleum, the company paying his salary.
I gotta wonder how Feinberg lives with himself. Like the Halliburton technician who wasn’t watching the pressure readings rise on the Deepwater Horizon, maybe Feinberg is just out smoking cigarettes while the claims are being denied and needy families are sent home.
Perhaps it’s time to get back in your office, Ken. Unless something is done to “make things right,” this situation is just as likely to explode.
Read the article:
More than 100,000 emergency oil spill claims denied in 10 days
Have a nice day.


















