BP hides 15 BILLION dollar mistake - with video

According to this article PB is trying to hide the fact that they KNOW this Gulf disaster should cost them over 15 Billion dollars due to the EPA's fines for the Clean Water Act alone.. aside from the damage caused and loss of peoples jobs and the cleanup. This is just ONE FINE. There are many other fines and charges against BP and the total could be in excess of 30 Billion dollars.

Do the math.. all the info is right on this page.

BP Knows this because they deal with these fines all the time. They know how much the fines cost. That is why they purposely under reported the amount of oil leaking into the Gulf.

" The clean water act of 1972 gives the US environmental Protection Agency the power to seek civil penalties for each barrel of oil that leaks into US waters.

Under normal circumstances the fine is $1,100 per barrel. However if BP is found guilty of gross negligence because they reportedly failed to repair the damaged blow out preventer on the Deepwater Horizon, that penalty rises to $4,300 per barrel.

At the now accepted spill rate of 25,000 barrels a day beginning on April 20 when the Deepwater Horizon exploded, until the completion of relief wells in August, the fines from the EPA alone would be 10.7 billion dollars."

Source: www.examiner.com... s

News story and video is at the link, I cannot find a way to embed the video but please go see it, it's a must see. (sorry)

I call for the U.S. Government to freeze all PB's assets, close down all their business places in the entire USA and ban them from doing business in the USA ever again as well as prosecute them for criminal negligence and demand that the United Kingdom turn over all the PB Executives for trial and imprisonment. In short, PB should now be owned by The American People and all of their assets liquidated to fix this problem. PB has committed crimes against the United States, This is War. We need to treat them like the Enemy they are.


[edit on 11-6-2010 by JohnPhoenix]

[edit on 11-6-2010 by JohnPhoenix]

Originally posted by JohnPhoenix

I call for the U.S. Government to freeze all PB's assets, close down all their business places in the entire USA and ban them from doing business in the USA ever again as well as prosecute them for criminal negligence and demand that the United Kingdom turn over all the PB Executives for trial and imprisonment. In short, PB should now be owned by The American People and all of their assets liquidated to fix this problem. PB has committed crimes against the United States, This is War. We need to treat them like the Enemy they are.

You're going to get a lot of agreement on that. But it's a funny thing how lawyers always have a way of making sure justice isn't served the way you'd think it outta.

^link

fixed

reply to post by theuhstuf


Thank you.. I do not understand why my link above don't work, it's copied and pasted exactly.

Originally posted by JohnPhoenix
I call for the U.S. Government to freeze all PB's assets, close down all their business places in the entire USA and ban them from doing business in the USA ever again as well as prosecute them for criminal negligence and demand that the United Kingdom turn over all the PB Executives for trial and imprisonment. In short, PB should now be owned by The American People and all of their assets liquidated to fix this problem. PB has committed crimes against the United States, This is War. We need to treat them like the Enemy they are.
[edit on 11-6-2010 by JohnPhoenix]

I totally agree with you.
Something needs to happen fast. Before BP starts hiding its money and other assets.

reply to post by JohnPhoenix


Think about this.

If this is what the government does to assuage everyone's ire for this debacle?

Who benefits?

Talk about a conspiracy, the government causes the problem to instigate nationalization of the industry.

Sounds like a possibility to me.

umm, what happens to all the shareholders then, should they lose out too and just give their shares away to the american public seeking ownership.

reply to post by endisnighe


I understand your point, but that's big corrupt Government your talking about. This needs to be done for The American People. I do not trust the spineless imposer of a President to do the right thing, but someone has got to. If we let BP get away with this, then who knows what doors that will open for other companies to take advantage of us.

Originally posted by redgy
umm, what happens to all the shareholders then, should they lose out too and just give their shares away to the american public seeking ownership.

Same thing that happens to shareholders when a company goes belly up I suppose. They lose out. Do I feel bad for the 40% of BP's stockholders who are American and will lose $$$ or the oil workers that no longer have a job.

