Drilling Liability Cap Led To The Gulf Spill

[elehhhhna]

Drilling Liability Cap Led To The Gulf Spill
Posted by: Econophile
Post date: 05/29/2010 - 14:44


Why would BP take on a risky venture like drilling in 5,000' of water without adequate safeguards? I understand that BP may turn out to be incompetent relative to its peers. But they are a public company and as such they are responsible to shareholders and creditors. Why indeed. Here's a hint: their after tax earnings in Q1 were $6.1 billion and the economic damages liability cap was $75 million.

http://www.zerohedge.com/

[Scuba]

1. Yet Republicans stand on the floor of the Senate....

...and defend these habitual criminals and try to limit liability to their victims.