Here's BP by the numbers...
By louisehartmann
Here's BP by the numbers. Corporate felon BP agreed to pay $20 billion into an escrow account. They will build the fund over 3.5 years with the first payment of $3 billion in the third quarter, and $2 billion in the fourth quarter. Then BP will pay $1.25 billion each quarter until the $20 billion is met. The fund will pay only claims from damages related to the spill as well as reimbursements to state and local governments. It will be easy for BP to make its payments out of its $30 billion in cash flow this year and they intend to make $10 billion in divestments over the next year. According to a 2007 study published by Texas A&M University Press the four biggest industries in the Gulf are oil, tourism, fishing and shipping, and account for around $234 billion in economic activity each year, most of which is at risk of being wiped out and which, if my math is right, means over a trillion dollars, about 500 times more money than this little $250 billion "fund" that will be tax-deductible to BP. For example, Louisiana’s seafood industry alone is worth $2 billion annually, and Florida's is over $10 billion. Yesterday, “Pavel Molchanov, an analyst at Raymond James, estimated the total legal cost, including criminal fines, at $62.9 billion.” Moody’s is projecting that the best case scenario following BP’s oil disaster will “cost the Gulf region’s five states more than 16,000 jobs and $1.15 billion from the area’s gross domestic product.” And that's assuming that the oil stops flowing immediately, which doesn't appear likely.
Comments
#2
#3
Thom,
I believe it's not in our best interest for BP to go under right now, we need them to remain solvent so that they keep their commitment to repair the leak and to reimburse the coastal communities. Do you think that the President is attempting to keep BP close so that they do the best job possible, it might not be advised to piss them off right now. Just a thought.
River
#4
So it might be a good idea to throw tar balls back to the other side based on caller Susan from Alaska who got 'nothing' from REAGAN/GEORGE BUSH SR as President.
#5
@river61 re #1: BP has never been interested in doing the best job possible. Why should they change now? Here's a similie that I have in line for my next Tee Shirt:
Obama is like a ship at sea, with propellers pointed in alll directions and powered by engines that run on money. He wistfully peers toward desirable ports with a sigh.
#6
WOW- what bastards, after 21 years in her home, then the mortage gets sold and Bank of America kicks her out of her home!?
#7
Remember that BP was in charge of Alyeska, the "safety" contractor responsible for mitigation of oil spills in Prince William Sound. BP trained first responders, Chugach indians, then fired them. Their plan also called for equipment to be at the accident scene within five hours. The ship was more than 12 hours away in a dry dock.
The Exxon Valdez wasn't the only problem, the claimed safety system and lack of oversight was responsible. They still are.
#8
BP America is a registered US Corporation, isn't it? How hard would it be for their parent FOREIGN Corporation to send it enough money this Fall, for the propaganda to win the election of those who would support BP America? Technically that would be illegal (in spite of the "Citizens United" decision), but how could any Prosecuter even FIND the paper-trail showing how the money transfers were converted to campaign contributions?
Steve
#9
Caller to Alan Colmes claimed he was an advertizing exec of a firm that specialized in outdoor natural types of shots. said they have never seen this money before. Said the corporations are paying as much for Nov Election Day ads as Super Bowl Day ads.
#10
The CEO sets the tone and the culture for the corporation.
#11
Manage it Better
Large complicated problems, like the eruption at Deepwater Horizons, can often be reduced to a few declarative statements.
1. Plug the leak.
2. Find out how much is leaking.
3. Find out where all of the oil is.
4. Keep the oil off of the shore.
5. Clean the shore.
6. Save the wildlife.
7. Protect the people – workers and residents.
8. Compensate the people and business.
Make each of these a job. Give each job to a competent person that can get the job done, and communicate with the people. Get out of his or her way. Give each manager resources, authority, and exposure.
The person should be capable take charge kind of guy that can talk to the people. Lt. Col. Jack Jacobs comes to mind.
These tasks are pretty independent. In most cases the teams will not conflict with each other. Where there are overlaps, this could be easily managed.
The president is still on the hook, and is now on the hook for choosing the right people. He should be part of their communications, and occasionally have all of them together for status reports to the people.
These teams will absorb a lot of heat, and let people know exactly what happening.
One comment is that the President isn’t emotional enough. Solve that by putting the Vice President in charge of coordinating the whole show.
What do you think?
#12
One child dies of hunger every 6 seconds- what the hell is the guest thinking?
