US Senate Democrats weigh unlimited oil liability

[sabra]

Source: Reuters

WASHINGTON, May 18 (Reuters) - Democrats in the U.S. Senate are considering pushing legislation that would place no limits on the liability oil industry companies would face if they are responsible for oil spills, New Jersey Senator Robert Menendez said on Tuesday.

"We will be discussing whether to go to unlimited liability," Menendez told reporters. Menendez and other Democratic senators previously were seeking a bill for a $10 billion liability cap per company, per incident, up from the current $75 million.

The legislation is in response to the huge Gulf of Mexico oil spill. (Reporting by Richard Cowan)

Read more: http://www.alertnet.org/thenews/newsdesk/WBT013921.htm

[dkf]

1. I'm sure they all realized they had legal liability before the oil spill.

It simply isn't enough of a deterrent. We need jail time for negligence. That is what is missing from our system of justice.

[Scuba]

2. +1

What's $10B three decades from now when the gov't lawyers might finally win the case (yeah, sure) when you're making $30B a year?

[dkf]

3. And execs are getting their bonuses now.

And insurance pays these things. By the time the insurance company gets paid back by raised premiums these jokers have their bonuses and retirements squared away.

[Uncle Joe]

4. This seems logical as their potential cost or damage to society can be virtually unlimited.

Any limitation placed on their liability now would could/would be rapidly exceeded as is currently taking place with the GOG.

Kicked and recommended.

Thanks for the thread, sabra.

[pattmarty]

5. Well the Dems won't, so this is kind of a moot point. Personally...........

..............I say do it (make it unlimited), and if they declare bankruptcy the US govt is the new fucking owner of BP. But that's just me.

[The Green Manalishi]

6. While we can't make it retroactive

We could make apply to all damage done after the date of it's passing. We couldn't prosecute them for what had spilled, but it would be great to say that they, all employees and all stockholders will be responsible for all effects of any oil spilled AFTER 12:01 on such and such a day.

Of course, I think that all employees and all stockholders should be jointly and severally liable for any infractions of a corporation.

[bighart]

7. So if the company I work for screws up and does harm,

I "should be jointly and severally liable for any infractions of a corporation"? Why, if I had no part in the decision that caused the harm, no part in the actions that caused the harm and every reasonable expectation that the company I work for is complying with all local, state and federal regulations should I be held "jointly and severally liable" for the actions of the corporation?

[damntexdem]

8. That's what the law should say.

But would criminal liability undermine the limited civil liability under the current law? Is there some way to REALLY make BP pay the costs of its criminal activity that led to this disaster?