Monday, April 04, 2011

Transocean Awards Executives Safety Bonus

The National Commission on the Deepwater Horizon Oil Spill and Offshore Drilling ceased operations on March 11, 2011.

Transocean executives received bonuses for the "best year in safety performance."  I take it the Deepwater Horizon explosion and its eleven deaths counted as one safety blip in their database.  Never mind that Transocean was a critical party to the worst oil spew in U.S. history, spilling over 200 million toxic gallons.

How much was Lord John Browne's bonus for cutting maintenance expenses at BP's Texas City refinery in 2001? Did they take any of it back after the plant exploded in 2005, killing 15 people?

Awarding Transocean executives a safety bonus is prima facie evidence that pay for performance is anything but.  BP, Transocean and Cameron interacted to supply the U.S. with its worst environmental disaster.

In some countries executives would commit suicide to save face.  In others they'd be caned.  In the west they write themselves a check.

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