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Old 11-15-2012, 10:10 AM  
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BP to pay record penalty for Gulf oil spill

http://money.cnn.com/2012/11/15/news...html?hpt=hp_t1

I couldn't find the old thread, so...

NEW YORK (CNNMoney) -- BP will plead guilty to a dozen felony charges stemming from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, and agreed to pay $4.5 billion in government penalties, the oil company said Thursday.

Of the penalties, $4 billion will resolve criminal charges and an additional $525 million will be paid to resolve claims brought by the Securities and Exchange Commission.

The settlement is subject to federal judicial review.

"All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region," said Bob Dudley, BP (BP)'s CEO, in a statement. "From the outset, we stepped up by responding to the spill, paying legitimate claims and funding restoration efforts in the Gulf."

"We apologize for our role in the accident, and as today's resolution with the U.S. government further reflects, we have accepted responsibility for our actions," Dudley added.

The fine comes on top of $20 billion that the company has agreed to pay into a trust fund to meet damage claims from the spill. It said it expects to pay a final $860 million into that fund this quarter.

BP reported a $17.2 billion loss in the quarter when the explosion took place. But it has been profitable since then, booking total profits of $43 billion over the course of the subsequent nine quarters.

In April 2010, the explosion on BP's Deepwater Horizon rig killed 11 workers and fouled the Louisiana coastline and other parts of the Gulf with millions of barrels of oil. Each death resulted in a felony charge to which the company will plead guilty.

In addition, the company will plead guilty to a count of obstruction of Congress. The charge is related to statements made to a member of Congress by two BP executives about flow rate estimates during the spill. The two individuals were not identified in the company's statement.

BP also will plead guilty to one misdemeanor count under the Clean Water Act and one misdemeanor count under the Migratory Bird Treaty.

Family members of the victims who spoke to CNN Thursday said they were pleased that BP was being forced to pay for the blast, but said it doesn't make up for their loss.

"It doesn't bring my boy back, but it does show everybody that they're guilty and everybody knows it," said Billy Anderson, whose son Jason was one of the rig workers killed.

Arlene Weise lost her 24-year-old son Adam on the rig that day.

"I knew all along that BP was the devil in that accident," she said. "Now they're getting their due."

But Weise said Thursday's announcement offered only a limited sense of justice.

"It doesn't matter how much money anyone pays," she said. "It doesn't nearly amount to what we've lost."

The well was capped three months after the explosion, but in that time, the spill caused extensive environmental damage to the Gulf. Embattled CEO Tony Hayward was forced to resign, and BP shares plummeted.

BP has reached a $7.8 billion settlement with lawyers representing private-sector victims. But in September of this year, the Justice Department accused BP of gross negligence and a "culture of corporate recklessness" in a federal court filing, which expanded the company's liability.
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Old 11-15-2012, 02:37 PM   #31
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You don't... believe that, do you?
Yes, but it really isn't a belief. It's a quantifiable fact.
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Old 11-15-2012, 03:05 PM   #32
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This is all bs. No single person involved in the oil industry has ever done anything close to unethical. They are all saints who make even the most trustworthy person among us seem like soulless heathens.
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Old 11-15-2012, 03:12 PM   #33
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Originally Posted by notorious View Post
24.5 billion in fines and they will still probably have a record year.
B-b-but if we're any meaner to them they'll raise prices ! ! !
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Old 11-15-2012, 04:47 PM   #34
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This is CLEARLY Scott Pioli's fault.

**** You Pioli.
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Old 11-15-2012, 04:50 PM   #35
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Originally Posted by gblowfish View Post
Even with $4.5 billion paid in fines (over a five year period), BP cleared $5.5 billion in profit last year. So, figure in the next five years they make $27.5 billion, and only pay $4.5 billion, they still CLEAR $23 billion during that time.

Not even a dent in their pocketbook, really. Slap on the wrist.
You don't want oil companies to get rich? Invent another widely popular engine that uses a widely popular fuel source.
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Old 07-02-2015, 01:35 PM   #36
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BP Plc will pay up to $18.7 billion in penalties to the U.S. government and five states to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in U.S. history.

