Not sure who the president of BP was in 1989, but Bush 41 was the president of the US, and both houses of congress were controled by the Democrats–when the $75 million cap became the law of the land. Not sure what this tells us–maybe that, when jury rediculous jury awards exceed availble insurance, national interest is a concern.
How stupid is it to place an arbirtary cap without any regard for the size the polluting company, $75M is a cake walk for a company like BP. That clearly is contrary to the legislative intent of the law.
$75M is based on 1989 dollars… it is now over twenty years later and the impact of a $75M is out of date.
What should matter is the legislative intent of the law, and if the intent was to make sure the cap was high enough to punish the wrong doer but yet avoid run away jury awards…then enacting a new law that makes changes and applies those changes retroactively to the BP spill is not only constitutional but in fact the right thing to do. In the same way it was determined that the application of retroactive liability of CERCLA is constitutional the same could apply here because the key is “legislative intent”.
As for the army of lawyers, shame on you BP, man up and take responsbility then maybe you’ll have a chance of actually improving your public image.
Actually folks, the way it works is that the dems approved the 75 mill cap because the republicans gave the dems something they wanted – So it was a compromise. Just political BS, not good for the actual people of the country.
The 75 mill was too small even back then, that was the point.
Keep in mind though, the cap DOES NOT APPLY if BP was at FAULT.
BP probably has a contingency plan for catastrophic economic disasters such as this. Probably reads much like a bank bail out, only the corporation files bankruptcy, it’s holdings are already in another corporation’s portfolio, and in the end Bubba Gump is going to have to step in and “clean’r up”. Of course like you say, that will be after we finance an army full of attorneys careers, bet even old Obama won’t be around by then. Not really geographically up on this , but was this well within the 12 mile area?
This is not an American company. The B stands for British. they have said they will take responsibility yet everyone treats them as if they are an American could that will shirk as much responsibilty as possible. Lawsuits have been filed with first turning in a claim to the company and awaiting their response. So who get’s rich from the oil spill? The attorney’s! I saw give them a chance to step up and live up to what they’ve committed to. Stop thinking they’ll act like an American company.
give BP some time to sort this mess out. Everybody wants a piece of them and the fact is not every claim they will see is compensible. People will be coming out of the wood work looking for money. My prediction – this claim process will last for 10+ years.
Most everyone, including President Obama
may be a bit premature in assessing fault for the disaster.
True, under the Federal Oil Pollution law, BP will be stuck with thye clean up costs, and they may far exceed liability exposure, but perhaps we should wait and sort out the minor deal called FACTS.
There is strong probability that the explosion occurred during the well head cementing process, and that work was contracted out to a company named Halliburton. Additionally, if there was
defect in the blow-out protector, products liability damages should be addressed by the claim department of its manufacturer Cameron.
Or perhaps space aliens landed on the rig and caused the carnage with a green lazer light.
BP is responsible for the subcontractors too – Otherwise they would just farm out the riskiest parts of the job to who ever was cheapest with no thoughts toward safety, thus putting the environment and our whole economy at risk.
We even question if BP is liable? Of course the captain is responsible for the ship going down, regardless to the crewmen falling asleep at the wheel. At this juncture it’s the insurance game, companies fighting and pointing the fingers and who is twenty percent responsible, (The valve company)at fault and ten percent at fault, the cement company, five percent to the guy on the corner watching, etc.. The investigations, they make up reasons why someone else is at fault with scientific evidence. The restitution takes years and people damaged drop out of the race for whatever reasons, BP claimed they would take care of everybody who was damaged, but that’s just the diplomatic thing to say.
BP bought their legislation and own the capital and liquidity to be self insured.
Are you implying that the reason they capped their losses at $75 million is because there is a flaw in the insurance industry? IF so, just another perfect example of the reform that is desperately needed.
The cost of insurance (like paying taxes) is hampering the growth of small and large business. It limits progress and expansion, reduces the quality of products. IT controls us.
I hope BP was listed as additional insured with Haliburton’s insurance company. IF this be the case.
And the fact is something did go wrong and BP is definately liable. THIS IS A FACT…my friend. Unless, of course, it was a terrorist attack or sabatoge.
Anyone here think BP is smiling for the cameras and saying reassuring things now but might assemble an army of lawyers and litigate this for decades?
http://earthobservatory.nasa.gov/images/imagerecords/43000/43877/gulf_amo_2010124_lrg.jpg
Let the Democrats nail BP. Also who was BPs president in ’89?
You don’t say?
Not sure who the president of BP was in 1989, but Bush 41 was the president of the US, and both houses of congress were controled by the Democrats–when the $75 million cap became the law of the land. Not sure what this tells us–maybe that, when jury rediculous jury awards exceed availble insurance, national interest is a concern.
