Transocean Cites Safety in Bonuses -- unbelievable

[proud2BlibKansan]

Transocean Ltd. had its "best year in safety performance" despite the explosion of its Deepwater Horizon rig that left 11 dead and oil gushing into the Gulf of Mexico, the world's largest offshore-rig company said in a securities filing Friday.

Accordingly, Transocean's executives received two-thirds of their target safety bonus. Safety accounts for 25% of the equation that determines the yearly cash bonuses, along with financial factors including new rig contracts.

The payout contrasts with that for 2009, when the company withheld all executive bonuses after incurring four fatalities that year "to underscore the company's commitment to safety."

In a filing on executive pay, Transocean said, "Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record." Based on the total rate of incidents and their severity, "we recorded the best year in safety performance in our company's history."

more . . . http://online.wsj.com/article/SB10001424052748703806304576236661289767034.html

[proud2BlibKansan]

1. kick

[Aerows]

2. You wouldn't want to with hold bonuses

from top executives who are clearly so committed to safety, because then they might leave and find jobs elsewhere :sarcasm:

Actually, when a disaster strikes in a company like this, you make sure they get bonuses because you don't want them leaving the company and then airing the dirty laundry. I'm convinced that's why Wall Street gives out such huge bonuses - it's not because of performance, it's to keep people who know too much quiet.

[proud2BlibKansan]

3. Regardless of the reason, it's disgusting.

[Aerows]

4. I absolutely agree with you

I was just pointing out what I thought was a reasonable explanation for handing out bonuses after such a horrific disaster. My cousin was on the rig when it exploded. Unfortunately, he's a VP at one of the companies involved in the disaster, and will probably be rewarded, as well. I live on the Gulf Coast, and it is sickening.

My favorite was the lie last week that the *floating* *oily* *sheen* was "silt dredged up from the Mississippi River". So suddenly material that before floated to the bottom of the Mississippi River, and had to be forcibly dredged up, amazingly became light enough to float? Then, of course, we find out that it WAS an oil spill.

There is absolutely no accountability, and we the public are told blatant lies. That one was so bad, though, that it was truly an insult to the collective intelligence of the public. I wonder what it is going to take to make people so outraged that we all start taking it to the streets.

[Takket]

5. media

MSM needs to plaster this all over the headlines on every paper and broadcast. This is another shot in the war to transfer all wealth to the rich.

Of course.... they won't.

[MoonRiver]

6. And the horrific thing is that ignoring accountability,

both through strict enforcement of safety regulations and criminal prosecution of those who willfully put others and the environment in danger, will eventually take down the world. The Gulf oil spill and the nightmare of nuclear plants melting down in Japan are testimony to this fact.