The agreement comes on top of the $43.8 billion that BP has already set aside for criminal and civil penalties and cleanup costs.

BP shares jumped more than 5 percent in New York trading as investors said the British company, often mentioned as a potential acquisition target, could now turn the page on one of the darkest chapters in its century-long history.

Under the agreement with the U.S. Department of Justice and the states, BP will pay at least $12.8 billion for Clean Water Act fines and natural resource damages, plus $4.9 billion to states. The payouts will be staggered over as many as 18 years. The preliminary settlement, subject to all sorts of variables, avoids a substantial amount of further litigation.

The rig explosion on April 20, 2010, the worst offshore oil disaster in U.S. history, killed 11 workers and spewed millions of barrels of oil onto the shorelines of several states for nearly three months.

The agreement, which still needs to be approved by courts, covers Clean Water Act fines and natural resources damages, along with claims by Alabama, Florida, Louisiana, Mississippi and Texas as well as 400 local government entities.

"This is a realistic outcome which provides clarity and certainty for all parties," BP Chief Executive Officer Bob Dudley said in a statement. "For BP, this agreement will resolve the largest liabilities remaining from the tragic accident."



http://www.reuters.com/article/2015/...0PC1BW20150702
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Originally Posted by Cassel's Reckoning:

Matt once made a very nice play in Seattle where he spun away from a pass rusher and hit Bowe off his back foot for a first down.

One of the best plays Matt has ever made.
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Old 07-02-2015, 02:59 PM   #37
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Originally Posted by lazepoo View Post
So who's serving time for BP's felonies?
Posted via Mobile Device
Maybe, Martha Stewart?
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Old 07-02-2015, 03:04 PM   #38
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Originally Posted by Buehler445 View Post
Awesome. I love paying $4/gallon.
This. BP won't pay a dime of it.
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Old 07-02-2015, 03:07 PM   #39
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Originally Posted by Mrs. Loopner View Post
This. BP won't pay a dime of it.
Yes, they will raise their prices above everyone else and we'll all still pay, even though we can get gas cheaper at a Shell station next door. That's just Econ 101.
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Old 07-02-2015, 03:08 PM   #40
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Originally Posted by suzzer99 View Post
Yes, they will raise their prices above everyone else and we'll all still pay, even though we can get gas cheaper at a Shell station next door. That's just Econ 101.
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Old 07-02-2015, 03:13 PM   #41
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What an ingenious way to hide a tax increase
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Old 07-02-2015, 03:13 PM   #42
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Originally Posted by suzzer99 View Post
Yes, they will raise their prices above everyone else and we'll all still pay, even though we can get gas cheaper at a Shell station next door.
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Old 07-02-2015, 03:56 PM   #43
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Well that escalated over to DC quickly.
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Old 07-02-2015, 04:13 PM   #44
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Originally Posted by suzzer99 View Post
Yes, they will raise their prices above everyone else and we'll all still pay, even though we can get gas cheaper at a Shell station next door. That's just Econ 101.
All gas prices will rise and settle to at or just below the highest price, mostly likely BPs. Similar to tactical collusion.
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Old 07-02-2015, 04:33 PM   #45
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Originally Posted by Mrs. Loopner View Post
All gas prices will rise and settle to at or just below the highest price, mostly likely BPs. Similar to tactical collusion.
Then why doesn't BP just raise prices now? Are you saying they're so dumb as to leave free money on the table?

FWIW - I get what you're saying and it does seem like this could raise prices across the board. But most likely it's because of increased insurance premiums for everyone, not BP raises prices then everyone else follows. At some point BP will just have to eat a lot of this settlement and go from being insanely profitable to wildly profitable for a while. Oh the horror.

Also did you see that BP's stock jumped 5% on the news? Clearly the street was expecting worse. So we should theoretically see prices fall now.
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