Sir Robert Horton? What does he have to do with anything?
How stupid is it to place an arbirtary cap without any regard for the size the polluting company, $75M is a cake walk for a company like BP. That clearly is contrary to the legislative intent of the law.
$75M is based on 1989 dollars… it is now over twenty years later and the impact of a $75M is out of date.
What should matter is the legislative intent of the law, and if the intent was to make sure the cap was high enough to punish the wrong doer but yet avoid run away jury awards…then enacting a new law that makes changes and applies those changes retroactively to the BP spill is not only constitutional but in fact the right thing to do. In the same way it was determined that the application of retroactive liability of CERCLA is constitutional the same could apply here because the key is “legislative intent”.
As for the army of lawyers, shame on you BP, man up and take responsbility then maybe you’ll have a chance of actually improving your public image.
Actually folks, the way it works is that the dems approved the 75 mill cap because the republicans gave the dems something they wanted – So it was a compromise. Just political BS, not good for the actual people of the country.
The 75 mill was too small even back then, that was the point.
Keep in mind though, the cap DOES NOT APPLY if BP was at FAULT.
Yeah !
I agree with “Slick”
BP should bend-over & take it like a man !
BP probably has a contingency plan for catastrophic economic disasters such as this. Probably reads much like a bank bail out, only the corporation files bankruptcy, it’s holdings are already in another corporation’s portfolio, and in the end Bubba Gump is going to have to step in and “clean’r up”. Of course like you say, that will be after we finance an army full of attorneys careers, bet even old Obama won’t be around by then. Not really geographically up on this , but was this well within the 12 mile area?
This is not an American company. The B stands for British. they have said they will take responsibility yet everyone treats them as if they are an American could that will shirk as much responsibilty as possible. Lawsuits have been filed with first turning in a claim to the company and awaiting their response. So who get’s rich from the oil spill? The attorney’s! I saw give them a chance to step up and live up to what they’ve committed to. Stop thinking they’ll act like an American company.
give BP some time to sort this mess out. Everybody wants a piece of them and the fact is not every claim they will see is compensible. People will be coming out of the wood work looking for money. My prediction – this claim process will last for 10+ years.
“Federal Law May limit BP liability”……..why can’t Federal Law limit illegal aliens…and the fabulous amount of benefits they receive??
Most everyone, including President Obama
may be a bit premature in assessing fault for the disaster.
True, under the Federal Oil Pollution law, BP will be stuck with thye clean up costs, and they may far exceed liability exposure, but perhaps we should wait and sort out the minor deal called FACTS.
There is strong probability that the explosion occurred during the well head cementing process, and that work was contracted out to a company named Halliburton. Additionally, if there was
defect in the blow-out protector, products liability damages should be addressed by the claim department of its manufacturer Cameron.
Or perhaps space aliens landed on the rig and caused the carnage with a green lazer light.
Lets get this investigated. OK?
Well said!
BP is responsible for the subcontractors too – Otherwise they would just farm out the riskiest parts of the job to who ever was cheapest with no thoughts toward safety, thus putting the environment and our whole economy at risk.
The is a unique business…
Additionally, the $75 million cap is only on Strict liability. There is no cap on liability due to negligence.
I agree with Boondoggle: fix first, investigate second and then come to conclusions.
We even question if BP is liable? Of course the captain is responsible for the ship going down, regardless to the crewmen falling asleep at the wheel. At this juncture it’s the insurance game, companies fighting and pointing the fingers and who is twenty percent responsible, (The valve company)at fault and ten percent at fault, the cement company, five percent to the guy on the corner watching, etc.. The investigations, they make up reasons why someone else is at fault with scientific evidence. The restitution takes years and people damaged drop out of the race for whatever reasons, BP claimed they would take care of everybody who was damaged, but that’s just the diplomatic thing to say.
There are 2 issues on the table. Liability and negligence.
STRICT liability is capped at $75 million.
Liability as a result of negligence, an issue for the courts, the gloves are off. No cap.
None of this has to do with some perceived need for insurance reform as far as I can see. I obviously don’t have a dog in this fight.
BP bought their legislation and own the capital and liquidity to be self insured.
Are you implying that the reason they capped their losses at $75 million is because there is a flaw in the insurance industry? IF so, just another perfect example of the reform that is desperately needed.
The cost of insurance (like paying taxes) is hampering the growth of small and large business. It limits progress and expansion, reduces the quality of products. IT controls us.
I hope BP was listed as additional insured with Haliburton’s insurance company. IF this be the case.
And the fact is something did go wrong and BP is definately liable. THIS IS A FACT…my friend. Unless, of course, it was a terrorist attack or sabatoge.
BACK AT CH-YA!