How does BP survive this?


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bigfincat is offline bigfincat Post #11  June 16,2010, 9:31pm
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I don't vilify BP for the spill really.... and I think that people should not take issue with the use of the word "small". I don't think that he meant that in the way that some will surely take it. We won't get much done if we disect every word of every press conference, especially one as meaningless as that one from the CEO.

Irresponsibility is industrywide. They should be embarrassed for the measures that they have at hand for dealing with this type of issue.

Talk about reaping the benefits without having to deal with negative consequences...even those incurred through research and development.

I do think that you take a risk by entering into an industry that has such risk. You are rolling the dice which is FINE but you should also be responsible for the mess left behind in its entirety.

You don't get to hold on to a weighty lifestyle & simply move on to another job the next week.
 
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jacques102 is offline jacques102 Post #12  June 17,2010, 3:30pm
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I would not believe a word any of them say. BP will pay for some. The rest will come out of our pockets. Business as usual.
 
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D_Lion is online now D_Lion Post #13  June 17,2010, 5:22pm
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bigfincat wrote :
I have a hard time believing that BP (& the smaller companies involved) can actually compensate for a full clean-up of oil as well as those economically effected now & in the future without ending up in bankruptcy.

That is because there is a myth of the premise of "compensation."

BP has already provided products consumers find valuable, created emplyoment, purchased material from suppliers, and paid taxes.

Each of these activities are of value to society.
 
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newbie40something is offline newbie40something Post #14  June 17,2010, 5:55pm
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D_Lion wrote :
That is because there is a myth of the premise of "compensation."

BP has already provided products consumers find valuable, created emplyoment, purchased material from suppliers, and paid taxes.

Each of these activities are of value to society.

DL.....Can you clarify your view?

Exactly what do you think about the present situation of the dollars set aside for compensation? And.....what bigfincat is referring to about bankruptcy.

What are you referring to when you say that those activities are of value to society? Many companies do the same. How does this relate to BP and what has happened?

Thanks.
 
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D_Lion is online now D_Lion Post #15  June 17,2010, 6:18pm
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Society benefits though the successful operation of a business enterprise.

These benefits are tremendous, but diffuse, so people often don't perceive them.

As an analogy, you are able to get a new house from your insurance company, in the case of a rare mishap, like a fire, becasue of premiums many people pay.

Extremely rare in probability, but significant in magnitude, mishaps are best "compensated" in this manner.

It is right that a large portion of this "cost" be paid by government, in the same sense that it is "right" that costs associated with the New Orleans hurricane, or unemployment insurance, be socialized.

Since the benefits already were, and will be still.
 
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newbie40something is offline newbie40something Post #16  June 17,2010, 6:39pm
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Society benefits though the successful operation of a business enterprise.

You are right. I just did a little homework and the operation has been phenomenal.

These benefits are tremendous, but diffuse, so people often don't perceive them.

Once again, my homework realized many benefits. Not only to us, but to many countries that may not have received the benefits had it not been for them.

As an analogy, you are able to get a new house from your insurance company, in the case of a rare mishap, like a fire, becasue of premiums many people pay.

In this instance, it isn't like the natural disasters. If an "insurance company" type option is needed for this company that has made ungodly amounts of money, there should be something in place that they can put in place and pay for. Not the government, which is already paying for so many natural disasters not only in our own country, but in many others.
Extremely rare in probability, but significant in magnitude, mishaps are best "compensated" in this manner.

It is right that a large portion of this "cost" be paid by government, in the same sense that it is "right" that costs associated with the New Orleans hurricane, or unemployment insurance, be socialized.

Natural disasters are different. And, it seems there may have been some misconduct on safety issues here. When questioned, the CEO said "I wasn't personally involved with that."
Since the benefits already were, and will be still.

Yes, I agree. Especially, oil being so important to the world.

But, DL, I still have a lot to learn about this. It's just so tragic. It is more consuming than most people realize.
 
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jacques102 is offline jacques102 Post #17  June 17,2010, 6:53pm
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D_Lion wrote :
Society benefits though the successful operation of a business enterprise.

These benefits are tremendous, but diffuse, so people often don't perceive them.

As an analogy, you are able to get a new house from your insurance company, in the case of a rare mishap, like a fire, becasue of premiums many people pay.

Extremely rare in probability, but significant in magnitude, mishaps are best "compensated" in this manner.

It is right that a large portion of this "cost" be paid by government, in the same sense that it is "right" that costs associated with the New Orleans hurricane, or unemployment insurance, be socialized.

Since the benefits already were, and will be still.
It is true that they have employed many people and provided a lot of benefit. However, a corporation is treated like an individual in this country, right? That is the advantage of incorporating, the people running it are not liable for any mishaps as long as there is no gross negligence? At the same time, if someone is found to have accidentally started a wild fire in this state, they will be prosecuted. They will be made to pay for it. If someone is found to accidentally killed 11 people, they will be prosecuted.

An act of God, like a hurricane, or unemployment compensation is not a good comparison of the situation, which was gross misconduct, neglect, that resulted in a very unfortunate situation. I would think that this individual (the corporation) needs to pay dearly for it's mistake. If this means BP works it off in the long run, then so be it. Driving them out of business will do no one any good. But I do not think that the people that pay taxes should have to pay for this.
 
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bigfincat is offline bigfincat Post #18  June 17,2010, 9:43pm
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D_Lion wrote :
That is because there is a myth of the premise of "compensation."

BP has already provided products consumers find valuable, created emplyoment, purchased material from suppliers, and paid taxes.

Each of these activities are of value to society.
Regardless of what business you are in you are responsible for any and all messes made in your operation.
 
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Avalon1k is offline Avalon1k Post #19  June 18,2010, 12:16am
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Someone drew a cartoon of a hurricane as it approach the coast of the gulf states. It showed the oil getting picked up by the strong winds (cat 5) then it showed the lightening igniting the dispersed oil in the air and a huge fire ball. We might have a new disaster movie here.....
 
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JoyfullyLivingMaui is offline JoyfullyLivingMaui Post #20  June 18,2010, 1:11am

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I just cannot even fathom how a company can be permitted to have an operation in place with the potential for such monumental environmental damage without having proven contingency plans ready to be activated at a moment's notice when needed.

I don't think we can even begin to comprehend the magnitude of damages from this catastrophy. There's a place here in the Hawaiian islands where it is said the "ocean currents of the world converge". I sure hope I'm wrong on this but I suspect that once the oil gets into the ocean currents (which I'm sure it has by now), there won't be any waters or marine life throughout any of the world's oceans which remain unaffected. I don't believe it is possible for a dollar amount large enough to address this situation to be set aside.

Which is why I also suspect that BP will be filing for backruptcy or ceasing operations very soon; likely doing some quick legal maneuvering and reposturing to resume operations under another name at this very moment. Because, unfortunately, it's all about the money. They'll get on with business as usual - making profits at all costs (risk), just under another name.
 
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