Posts Tagged ‘shareholders meeting’
Bob Dudley, presiding over the British Petroleum shareholders meeting, read aloud the names of the eleven men who died on the Deepwater Horizon, and then spoke of , “working hard to earn back trust…through our actions, not just our words…”
– Oh, and he proceeded to mock an activist shareholder, Antonia Juhasz, who read a letter written by the father of one of the men killed, saying in response, “Many of your statements sound like they were prepared by a plaintiff’s attorney.”
Bob Dudley, presiding over the British Petroleum shareholders meeting outlined several of the changes British Petroleum has made to revamp its management structure and build safety into its everyday operations, thus hopefully making drilling safer.
– Oh, and shareholders proceeded to re-elect as director Sir William Castell, who as chairman of the company’s safety, ethics and environment assurance committee presided over the explosion of the Deepwater Horizon.
– And…Mr. Castell was also the individual at the meeting who tried to cut off Antonia Juhasz when she read, “This was no act of God — BP, Halliburton and Transocean could have prevented this…but it would have taken more time, more money, and you were too greedy to wait. You rolled the dice with my son’s life, and you lost.”
– And…shareholders then proceeded to award bonuses to various executives, including making Tony Hayward eligible for vested performance shares for 2010, worth up to 8 million pounds.
BP Chairman, Carl-Henric Svanberg, also presiding over the British Petroleum shareholders meeting, said a lot as he tried to reassure restless stockholders, “”Everything we have done since Deepwater Horizon has had one aim; to win back the trust of shareholders and communities the world over…” and, “BP remains a great company, with a great history and, I believe, a great future…” and, “I can assure you I will do everything I can to bring a prosperous future for this company.”
– Oh, and shareholders proceeded to authorize BP to continue making political donations…
– Because…donating to political figures is something BP will surely need to do, for though Mr. Svanberg is confident in the future of his great company, the future is not so assured for the “community,” for the Gulf Coast residents who have been so harmed by the actions of his company, and there still remain a few politicians who will need donations to forget this fact.
– And…even though Bob Dudley can say that 99% of fishing waters in the Gulf have reopened and the EPA nd FDA’s testing of seafood from said opened waters is safe to eat, the general public is still not so convinced, thus, nobody is buying the seafood.
– And…even though Bob Dudley can say he is determined to earn back the trust of communities, it is his company which unleashed a Ken Feinberg on the Gulf Coast who while doing his best to ensure BP remains solvent, is doing far less to guarantee the same for the Gulf Coast residents.
– And finally…though Bob Dudley can respectfully recite the names of eleven men to his company’s shareholders, many will debate just how much of it was media/political theater, and how much of it, considering the other activities that occurred at this meeting, was sincere feeling for both the grieving families, and for a region still trying to recover, a region that still hopes, one day soon, their reality might again sync up with the glowing reports from British Petroleum’s own public relations campaign.
– Oh, and have a nice day.
Feinberg: The Money isn’t in Escrow Account Yet, plus: How the Reparations Payment Will Work, Problems?
Ken Feinberg said today he hasn’t been able to start writing claims checks because BP PLC has not yet deposited any money into the $20 billion escrow fund it promised to create.
“I don’t want the check to bounce,” Feinberg said.
BP spokesman Justin Saia said the company’s agreement with the White House is still being finalized. “Funds will be made available immediately upon the conclusion of this process,” he said.
Well, okay then…
Sorry Justin if you’re not necessarily trusted…put the money where your oil is. As this article points out it would be a really dishonest thing for BP to leak a profit margin of 5 billion dollars in anticipation of their shareholders meeting on July 27th, for the purposes of gauging response, only to declare bankruptcy before August 10th if their stock doesn’t get a strong enough boost. August 10th is the date Feinberg gets control of the account…yes, it is complete speculation and perhaps even a worse case scenario, but seriously, it’s getting hard to expect anything less from British Petroleum than the worst case.
Here’s what Kenneth Feinberg had to say to CNN:
In an accompanying link, the payment system is discussed and it does raise some interesting questions. Basically, according to Feinberg:
1. For 90 days after the spill is permanently stopped, Feinberg will give emergency payments worth six months of lost wages or business income to those with valid claims.
2. 90 days after the spill is permanently stopped, any claimant has three years to ask for a lump sum payment that will cover a lifetime’s worth of damage from the spill.
3. To accept the lump sum payment, the claimant has to give up their right to sue BP at a later time.
4. Anyone who doesn’t believe the lump sum offer is enough can refuse and sue BP for the amount they feel they deserve.
This begs a number of questions…What constitutes a valid claim? I’ve read numerous articles discussing the oft-times poor record keeping by many fisherman, what will that cost them now? Also, how does one estimate a lifetime’s worth of damage? Is that Feinberg’s role, to determine this? How the hell does he know? And, giving up the right to sue BP, the fisherman have a three-year window…that window is too small, especially for those who have been out helping clean this mess up…some health effects won’t be known for much longer than three years and I doubt potential medical bills will be considered by Feinberg in his estimations. By the time everyone starts getting sick, the lump sum payment window could be closed and then you’ve lost the right to sue. The workers in Alaska cleaning up after the Exxon Valdez had it worse than rough; their life expectancy was only 51 years and two-thirds of the workers got sick. How to estimate the future costs of getting sick? How sick?
Especially when an EPA whistle-blower states the Federal government is covering up the lethality of Corexit and the safety of the water in the Gulf.
All told, this kinda sounds like some sick version of a game show where people must estimate the financial worth of their life. For further information about the reparations from a fisherman’s perspective, check this link at American Zombie, who discusses these details with a fisherman who attended one of Feinberg’s meetings.
Again, nothing appears as it seems in the Gulf…what, me worry?
Read the article from Crooks and Liars:
Have a nice day.