Friday, May 7, 2010

Apocalypse Now


Collapse of the drill rig "Deepwater Horizon"

*FAIL*

Happier days:

What went wrong?
Listen to environmental lawyer Mike Papantonio lay the blame squarely with Dick Cheney's energy task force and the across-the-board deregulation during the eight years of the Cheney/Bush administration. Starts about 3:00:

And on to the Greek Riots:

Greek rioters protest austerity measures imposed to pull the financial mess back together. They've already burned down one Bank, killing three people.
How did things get this bad? Ask the Masters Of The Universe at Goldman- Sachs. From The New York Times:

"Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning. In early November — three months before Athens became the epicenter of global financial anxiety — a team from Goldman Sachs arrived in the ancient city with a very modern proposition for a government struggling to pay its bills, according to two people who were briefed on the meeting."
(snip)
"As in the American subprime crisis and the implosion of the American International Group, financial derivatives played a role in the run-up of Greek debt. Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere."

So This:

Was Caused By This:

8 comments:

B said...

http://www.npr.org/templates/story/story.php?storyId=126468782

NPR also had a story yesterday -- said BP was blamming DW Horizon because it was their equipment.

Also some of the poor employees who were coreced into signing waivers are sueing.

-Bob

Dojo Rat said...

A $500,000 part would have prevented a mess of uncalculated expence.

Trans-Ocean and Halliburton built and maintained the rig, but ultimately BP is responsable.

Will they pay?
So far their liability is capped at $75 million. That's already been spent.

Sean C. Ledig said...

Hallelujah! Amen, Brother Rat! Great article.

B said...

Here's that link.

B said...

Can you say crock of shat?

"Over the weekend, Alabama Attorney General Troy King said he had told BP representatives to stop circulating settlement agreements among coastal residents that reportedly offered payments of up to $5,000 in exchange for not suing the company."

Sean C. Ledig said...

DR,

Don't you mean "Oil-pocalypse Now"?

(Sorry, but as a Florida Gulf Coast resident, I must laugh or I would cry.)

Dojo Rat said...

Hey, I remember when the Oregon coast had oil from the Valdez tanker.
Not good.

Sean C. Ledig said...

Damn! I didn't know it made its way down that far.

DR, you're starting to depress me again.