BP to get record US criminal fine over Deepwater disaster (UPDATE $4.5bn fine)

Here's a 22 minute interview with Markey on the oil spill, and gives some pretty amazing figures about the amount of oil released, and the overall damage.

reply to post by Extralien

So, this company is getting a slap on the wrist? That's horrible? They could have been fines 10 billion US and it still would be a slap on the wrist.


I can't seem to find accurate figures of how much they made last year ( I have read anywhere from 5 to 25 billion) but they have 135 billion dollars in market capitalization ( the total value of the issued shares of a publicly traded company)

Back from 2010 "According to estimates from bond rating agency Moody’s, BP has total proven reserves of roughly 18 billion barrels of oil in the ground, worth some $1.35 trillion at the current price of $75 a barrel. It also has a string of new fields due to move into production over the next few years, including other wells in the Gulf, along with finds in Azerbaijan, Angola, Egypt and Indonesia. " www.msnbc.msn.com...-PW3M

So they have reserves.. and who knows how much money they have that's not reported or stuck in Swiss bank accounts. Inflation is causing these prices to go up all the time and I'll bet it's raised since this 2010 article.

Are the people effected going to see any of this 5 billion? I doubt it. Our greedy Gov no doubt will hog it all.

Originally posted by Extralien
There it is... $4.5bn fine...

BP has received the biggest criminal penalty in US history as part of a $4.5bn (£2.8bn) settlement related to the 2010 Deepwater Horizon disaster, in which 11 people died.

www.bbc.co.uk...

BP pleaded guilty..

Should be shut down.. fines don't fix failures

BP has agreed to plead guilty to:

eleven felony counts of Misconduct or Neglect of Ships Officers relating to the loss of 11 lives
one misdemeanour count under the Clean Water Act
one misdemeanour count under the Migratory Bird Treaty Act
one felony count of obstruction of Congress

edit on 15-11-2012 by Extralien because: (no reason given)

People died. If I caused you to die, and plead guilty, I would be thrown in prison for the rest of my life. This company needs to go to prison. Since that's not practical, I say BP needs to be liquidated and all monies earned go to Louisiana residents who are the victims.

We need to have a LAW. If your company kills someone, your company gets the same sentence as would be a private individual - since they are a " Corporate Person" anyway according to the law.

reply to post by Ex_CT2
About half the money goes to the victims but I couldn't find a description of where the other half goes.

Also, criminal charges were pressed against supervisor level people and one VP. However, non of the big shots have been brought to justice yet. The Justice Department says more charges will follow.