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In the comments thread of my most recent edition of Wise sayings, our friend from across the Atlantic, Mr. Barry Coidan, posted a preemptive and seeming defensive comment about Americans (me in particular?) blaming Brits for the super-awesome oil volcano in the Gulf of Mexico. In my case that actually wasn't so, and I in fact agree pretty much 100% with Mr. Coidan's comment because let's face it: BP is not a Merrie Olde Company run by and for a jolly bunch of droll, quick-witted Limeys, but a global multinational energy corporation that is no more or less profit-crazed, ruthless, and unethical than any of the other five "supermajors" such as, say, ExxonMobil, Chevron, or ConocoPhillips. (U! S! A! U! S! A!)There's probably no news in this here Mobile Press-Register report (Mobile, Alabama, that is) about the spill that you don't already know if you're even halfway following the saga. But take a look at the comments thread, such as this one from the appropriately named "yellohamr":
The British are no better at fixing oil leaks than fighting the Germans. American will half to bail tham out of both.Yes, perhaps the hapless Brits will half to depend on American Halliburton, everybody's favorite American oilfield services corporation, with headquarters in good old American Houston, Texas, America, to bail tham out! You remember: good old American Halliburton whose Chairman and CEO works and lives in Dubai, UAE, "to Focus [the] Company’s Eastern Hemisphere Growth." I wonder if the United States has an extradition treaty with the United Arab Emirates.
Meanwhile, it seems like Barry C. was justified in his prophetic defense. Americans can be expected to trade in their Freedom Fries for Freedom Muffins. Starting in the Deep South, predictably.
without getting into the nationality of these megacorp's founders or trademarks, this disaster is probably the right time to call for capital punishment. Corporations have the same rights as individuals? Well, if that's the way things are, then they can die for their sins as well. BP, RIG, and HAL are going to have more liability for this than they are worth. They all need to be auctioned off, shareholders paying the cost. Not only does that start to cover the damage this is causing, but it serves as warning to other executives, pols and investors that there are real consequences for corporate sociopathy.
ReplyDeleteI get this gut feeling that no matter how much we hate it, or cynical we may be, or how big a mess things are, I see this big fat tax write off coming and an opportunity to get in when the stock price temporarily drops.
ReplyDeleteBut as soon as I've said that gas will go up to Rubbercrutch $7 a gallon levels, BP will still be #1 with record profits, consumers will have paid to clean up the mess, and business's on the Gulf Coast will have paid the ultimate sacrifice and get to start over.
I like the NOT-asymmetric idea of corporate "doing time" (death penalty is a bit much - for Bophal perhaps...or the Chinese tainted milk). If indeed so called personhood applies, then it's only fair for the CEO (or head of the executive board) to be "body attached" and locked up. With any luck it wouldn't be in a Club Fed sort of facility.
ReplyDeleteElliott Fess Parker
BHO: I couldn't have said that better. Will elevate your comment to be the nut for a future post.
ReplyDelete59er: in the worst case, which is becoming more imaginable, there will be coastal habitats that will never recover. Whatever flora and fauna recolonize will likely be junk-eating nuisance species. They will get to start a new ecosystem, but Louisiana really won't --- not in several lifetimes, at least. And NOLA is done for of the Old River Control Structure ever goes blooey (but that could never happen, of course).
[http://en.wikipedia.org/wiki/Old_River_Control_Structure]
EFP: haha! You should be in the show business! In principle I'm not opposed to a literal life without parole for any supercriminals who embody The Corporation. The problem, of course, is that The Corporation can be a legitimate creature of business organization for the purpose of limiting the financial liability of a business what goes bust. There's no reason why there couldn't be exemptions from that limited liability for corporate officers in cases of aggravated criminal conspiracy (for example). However, I think a corporate probation, suspension of charter, or death sentence is a perfectly good way to deal with corporate criminal conspiracies and frauds. Maybe there could be a resolution authority, like there is for defunct banks (FDIC), that could arrange an orderly transfer of corporate remains to a new entity such as an employee-owned corporation or a corporate rebirth with a provisional charter.