Indeed, I have considered the culpability of the federal government. They certainly deserve a large part of the blame for blocking drilling in shallow waters and in Alaska... And yes, the regulatory scheme could be improved. However, when we blame the federal government, we blame ourselves. Despite these failings, the fact remains that BP chose to engage in this business, despite the increased dangers of deep water drilling, and should be held liable for the damages that result from their actions. Now, if there is some other entity that is partially responsible, BP has recourse to mitigate their damages in court.
The 75M is a cap that is in effect only if there is no negligence or not a violation of the law. If BP had received advice from their lawyers that they would not be found to be at least negligent, they would not be so generous.
I do read the headlines, and the articles for that matter, coming from Britain. Yes, those who invested in BP are taking a hit. I don’t understand why that is unreasonable. If you invest in a company and they mess up, you share in their losses. (Unless, of course, you invest financial institution which “cannot fail”).
BP actions were approved by the government, so what negligence are you talking about specifically? Have they been charged?
BP had nothing to do with telling nations and businesses NO to their offers to remove the oil before it hit the shores, the government did.
BP had nothing to do with putting an ill advised six month moratorium on drilling...the government did.
You think the animosity that is being felt in Britain is limited to investors? Better really read the papers over there...here is one article that has a different story:
http://www.freerepublic.com/focus/f-news/2536758/posts
It is titled Barack Obama: the most unpopular man in Britain?
This has been totally mismanaged and is hurting America far beyond the oil spill which has been maximized for damage by our own government. Businesses will have to add risk factor (and not just oil industry businesses) when doing business in the US. I think even you can understand the harm that nationalization of business does with other companies who are considering doing business with the country to steals another companies assets. Well, we are stealing a companies assets without the highly inflammable tactic (but same results) of nationalization.
This is an important step in destroying America, wake up and smell the roses.