BP facing financial crisis over Deepwater Horizon compensation; begs David Cameron to make it stop - Polidicks

[t]http://imgkk.com/i/en3s.jpg[/t] [url]http://www.bbc.co.uk/news/business-22549710[/url] [quote]BP wants Prime Minister David Cameron to intervene over the escalating cost of compensating US companies for the Gulf of Mexico oil disaster in 2010. BBC business editor Robert Peston has learned that BP feels its financial recovery is in jeopardy because the compensation system is being abused. The financial burden of paying fictitious and inflated claims may even make BP a takeover target, it fears. BP hopes Mr Cameron will raise the issue with the US government.[/quote]

So cameron is just gonna say "yo US put BP into business again", and absolutely nothing will happen.

They were responsible for arguably the worst ecological disaster of the century thus far, with effects that continue today. Fuck them. The Gulf communities deserve every dollar that was promised to them.

Fuck 'em, make them pay every cent

The problem here is companies not affected are making false claims, and BP is being forced to honour them. Despite what they have done, they shouldn't have to pay out to people totally unaffected.

[QUOTE=rhx123;40664199]The problem here is companies not affected are making false claims, and BP is being forced to honour them. Despite what they have done, they shouldn't have to pay out to people totally unaffected.[/QUOTE] If people are making false claims then take them to court

[QUOTE=download;40664249]If people are making false claims then take them to court[/QUOTE] [QUOTE=article] "In practice, according to BP, [these] companies don't have to show a fall in profits as measured on normal accounting practices," according to Mr Peston. "All they have to show, says the court filing, is that cash flow in a specified month or months is lower than cash flow in the same month or months before the oil spill," [/quote] The thing is here, if a business does worse due to other factors, they can still claim within the rules the court set.

[QUOTE=rhx123;40664350]The thing is here, if a business does worse due to other factors, they can still claim within the rules the court set.[/QUOTE] I went to Florida the summer of the oil spill. I didn't see any oil on the beaches, but I didn't see any people either. I very much believe that they've lost money. We were almost the only people in restaurants the whole time for almost a month of being there. The next summer I went the same time and it was moderately busy. Still nothing as compared to the summers I went before the spill.

[QUOTE=rhx123;40664350]The thing is here, if a business does worse due to other factors, they can still claim within the rules the court set.[/QUOTE] Wow man that's fucking slapped out, they shouldn't need to pay for shit that's completely unrelated, just for folks whose livelihood relies on the coast or ocean.

[QUOTE=Led Zeppelin;40664146]They were responsible for arguably the worst ecological disaster of the century thus far, with effects that continue today. Fuck them. The Gulf communities deserve every dollar that was promised to them.[/QUOTE] Please read the article, the key's even in the blurb so I don't know how you missed it. The problem isn't BP paying the communities that suffered because of their screwup, it's BP paying companies that weren't affected but can pass off a low month as being BP's fault. The Gulf communities deserve every dollar that was promised to them, but random companies looking at BP as easy money don't deserve a thing.

So their cash reserve is spilling out everywhere, with no cap on the flow to make it stop. Because of improper regulation, BP is facing a huge eco(nomic) disaster. Their business is in deep water, with no solution on the horizon except for praying that the people responsible will care enough and be capable enough to fix this major leak. The ones responsible will most likely refuse to act or make crappy attempts to fix this until a tremendous amount of damage has been done. I can't say I don't sympathize, but it seems fitting.

recession, oil spill, who can say either one affects businesses, BP still should pay, they may shell out 500 mill a year but they are making billions, its their fault for insuring their rig with minimal liability coverage, maybe they should watch dome state farm commercials next time and insure their oil rigs and pipelines for something that makes sense not the government mandated minimum which is increadibly outdated

If they know when a claim is false, why can't they just refuse it?

[QUOTE=catbarf;40664636]Please read the article, the key's even in the blurb so I don't know how you missed it. The problem isn't BP paying the communities that suffered because of their screwup, it's BP paying companies that weren't affected but can pass off a low month as being BP's fault. The Gulf communities deserve every dollar that was promised to them, but random companies looking at BP as easy money don't deserve a thing.[/QUOTE] The end of the article says it best. [quote]He said: "The problem is they've written a blank cheque to the businesses of Louisiana and not asked them to prove causality, ie: 'Was it the well spill that actually caused you problems at your business?' "You can argue it is being abused, but that was the settlement they made and they are trying to wriggle out of it."[/quote] If they didn't want this to happen they shouldn't have settled it that way in the first place.

Let those bastards crash and burn; one less barony of oil in the world.

[QUOTE=SuddenImpact;40664845]If they know when a claim is false, why can't they just refuse it?[/QUOTE] because back durring the crisis, in exchange for the u.s. to not drag their entire executive board to jail, they agreed to a really one sided claims system

Sure does hurt when the unstoppable leak is your money, good luck putting a cap on [I]that.[/I] I frankly could give less than two shits that people are exploiting the system to take their money. BP's been exploiting others (and the environment) for decades, getting a taste of their own medicine is long overdue.

