BP: ...It’s a Contest Between Citizenship Interests and Shareholder Interests -- R REICH

[nashville_brook]

http://robertreich.org/post/698686991/bp-its-not-a-contest-between-the-us-and-britain-its

BP: It’s Not a Contest Between the US and Britain; It’s a Contest Between Citizenship Interests and Shareholder Interests





This from today’s Wall Street Journal:

In a letter sent Sunday to U.S. Coast Guard Rear Admiral James Watson, BP said it expects to have the capacity to capture between 40,000 and 53,000 barrels of oil a day by the end of June. That compares with 15,000 barrels a day now, out of a flow of 20,000 to 40,000 barrels scientists estimate are coming from the well.

(snip)

Mr. Watson said in a statement Monday that “BP is now stepping up its efforts to contain the leaking oil,” noting that the new plan’s call for collecting 50,000 barrels of oil by the end of June is two weeks earlier than the previous timeline.

But the Journal isn’t telling the truth. BP is not capable of writing a letter or “saying” anything, “submitting” anything, or “stepping up its efforts.”

You see, BP is not a person.

(snip)

It’s impossible for BP to commit to doing anything because BP is not a human being capable of making commitments. BP’s executives (like Tony Hayward) work for BP’s shareholders. They can be replaced by BP’s shareholders if BP’s shareholder aren’t satisifed with their performance. Or, more likely, BP’s shareholders can sell out to major investors who will then replace BP’s executives if they don’t like the job they’re doing.

(snip)

Get it? There’s no conflict between Britain and the United States. The conflict is between two kinds of interests — shareholder interests and citizen interests.

And unless or until citizenship interests predominate in the Gulf — unless or until BP’s shareholders are forced by law to part with their assets to ensure the safety of the American public — shareholder interests will come first. That’s why it’s so important for the Administration (and, if necessary, Congress) to take steps to put BP America under temporary receivership, establish an escrow fund of at least $10 billion that BP must pay into, and whatever else is necessary to trump shareholder interests.

[Child_Of_Isis]

1. I thought corporations were considered a 'person'

these days???

[nashville_brook]

2. only when it comes to "rights" -- responsibilities, not so much.

[Edweird]

3. I'd say it's pretty clear where the current adminstration stands.

[TheKentuckian]

4. Reich is right as rain, this is what I've been saying the whole way.

corporaticcc

[nashville_brook]

5. what i really like about his analysis, is that he's putting in the larger context, that we've

been on about now...oh, since the Reagan Administration.

[TheKentuckian]

7. Yup, yup except it probably started about 1968 but by Unka Ronnie for sure

[nashville_brook]

8. these are ancient contests, to be sure.

[TexasObserver]

6. "It’s a Contest Between Citizenship Interests and Shareholder Interests"