What's new
By:
USCHO Fan Forum

This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

  • The USCHO Fan Forum has migrated to a new plaform, xenForo. Most of the function of the forum should work in familiar ways. Please note that you can switch between light and dark modes by clicking on the gear icon in the upper right of the main menu bar. We are hoping that this new platform will prove to be faster and more reliable. Please feel free to explore its features.

Gulf Oil Spill 2010

Re: Gulf Oil Spill 2010

ExileOnDaytonStreet said:
The sad part: I think BP will be doing just fine. They'll probably still make a massive profit this year, even if they had to pay for all of their damages in one lump sum.
Click to expand...

Yeah. with the asset sales and current oil prices, they should be fine. Took a charge of $32.2 billion but getting $10billion back on tax write off.

Revenue up 34% to $75.8billion and profit up 40% at $5billion from last year (excluding charges).
So far the cost have been less than the exxon valdez spill ($8bilion) . And if the water and beach stays clear I don't see how the cost will ever run to $100billion. Basically all the damage have been dispersed into the ocean.

Executives stressed BP's strong financial position despite a $17 billion net loss for the April to June quarter -- its first in 18 years -- compared with a profit of $4.39 billion a year earlier.

Revenue for the quarter was up 34 percent at $75.8 billion, and underlying replacement cost profit -- the measure most closely watched by analysts -- was $5 billion when adjusted for one-off items and accounting effects. That compared favorably with a $2.9 billion profit for the second quarter of 2009.
Click to expand...
 
Re: Gulf Oil Spill 2010

unofan said:
Yeah, but if you think they can't afford to pay for it, you're crazy. Yeah, they might have to borrow against their quadjillion dollars in oil leases to do so, but they can handle it.
Click to expand...

Well if the story about Libya is true (which I doubt but who knows) that PR hit might just be the death rattle.
 
Re: Gulf Oil Spill 2010

BP has a whole lot of very valuable assets and businesses. They've had some problems lately, obviously, but I don't see them going under, or getting anywhere near there, unless things get a lot worse.
 
Re: Gulf Oil Spill 2010

Red Cloud said:
I've about had it with the caterwauling coming out of the talking heads (and therefore, people like Handy) about how much so-and-so person they deem to be evil is making in severance or in a bonus.

You know what? Good for Tony Hayward. The sum total of his life's work, whether through his education, his work experience, or more likely, a solid combination of both, got him to the point where a major multinational corporation would offer him a contract that would include a £11.8 million severance package to entice him to work for them.

If you're a BP stakeholder, like, for instance, a person who owns BP stock, your problem shouldn't be with Tony Heyward if you're upset at the severance pay. It should be with the decision-makers who, from a stockholder's AND hindsight perspective, was a poor hire in the first place.

If you're not a BP stakeholder... your opinion on how much money Tony Heyward made means less than jack****. It's nobody's business how much money he's making or what he's getting after resigning unless you're a stakeholder, but these media outlets report on it breathlessly like it's some scandal that YOU need to be outraged about, and some people fall for it hook, line, and sinker. It's a joke.
Click to expand...

I wouldn't disagree with anytihng you said here, but it's worth noting that a lot of people might simply be enraged at the percieved injustice that someone could potentially to an insane amount of harm to this planet (and to everyone who's livelihood is tied to the quality of the Gulf ecosystem) and still end up with such a fantastic severance/retirement package.

That and jealousy. Admit it, everyone on the planet wishes that they had enough of a lack of accountability that they could potentially screw up an entire region for decades and still walk away with no real consequences besides an 8-figure check when you're as close to retirement age as he is.
 
Re: Gulf Oil Spill 2010

Those defenses of huge salary and bonuses only hold water if it's a meritocracy. If instead there's just a self-perpetuating House of Lords-like pool of twits scratching each others' boardroom backs, not so much.
 