[QUOTE=ironman17;40664908]Let those bastards crash and burn; one less barony of oil in the world.[/QUOTE] Yeah! Fuck all the people they employ! Bring the man down!

[QUOTE=ironman17;40664908]Let those bastards crash and burn; one less barony of oil in the world.[/QUOTE] It's not like people enjoy oil prices inflating.

[QUOTE=ironman17;40664908]Let those bastards crash and burn; one less barony of oil in the world.[/QUOTE] Yeah because fuck their thousands of employee's and the thousands of employee's of companies that rely on BP's business.

To be honest, the jobs of a few million and an increase in oil prices are outweighed by the stability of Earth's climate and the continued survival of billions of people. It's a matter of looking at the problem it's causing against the problem that BP's collapse would cause. What would you rather have; a few million people no longer employed and looking for jobs plus an increase in oil prices, OR a more chaotic future climate where it's harder for humanity to survive? In my books, the continued survival of humanity is far more important than cheap fuel; it's better to have to pay more to fuel your vehicle than to live in a world where you don't know when you're going to get your next meal because the harvests have failed due to flooding. Yes people will be out of the job, but it's a sacrifice that humanity HAS TO MAKE if they are to survive past the next century. One of many, even.

I wonder why Halliburton aren't getting shafted as well. After all, it was them that cemented the drill in place etc.

Halliburton actually caused it so that they could get the government contracts to clean it up.

If BP has to go down, so be it. But they will have to take responsibility for their actions.

[QUOTE=DrLuckyLuke;40665185]If BP has to go down, so be it. But they will have to take responsibility for their actions.[/QUOTE] And so they should, but they shouldn't have to take responsibility for things that [I]weren't[/I] their actions.

[QUOTE=smurfy;40664076]BP facing financial crisis over Deepwater Horizon compensation; begs David Cameron to make it stop[/QUOTE] And David shall look down and whisper. "No."

[QUOTE=rhx123;40664199]The problem here is companies not affected are making false claims, and BP is being forced to honour them. Despite what they have done, they shouldn't have to pay out to people totally unaffected.[/QUOTE] Living in Panama City, Florida, it's hard to find someone who hasn't been affected by the oil spill. Even employees at the big guys like Walmart have suffered. Tourism took a huge hit, nearly everyone here lost hours because of it, even my friends who worked at places like McDonalds and Walmart. I would be hardpressed to find someone in my city who hasn't been affected. Small business owners here probably got hit the hardest, obviously.

[QUOTE=ironman17;40665117]To be honest, the jobs of a few million and an increase in oil prices are outweighed by the stability of Earth's climate and the continued survival of billions of people. It's a matter of looking at the problem it's causing against the problem that BP's collapse would cause. What would you rather have; a few million people no longer employed and looking for jobs plus an increase in oil prices, OR a more chaotic future climate where it's harder for humanity to survive? In my books, the continued survival of humanity is far more important than cheap fuel; it's better to have to pay more to fuel your vehicle than to live in a world where you don't know when you're going to get your next meal because the harvests have failed due to flooding. Yes people will be out of the job, but it's a sacrifice that humanity HAS TO MAKE if they are to survive past the next century. One of many, even.[/QUOTE] It's not just about cheap fuel though is it? Plastics, chemicals, pharmaceuticals, lubricants etc. If you can propose a viable, economically sound alternative to using crude to make these then you've got my support.

"Our operation methods directly caused a massive [I]entirely preventable[/I] spill and we were fined, pls make it go away Britun!"

[QUOTE=ironman17;40665117]To be honest, the jobs of a few million and an increase in oil prices are outweighed by the stability of Earth's climate and the continued survival of billions of people. It's a matter of looking at the problem it's causing against the problem that BP's collapse would cause. What would you rather have; a few million people no longer employed and looking for jobs plus an increase in oil prices, OR a more chaotic future climate where it's harder for humanity to survive? In my books, the continued survival of humanity is far more important than cheap fuel; it's better to have to pay more to fuel your vehicle than to live in a world where you don't know when you're going to get your next meal because the harvests have failed due to flooding. Yes people will be out of the job, but it's a sacrifice that humanity HAS TO MAKE if they are to survive past the next century. One of many, even.[/QUOTE] You're well-intentioned, but the issue is far more complex than that. What about manufacturing? What about people commuting to work and school? What about tourism? What about airplane travel? What about road maintenance? What about home heating in areas that don't have a viable alternative? There's so much that oil is a part of. I agree wholeheartedly that we need to get off our near-total dependence on it, but if a huge chunk of the oil industry crashed tomorrow and prices skyrocketed...we'd be in a lot of trouble.