JackieRabbit: Price of gas to go over $4 in 5.... 4.... 3... 2...
According to the press release,
As part of the resolution, BP has agreed to plead guilty to 11 felony counts of Misconduct or Neglect of Ships Officers relating to the loss of 11 lives; one misdemeanor count under the Clean Water Act; one misdemeanor count under the Migratory Bird Treaty Act; and one felony count of obstruction of Congress....Under U.S. law, companies convicted of certain criminal acts can be debarred from contracting with the federal government. BP has not been advised of the intention of any federal agency to suspend or debar the company in connection with this plea agreement. BP will continue to work cooperatively with the debarment authority.
Aidan: Was listening to NPR this morning. They (dunno who precisely) figured it could be as high as 20B, but probably around 11B. They said BP had 3B saved up to pay already.Not impressed. 4.5B is not enough, IMO.
netringer: What happend to "BP will not leave the gulf until we have cleaned up every drop?"
ZAZ: rdu_voyagerActual humans convicted of felonies still have a right to speech.
Satanic_Hamster: Remember: Kill a dozen workers due to lax safety standards, cover it up, massively pollute the environment and have the federal and state governments incur massive cleanup costs? Why, those people are Republican heroes!
plcow: This is just the criminal fines. i.e. penalties. This doesn't include the money that BP has to pay in terms of compensation for damage caused. So relax everybody.
Representative of the unwashed masses: They aren't saints but the 4.5 Billion isn't the only cheque they have to stroke by a long shot. Sounds like they are taking responsibility and paying up to me...
star_topology: Something tells me that if Romney won the election, this would not be happening.
AcneVulgaris: There should be no more BP.
WorkingInParadise: FTA: Seaman's Manslaughter Act. Oh God, if that's a felony we're all going to Federal PMITA prison!
sigdiamond2000: ZAZ: rdu_voyagerActual humans convicted of felonies still have a right to speech.Actual humans convicted of felonies also generally face jail time.
rrife: $5B is NOT 16 days worth of profit, more like 3 months worth.
rdu_voyager: If a person convicted of a felony lose the right to vote, can a corporation convicted of 11 felonies lose the right to lobby congress and donate to candidates and PACs?
SnyderCat: I'm waitin' for $7 a gallon gas.
SheaKub: Subby used "revenue" as most do. Revenue means no expenses, and expenses are massive. Usually you can take 95% of revenue away for expenses for a company of this size in this industry.Net income, often called profit, makes this payment about 1 quarter worth.Before you poo-poo that, consider that this is only ONE payment BP is making. Cost of cleanup, other lawsuits and such add another $30 billion to this number.This means BP has paid two years worth of profits due to this disaster, not 16 days worth of profits. If you think any company just says "oh well, no big deal, lets keep going" after losing two years worth of profits, you are obviously not investor material.I make no defense of BP, but the subby is obviously downplaying the impact of the disaster to BP for, likely, some political reason. I'm an investor and the numbers are the truth - this disaster hurt BP badly.
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