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BP gets record fine in Gulf oil spill
AP via Anchorage Daily News ^ | November 15, 2012 | MICHAEL KUNZELMAN

Posted on 11/15/2012 7:01:09 AM PST by thackney

Oil giant BP has agreed to pay the largest criminal penalty in U.S. history, totaling billions of dollars, for the 2010 oil spill in the Gulf of Mexico, a person familiar with the deal said Thursday.

The person, who spoke on condition of anonymity because they were not authorized to speak on the record about the deal, also said two BP PLC employees face manslaughter charges over the death of 11 people in the explosion of the Deepwater Horizon oil rig that triggered the massive spill.

The person said BP will plead guilty to obstruction for lying to Congress about how much oil was pouring out of the ruptured well. The person declined to say exactly how much the fine in the billions of dollars would be.

(Excerpt) Read more at adn.com ...


TOPICS: News/Current Events
KEYWORDS: energy; offshore; oil

1 posted on 11/15/2012 7:01:15 AM PST by thackney
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To: thackney

I wonder if there will be manslaughter charges over Benghazi. It was known that they needed security and it was denied them


2 posted on 11/15/2012 7:06:39 AM PST by Irenic (The pencil sharpener and Elmer's glue is put away-- we've lost the red wheel barrow)
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Deepwater Horizon: BP in Settlement Talks with DOJ
http://rigzone.com/news/oil_gas/a/122140/Deepwater_Horizon_BP_in_Settlement_Talks_with_DOJ
November 15, 2012

BP announced Thursday that it is in advanced discussions with the US Department of Justice and the Securities & Exchange Commission about a deal to resolve all criminal charges and SEC claims against BP in connection with the Deepwater Horizon incident.

BP pointed out in a statement released to the London Stock Exchange that no final agreements have yet been reached and any resolutions, if agreed, would be subject to Federal court approvals in the US.

BP said the proposed resolutions are not expected to cover Federal civil claims, including Clean Water Act claims and Federal and state Natural Resources Damages claims; nor would it cover private civil claims that were not covered by the Plaintiff’s Steering Committee settlement in April, private securities claims or state economic loss claims.

According to the Wall Street Journal, legal analysts estimate that BP could be liable for between $5.4 billion and $21 billion in civil penalties under the Clean Water Act alone.

The Deepwater Horizon explosion, which occurred in the Gulf of Mexico on April 20, 2010, resulted in the deaths of 11 oil workers and the largest offshore spill in U.S. history.


3 posted on 11/15/2012 7:10:11 AM PST by thackney (life is fragile, handle with prayer)
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Deepwater Horizon: BP in Settlement Talks with DOJ
http://rigzone.com/news/oil_gas/a/122140/Deepwater_Horizon_BP_in_Settlement_Talks_with_DOJ
November 15, 2012

BP announced Thursday that it is in advanced discussions with the US Department of Justice and the Securities & Exchange Commission about a deal to resolve all criminal charges and SEC claims against BP in connection with the Deepwater Horizon incident.

BP pointed out in a statement released to the London Stock Exchange that no final agreements have yet been reached and any resolutions, if agreed, would be subject to Federal court approvals in the US.

BP said the proposed resolutions are not expected to cover Federal civil claims, including Clean Water Act claims and Federal and state Natural Resources Damages claims; nor would it cover private civil claims that were not covered by the Plaintiff’s Steering Committee settlement in April, private securities claims or state economic loss claims.

According to the Wall Street Journal, legal analysts estimate that BP could be liable for between $5.4 billion and $21 billion in civil penalties under the Clean Water Act alone.

The Deepwater Horizon explosion, which occurred in the Gulf of Mexico on April 20, 2010, resulted in the deaths of 11 oil workers and the largest offshore spill in U.S. history.


4 posted on 11/15/2012 7:10:11 AM PST by thackney (life is fragile, handle with prayer)
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To: Irenic

Or any collateral damage when it’s known that x number of innocent persons will die...


5 posted on 11/15/2012 7:10:26 AM PST by stuartcr ("When silence speaks, it speaks only to those that have already decided what they want to hear.")
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To: thackney

What about the $20 billion they ALREADY PAID?


6 posted on 11/15/2012 7:14:55 AM PST by struggle (http://killthegovernment.wordpress.com/)
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To: struggle

That was not the fine. That was to offset liability claims of actual damage. That was for businesses and individuals, not the government take.

BP Establishes $20 Billion Claims Fund for Deepwater Horizon Spill and Outlines Dividend Decisions
http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7062966
16 June 2010


7 posted on 11/15/2012 7:22:45 AM PST by thackney (life is fragile, handle with prayer)
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To: thackney

If the Gov’t wants to get you, there is always a law that can be found to have been broken.


8 posted on 11/15/2012 7:29:09 AM PST by PGR88
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To: PGR88

BP got what it deserved.


9 posted on 11/15/2012 7:36:09 AM PST by Eric in the Ozarks (In the game of life, there are no betting limits)
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To: PGR88
Who is paying for this penalty? The stock holders. The people buying gas at the gas pump will pay more. When all said and done the government will make money from the fines, and everybody else will pay more. Compensatory damages are one thing, but punitive fines should go to individuals responsible, not ‘everybody will pay more to cover the cost of the fine.’
10 posted on 11/15/2012 7:46:13 AM PST by political1 (Love your neighbors)
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To: thackney

No ... I really think the record fine will be on the Amerikan people from Obamacare.


11 posted on 11/15/2012 7:54:05 AM PST by George from New England (escaped CT in 2006, now living north of Tampa)
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To: political1

Thanks. You made me laugh. The company can’t pay these fines and certainly individuals can’t.

BP will appeal and delay until some more favorable regime may come along.

If paid the shareholders will and even the public will. Shareholders by bankruptcy and the public by rediculous regulation.

It is well established now that when someone craps his pants like BP everyone gets a diaper.

Thanks for the laugh in this joyless time.


12 posted on 11/15/2012 7:57:45 AM PST by Sequoyah101
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To: thackney

Just another step towards complete nationalization of oil companies.


13 posted on 11/15/2012 8:34:28 AM PST by I want the USA back (Communism changed its name to "Democrat Party")
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