What spill? Rig owner approves $1 billion dividend to shareholders

[Ian David]

What spill? Rig owner approves $1 billion dividend to shareholders

Five days after appearing before Congress to testify about its responsibility in one of the worst oil spills in US history, the Swiss company that owned and operated the oil rig that sunk into the Gulf of Mexico announced that it would shell out $1 billion in dividends to shareholders.

The revelation that Transocean is distributing a $1 billion profit to shareholders as one of its drill sites leaks millions of gallons of oil into the sea is sure to inflame an already smarting debate over offshore drilling and the company's role.

Transocean has passionately argued that they don't share financial responsibility for the disaster. A clause in a contract they had with BP says that the oil company is obligated to pay for any environmental damage, even though Transocean actually owned the rig. BP was leasing the rig from Transocean at the time of the accident.

Transocean's distribution to shareholders was done quietly on Friday at a "closed door meeting." The company had previously announced that they would vote on the dividend at the event.

More:
http://rawstory.com/rs/2010/0517/spill-rig-owner-approves-1-billion-dividend-shareholders/

[Oregone]

1. Those shareholders worked their ass off for that money

Its not easy being a trust fund baby of a rich oil fuck

[Tansy_Gold]

3. Ditto n/t

[era veteran]

2. Making the payoff before we nationalize their asses (assets).

[RandomThoughts]

4. That shows contempt of justice, if it can be shown that it would be just

for them to have to pay for clean up and other actions done.

[hedgehog]

5. I wonder how many reading this here are owners of BP and

don't know it. If you have a 401K tied to a mutual fund, if you have a pension, if you have any kind of life insurance, you may well have an interest in BP. None of us would approve of the management policies, but with ownership scattered among so many people, the managers are the ones in control, not the owners.

So, not only have those managers damaged the Gulf for decades, but they may have screwed up our retirement savings as well!

[Swamp Rat]

6. I am okay with Transocean paying out $1 billion in dividends to shareholders,

as long is it is in the form of tar balls at $1/lb. paid to Transocean's bigwig owners and upper management.

There should be exemptions for those with 401k retirement plans, starting with the those who are on disability and the most elderly. They should get their money back at the expense of the Transocean's major shareholders and CEOs IMMEDIATELY.... before the criminal prosecutions. ;)

[unblock]

7. quick! liquidate to the shareholders before they sue the crap out of us!

some lawyer representing some fishermen should get an injunction to prevent them from disposing of their assets ahead of a lawsuit.

[glitch]

9. +1,000,000/day nt

[fishbulb703]

8. They weren't liable for the spill and they coughed up to the stockowners. OK in my book.