BP is losing friends. Anadarko is moving to distance itself (probably to limit its potential liability):
Speaking of liability, what in the world is up with BP agreeing to fund $20B worth of reparations in the absence of a finding of culpability in a civil court? Has BP's executive leadership forgotten that it has a fiduciary duty first and foremost to safeguard its shareholders' interests? And why aren't Halliburton and Transocean subjected to such an indignity along with BP?
It is indeed very likely that BP will eventually be held liable in civil courts for a host of litigation claims, but that is why those courts exist. Obviating time-tested legal procedures under the pretext of placating political leaders smacks of a banana republic. I for one am not inclined to jettison hundreds of years' worth of jurisprudence in torts, bankruptcies, and such just to provide a platform for politicians to pantomime a facsimile of leadership.
Anadarko Petroleum Corp., which owns a quarter of BP PLC's blown-out oil well in the Gulf of Mexico, late Friday blasted BP "reckless decisions and actions" that led to the well's explosion.
Anadarko Chairman and CEO Jim Hackett's statement came after some elected officials said Anadarko should help pay for the massive cleanup and spill-related claims. Company spokesman John Christiansen said the comments were in response to "a week's worth of testimony" and other information and data compiled on the disaster.
Speaking of liability, what in the world is up with BP agreeing to fund $20B worth of reparations in the absence of a finding of culpability in a civil court? Has BP's executive leadership forgotten that it has a fiduciary duty first and foremost to safeguard its shareholders' interests? And why aren't Halliburton and Transocean subjected to such an indignity along with BP?
It is indeed very likely that BP will eventually be held liable in civil courts for a host of litigation claims, but that is why those courts exist. Obviating time-tested legal procedures under the pretext of placating political leaders smacks of a banana republic. I for one am not inclined to jettison hundreds of years' worth of jurisprudence in torts, bankruptcies, and such just to provide a platform for politicians to pantomime a facsimile of leadership.
