Anderson Cooper gave BP quite a good smack down earlier...
TONY HAYWARD, CEO, BP GROUP: This wasn't our accident. This was a drilling rig operated by another company. It was their people, their systems, their processes. We are responsible, not for the accident, but we are responsible for the oil and for dealing with it and cleaning the situation up.
(END VIDEO CLIP)
COOPER: Well, "This wasn't our accident," he says, but they're going to clean it up anyway. He said that on all the networks today.
Now, President Obama and a lot of politicians have been saying BP is going to be paying the bill, no matter what. But come over to the wall and take a look at this.
It turns out, under the Oil Pollution Act of 1990, BP only has to pay $75 million worth of damages.
Anything more comes out of a fund oil companies paid into over the years with an 8-cent-a-barrel tax, a tax they passed onto consumers.OK, now, $75 million may seem like a lot, but take a look at this. This is basically $75 million. Now, BP raked in -- get this -- $5.6 billion in profit. And that's just for the last -- for the latest quarter. In other words, $75 million in damages, that's about 29 hours worth of BP profits.
Of course, the law also requires BP to pay for the cleanup, which could top $10 billion, but, again, that's only six months worth of profits. BP is not exactly going to go broke on this.
And this, just to drive the point home, pictures from the Exxon Valdez. Remember, the Exxon Valdez ruined a lot of lives back in 1989. A lot of industries didn't end up paying a penny in compensation. Exxon did not pay a penny in compensation, not one cent, until 19 years later.
And Exxon, which is now ExxonMobil, is now the biggest oil company on Earth. OK? Then take a look at this. This -- this is pretty unbelievable. This is something -- this is a waiver that BP lawyers have been handing out to fishermen and others volunteering to help lay out containment booms and otherwise help in the cleanup.
So, it says on this waiver, "In consideration of my participation in response activities, I hereby agree on behalf of myself and my representatives to hold harmless and indemnify the BP Exploration and Production Incorporated from all claims and damages that I and/or my representatives may have with regards to my participation in the spill response activities."
It's a lot of legalese, but, basically, BP was trying to get volunteers, the fishermen who were going to try to help clean up BP's mess, they were going to trying to get it so that they couldn't sue them if they got injured, they couldn't sue BP.
Well, once it got exposed, the company said, oh, look, this was a misstep, and they have now retracted the waivers. They're not going to make anyone try to sign these anymore.
But all this is making a lot of people very suspicious and very mad at BP.
From:
http://transcripts.cnn.com/TRANSCRIPTS/1005/03/acd.01.html