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(USA Today)   BP to pay nearly $5 billion in fines, or about 16 days worth of profits   ( usatoday.com) divider line
    More: Followup, account of profits, corporate crime, commercial fishing  
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2113 clicks; posted to Main » on 15 Nov 2012 at 11:51 AM (5 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

Voting Results (Smartest)
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2012-11-15 12:13:28 PM  
3 votes:
If a person convicted of a felony lose the right to vote, can a corporation convicted of 11 felonies lose the right to lobby congress and donate to candidates and PACs?
2012-11-15 11:58:11 AM  
3 votes:
People who made decisions that led to the disaster still filthy rich.
2012-11-15 12:35:12 PM  
2 votes:

star_topology: Something tells me that if Romney won the election, this would not be happening.

Except if Romney would have been elected, Obama wouldn't have vacated the office until January.
2012-11-15 02:37:02 PM  
1 vote:
Subby used "revenue" as most do. Revenue means no expenses, and expenses are massive. Usually you can take 95% of revenue away for expenses for a company of this size in this industry.

Net income, often called profit, makes this payment about 1 quarter worth.

Before you poo-poo that, consider that this is only ONE payment BP is making. Cost of cleanup, other lawsuits and such add another $30 billion to this number.

This means BP has paid two years worth of profits due to this disaster, not 16 days worth of profits. If you think any company just says "oh well, no big deal, lets keep going" after losing two years worth of profits, you are obviously not investor material.

I make no defense of BP, but the subby is obviously downplaying the impact of the disaster to BP for, likely, some political reason. I'm an investor and the numbers are the truth - this disaster hurt BP badly.
2012-11-15 02:32:42 PM  
1 vote:
2012-11-15 12:36:24 PM  
1 vote:

FTFA: Profits were $5.5B in Q3, or about $60M/day. This fine is $4.5B, so about 75 days of profit.
And this is not the end of the lawsuits over this incident, and company has booked provisions of $38.1B, or about 635 days of profit, or about 1.75 years.
So think on a personal level, if you had a fine that was 2 years of your salary.

I'm not defending the company, but no need to exaggerate like the fine is less than a tip on one of their boozy business lunches.
2012-11-15 12:33:33 PM  
1 vote:

plcow: This is just the criminal fines. i.e. penalties. This doesn't include the money that BP has to pay in terms of compensation for damage caused. So relax everybody.

People were killed.
They didn't just keel over.

You or me would be wearign a #10 can sized but hole about now, if we were in charge.
2012-11-15 12:21:04 PM  
1 vote:

ZAZ: rdu_voyager

Actual humans convicted of felonies still have a right to speech.

Actual humans convicted of felonies also generally face jail time.
2012-11-15 12:07:41 PM  
1 vote:
What happend to "BP will not leave the gulf until we have cleaned up every drop?"

Instead they run commercials with, "BP is committed to working to help cleanup..."

How great it is that BP will help clean up the environmental disaster that BP created!

Joe Barton wants to apologize again.
ZAZ [TotalFark]
2012-11-15 12:06:54 PM  
1 vote:

The fine is supposed to be related to the crime. Only two misdemeanor counts relate to the oil spill itself: BP got oil in the water and on birds.
2012-11-15 11:59:08 AM  
1 vote:
Remember: Kill a dozen workers due to lax safety standards, cover it up, massively pollute the environment and have the federal and state governments incur massive cleanup costs? Why, those people are Republican heroes!
2012-11-15 11:56:30 AM  
1 vote:

JackieRabbit: Price of gas to go over $4 in 5.... 4.... 3... 2...

Damn, ya beat me to it.
2012-11-15 11:55:29 AM  
1 vote:
Price of gas to go over $4 in 5.... 4.... 3... 2...
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