Thursday, May 20, 2010

Profits For TransOcean From the Gulf Coast Oil Spill

It seems that TransOcean has already turned a tidy profit from the explosion of the DeepWater Horizon rig.

AND the insurance policy has already partially paid off!

LONDON (MarketWatch) -- Transocean Ltd. ... , the owner of the rig leased by BP PLC ... which is currently leaking oil into the Gulf of Mexico, made a $270 million profit from insurance payouts after the disaster, the Sunday Times reports.

The amount, revealed during a conference call to analysts, was made because its insurance policy for Deepwater Horizon rig was greater than the value of the rig itself, the paper reports. The Times says Transocean has already received cash payment of $401 million and the rest is due in the coming weeks.

I will bet that the policies insuring the lives of the men who died have not yet paid their beneficiaries.

So, once more the top 1% of the Have Mores wring more and more blood out of those Americans who actually make things and make things work.

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