Wednesday, May 19, 2010

BP's Risk Management Lingo

BP CEO Tony Hayward stuck to his lawyer's lines.

I think the environmental impact of this disaster is likely to be very, very modest. It is impossible to say and we will mount, as part of the aftermath, a very detailed environmental assessment as we go forward. We’re going to do that with some of the science institutions in the U.S. But everything we can see at the moment suggests that the overall environmental impact of this will be very, very modest.

Were they written by Baker Botts and Frances Townsend?

What can't be seen lies under the surface of the Gulf. The wellhead continues spewing oil unabated and the 21 inch pipe is diverting 2/5ths to 2/50ths of the flow to an oil tanker overhead.

Congress should uncap economic damages for BP, Transocean, Halliburton and Cameron. Truly independent scientists should evaluate the environmental damage, not BP hired stooges. Once the picture has been painted, then elected leaders can talk about a cap.

BP has a dark history with "accidents" and their language cannot be trusted. Verify the harm over time. That will enable accountable officials to assess appropriate economic damages.

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