Re: Gulf Oil Spill 2010

Kepler said:
Those defenses of huge salary and bonuses only hold water if it's a meritocracy. If instead there's just a self-perpetuating House of Lords-like pool of twits scratching each others' boardroom backs, not so much.
Click to expand...
Which defenses? (serious question)

In my mind, the only "defense" of such salaries and bonuses that is needed is that the boards of those companies freely entered into legal contracts. End of story. It has nothing to do with whether the person merited the salary or was the board chairman's former pool boy. If the stockholders don't like the way the board is running the company, they can either vote them out with an actual vote at the shareholder's meeting or vote with their pocketbooks and sell the stock. Problem solved.
 
Re: Gulf Oil Spill 2010

LynahFan said:
Which defenses? (serious question)

In my mind, the only "defense" of such salaries and bonuses that is needed is that the boards of those companies freely entered into legal contracts.
Click to expand...

That only covers the question of whether he gets paid. Is he legally entitled to it? Yes. Should he keep it? I don't think so. I think he should give it all to the relief effort. I understand that for an "ethical reductionist" (ought is equal to is), the distinction doesn't exist.
 
Re: Gulf Oil Spill 2010

Kepler said:
That only covers the question of whether he gets paid. Is he legally entitled to it? Yes. Should he keep it? I don't think so. I think he should give it all to the relief effort.
Click to expand...

That's all fine and dandy, but if he doesn't, so what? He's ****ed if he does, ****ed if he doesn't - either he's a greedy SOB, or he's trying to curry political goodwill by donating a salary which he likely doesn't even need anyway.

It's always easier to spend other people's money.
 
Re: Gulf Oil Spill 2010

That and jealousy. Admit it, everyone on the planet wishes that they had enough of a lack of accountability that they could potentially screw up an entire region for decades and still walk away with no real consequences besides an 8-figure check when you're as close to retirement age as he is.
Click to expand...

He put himself in a position to be able to do that through what he did before he came to BP. I see no problem whatsoever with paying him what he's owed, because that's what BP felt he was worth to them when they brought him on board. It's the same with baseball players - fans kvetch that baseball players make too much money even when they perform poorly, but they are getting paid what the market says they are worth.

Jealousy is the key factor here. Anyone who is outraged over his pay needs to do a little soul-searching and ask themselves what difference it makes in THEIR lives whether he gets paid handsome sums of money despite what has occurred. Why does anyone care at all? Why the outrage?
 
Re: Gulf Oil Spill 2010

unofan said:
That's all fine and dandy, but if he doesn't, so what? He's ****ed if he does, ****ed if he doesn't - either he's a greedy SOB, or he's trying to curry political goodwill by donating a salary which he likely doesn't even need anyway.

It's always easier to spend other people's money.
Click to expand...

I am reminded by an apparently serious question that the New York Times, formerly a newspaper of some repute, asked in regards to George Steinbrenner's estate not being required to pay taxes on his family's inheritance:

“Should George Steinbrenner’s heirs pony up a voluntary contribution to the government from their $500M windfall because the federal estate tax has temporarily lapsed?”

Kepler would say yes. Sane people would laugh themselves stupid.
 
Re: Gulf Oil Spill 2010

So, he's allowed to rape and pillage an entire region and the suggested course is apathy or you're labeled some sort of green envy monster?

Wow. This is one hell of a planet.
 
Re: Gulf Oil Spill 2010

ScoobyDoo said:
The defense requests that the Judge throw out the case on the grounds that the prosecution has not proven a thing.
Click to expand...

You're hilarious when you're petulant. The point was, you proved my position very succinctly. I love it when you do that without even realizing it.
 
Re: Gulf Oil Spill 2010

Red Cloud said:
. Why does anyone care at all? Why the outrage?
Click to expand...

While I agree he should get what his contract says, I'd like to think someone who screws something up won't get rewarded for it. Back to the real world now;)
 
Re: Gulf Oil Spill 2010

walrus said:
While I agree he should get what his contract says, I'd like to think someone who screws something up won't get rewarded for it. Back to the real world now;)
Click to expand...

He wasn't rewarded for screwing up. He wasn't even really rewarded at all if you consider that he would have made way more money as a successful CEO than he would as one who was told to GTFO or get fired. His prior successes as a manager dictated that he could command a solid golden parachute clause in his contract - in essence, the money he is being given out now is a further reward for things he previously accomplished.
 
You must log in or register to reply here.
Back
Top