Robert Reich: BP is BSing us

[babylonsister]

http://www.salon.com/news/louisiana_oil_spill/index.html?story=/opinion/feature/2010/05/16/bp_bad_petroleum_open2010

BP is BSing us
Talking too slick about, well, cleaning up the oil slick
By Robert Reich



Saturday the White House warned BP that it expects the oil giant to pay all damages associated with the disastrous oil leak into the Gulf of Mexico, even if the costs exceed the $75 million liability cap under federal law. BP responded Sunday saying its public statements are "absolutely consistent" with the Administration’s request.

When you hear dueling public statements like these, watch your wallets. You can safely assume BP's lawyers are already at work to ensure that the firm pays not a cent more than $75 million -- not to taxpayers bearing cleanup costs, not to consumers whose gas bills will rise, not to businesses along the coasts that will lose a fortune. And BP won't pay more unless or until there's a law requiring it to.

BP has been making public statements about its supposed corporate social responsibility for as many years as it’s behaved irresponsibly. It's the poster child for PR masquerading as CSR.

snip//

Ad campaigns about corporate social responsibility are cheap. So are public scoldings by politicians about a corporation’s irresponsibility. Watch not what they say but what they do. The only way BP will pay more than $75 million -- and the costs of the spill will easily top that -- is if they're required by law to do so.

[Cha]

1. KR

[Faryn Balyncd]

2. The damages may exceed the total capitalized value of BP ($152 Billion). What then?

The market capitalization of BP has fallen $32 Billion (to $152 Billion) since the blowout.

The market seems to think the damage is NO-WHERE near the ballbark of $75 million.

These bastards may inflict damage far greater than their net worth, and they will employ all of their resources hiring lawyers to prevent their destruction. Too bad they didn't treat the Gulf with the same respect.

[midnight armadillo]

3. Then they go under

Actions should have consequences, even for multinational corporations.