The Daily Tarball

[infrogmation]

Bloomberg: Cracks Show BP Was Battling Gulf Well as Early as February
Serious problems with BP's Macondo/Deepwater Horizon well go back at least to February. “It’s been a doomed voyage from the beginning.”

NY Times: BP Ignored the Omens of Disaster
"something was systemically wrong with BP’s culture."

Naomi Klein, The Guardian: Gulf oil spill: A

Comments

[jdquintette]

Even if the cost of the nation's worst oil spill rises to $70 billion, the high end of current estimates, BP's pockets probably are deep enough to withstand it."

Unfortunately there's no historical precedent for this. Exxon was levied a 5 billion dollar fine for the Valdez spill, but only paid out around ten cents on the dollar. Sure, BP's got the dough, but I doubt if they'll be forced to part with much of it.

Ten cents on the dollar, if you're unusually lucky

[infrogmation]

Agreed.

My feelings are somewhat conflicted between wanting to see the BP SOBs go down and the remnants of the company expropriated, and Carville's line about wanting to keep the cow fat and healthy because we need to milk her for all she's worth.