Sir Paul McCartney, when asked what fans could do upon the passing of his lovely wife, Linda said,"Become a Vegetarian." The City and County of SanFrancisco Board of Supervisor voted unanimously last week to encourage its citizens to reduce their carbon impact by decreasing their meat consumption consistent with the Meatless Monday Campaign. The campaign encourages persons, groups, and organizations worldwide to pledge to eat just vegetarian just one day a week, on a Monday. Dixie Mahy from the San Francisco Vegetarian Society led the way to passing the resolution reports Bob Linden, GoVeganRadio.com.
Read more at Suite101: McCartney 'Meatless Monday' Gains Momentum, Municipal Support http://greenliving.suite101.com/article.cfm/mccartney-meatless-monday-gains-momentum-municipalitys-support#ixzz0r8RInxfE
#13
Woah- not to change the topic but there has been another Wiki leak of war fare in Afghanistan. If you have been hearing it, the rumor is the Obama Admin is after the president of Wiki link for posting these stories. Also the soldier that took the footage is in big trouble http://readersupportednews.org/off-site-news-section/122-122/2215-wikileaks-to-release-another-video-of-deadly-us-afghan-attack
#14
If BP can only afford to put in 1.25Billion a quarter, sounds like the government is going to have to nationalize the firm if it ever expects to get paid.
#15
New line for your tee-shirt:
On President's Obama's worst day, he can easily be like you! On your best day, you can never be like him. Try iT!
It seems to be that the language of this land is war, cuss people out, sue, hate on, and criticize incessantly. Now don't get it twisted: I am not saying that one should not have the freedom and latitude to express one's thoughts and ideas. I believe that the President can receive your criticism and not let that break his stride, however, what I do observe in my hearing and reading is that others have this narcissistic (immature) need for the President to "do/say" things in the same way you would. Were we not all assigned our own temperaments/personalities??? That's why he was elected! I see too many comments mimicking the one holding the microphone.
Oh how I looonnggng for an original thought! Whether you know it or not, REAL men restrain themselves in the face of adversity and the President has more testosterone in his hangnail than the likes of many who hide behind computers, microphones or call-in shows. The masses -- and many are immature -- stand with those holding the microphone! It would be refreshing if people would try to understand what other meant, moreover than what they said! I hope you're not held to the same standard you want to assign to the President! This country has seen a lot of unnecessary sadness and pain -- pain that was generally caused in whole part, perhaps, by people like you who think they need to use guns, a legal system OR some imaginary "masculinity" to sway the system to get their own way because to demonstrate constraint and diplomacy is too much work. Small-minded, fearful babies...whaaaa.... whaaaa.... whaaaaa..... I want my way AND I want it now!!!
I respect a man like President Obama who does not reduce himself to that caveman thinking!
#16
Hey Thom first time listener-
I just heard you say the Earth is bleeding, something I've felt and thought of since the first announcement of the spill in the gulf. Finally, an erudite who can condemn the villains who are literally raping our land for profits and net gains.
I am sure you have read Hemingway's The Old Man and The Sea. He describes the ocean as a woman you have to respect and love, not abuse and neglect. I think you get it, as I wish some people would.
As a young person watching my parents generation destroy the Florida coast to which I call home, I can only sigh and wait for my turn to make a difference and call of all out all of the bigots in D.C. I dont think I will ever vote again.
Thanks,
Travis from Florida.
#17
Thom,
I just saw you refer to the BP catastrophe, as the "worst ever." I trust you meant in the United States. As the New York Times recently reported, the Niger Delta has experienced their own "BP catastrophe" every year for decades. The point is this: when will ever realize that punching holes in anything is not good. I say to all those "drill baby drill" types to take a pen and punch a hole in their arm and see how great that is when the gusher is their blood.
Steve
#18
Republicans hold a pity party for BP while their supporters warn of *tyranny* :
Meanwhile, Big oil still calling the shots in our GuM:
#19
http://planetresource.net/Gulf_Spill_Animation.html
is a tape of a pretty plausible solution to the oil in the Gulf...
A small TX company -- Planet Resource Recovery, Inc. has partnered apparently with Brownfield REM to help in the restoration of the Gulf....why haven't we heard anything about this?
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From the folks at butlersunsolutions.com comes a very simple but highly effective solution. Set up oil collection sites and give anyone who shows up with a barrel of oil $300/barrel. And $50 per 5 gallon bucket of tar balls to anyone scoops them off the beach.
It would be cheaper for BP and allow "small people" to make some big money. Every boat in the gulf would be out there and someone would find some way to do it efficiently. Even tho people are "small" they can be pretty smart when given an incentive.