No. People can always find other jobs and shareholders made investments.. they know things could go south at any time.. it's part of the risk in investing.

This company needs to be shut down.. that's the bottom line.

Originally posted by redgy
umm, what happens to all the shareholders then, should they lose out too and just give their shares away to the american public seeking ownership.

39% of BP shares are owned by Americans or US entities. British ownrship is 40%

reply to post by JohnPhoenix


I agree any negligence causing harm-11 people killed by the way-should be prosecuted to the fullest extent of the law.

As for the oil spill, seizing the assets and such won't do much good. Assets of an oil company are not it's true worth. It's worth is it's ability to bring in the oil. I would say after a trial on the damages the company has caused, all profits from the company are kept at ZERO and not paid to shareholders but to the people harmed. Next all employees that are in management wages are to be kept at a minimum level for their field. THE VERY LOWEST.

We do not need the government attempting to run something else. The only thing they are good for is WAR. Everything else they touch turns to #.

Edit to add, I read somewhere here that the government can fine BP at a rate of like $1000-2500 per barrel spilled. Sounds to me like there is plenty of money that can be squeezed out of this company. We CANNOT go the way of taxation to pay for this. This is what the government ALWAYS does, go after our money for the benefit of their corporate whores.

[edit on 6/11/2010 by endisnighe]

Originally posted by endisnighe
reply to post by JohnPhoenix

 

I agree any negligence causing harm-11 people killed by the way-should be prosecuted to the fullest extent of the law.

As for the oil spill, seizing the assets and such won't do much good. Assets of an oil company are not it's true worth. It's worth is it's ability to bring in the oil. I would say after a trial on the damages the company has caused, all profits from the company are kept at ZERO and not paid to shareholders but to the people harmed. Next all employees that are in management wages are to be kept at a minimum level for their field. THE VERY LOWEST.

This sounds reasonable.. But the only drawback I can see with it is, If we let this company continue to operate, we take a chance on something like this oil leak happening again. It is This company in particular that has a really bad track record. Oh and those execs that are used to the Big Bucks will quit PB and get hired someplace else.

[edit on 11-6-2010 by JohnPhoenix]

(OP: Sorry that you experienced grief with your posting...)

Posting Enhancement

This is important ... Visit the links. The video is embedded here.

I don't care much for Maddow, however, she makes some good points and the guest is articulate if not down right agitated! at the whole thing.

I'm trying to stay away from (boycott) BP stations in our area but sometimes our money slips into their registers because we need the gas. =\

I agree that BP should enter into receivership after they cap & wrap that rascal.

My understanding of how the world has changed over the last 20 years leads me to believe they will be hurt severely (financially) but they are just too big to fail.

Rachel Maddow : Potential BP Cover Up To Avoid Staggering EPA Fines

US Attorney General Eric Holden has opened criminal and civil investigations into the BP oil spill. Should BP be found guilty of a crime, any caps on their financial liability would no longer apply.

The clean water act of 1972 gives the US environmental Protection Agency the power to seek civil penalties for each barrel of oil that leaks into US waters.

Under normal circumstances the fine is $1,100 per barrel. However if BP is found guilty of gross negligence because they reportedly failed to repair the damaged blow out preventer on the Deepwater Horizon, that penalty rises to $4,300 per barrel.

At the now accepted spill rate of 25,000 barrels a day beginning on April 20 when the Deepwater Horizon exploded, until the completion of relief wells in August, the fines from the EPA alone would be 10.7 billion dollars.

EPA oil spill fines are well known throughout the industry, so BP had a great deal of motivation to underestimate their original figures on the amount of oil being spilled.

The link provided by the OP has more great info...
S&F

Originally posted by 4nsicphd

Originally posted by redgy
umm, what happens to all the shareholders then, should they lose out too and just give their shares away to the american public seeking ownership.

39% of BP shares are owned by Americans or US entities. British ownership is 40%

This might be the start of the next sovereign debt crisis? the UK Pound?