Senate Dems urge Transocean to suspend dividend payments

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http://thehill.com/blogs/e2-wire/677-e2-wire/105543-senators-urge-transocean-exec-to-suspend-dividend

Senate Democrats have asked Transocean to delay paying $1 billion in dividends.

In a June 24 letter to Transocean CEO Steven Newman, the Democrats urged the company to delay $1 billion in dividend payments to investors until it finalizes its obligation for the oil spill in the Gulf of Mexico.

(snip)
"It seems inexplicable to us that, while a full accounting of your company's financial responsibilities is not yet clear, you are still planning to issue $1 billion in dividends as if no accident had occurred," the senators wrote.

"While we understand your need to reassure shareholders during these difficult times for your company, we do not believe that such reassurances should come at the expense of meeting your responsibilities to the communities of the Gulf Coast."