Surprise! Surprise! Surprise!

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"We have always known that heedless self-interest was bad morals, now we know that it is bad economics." Franklin Delano Roosevelt, Jan. 20, 1937.

Some things never change.

BP is not paying the contractors involved in the clean-up along the Gulf coast nor have they paid into the trust account which they agreed to fund.
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Profits For TransOcean From the Gulf Coast Oil Spill

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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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Interesting

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Well, well, well.

A former Shell Oil executive told FastCompany.com that a solution to cleaning up the Gulf Coast Oil spill is right under BP’s noses.

John Hofmeister, the former president of Shell Oil, and Nick Pozzi, a former pipeline engineering and operations project manager say that BP could use their very own supertankers to suck up the spilled oil in the gulf and possibly salvage it for sale down the line. The tactic was proven effective during a Saudi spill in the 90’s — it sucked up 85% of the renegade oil. BP has tankers already sitting in the Gulf of Mexico

Hofmeister thinks BP is turning a blind eye to their solution because they don’t want to tie up their supertankers in the cleanup efforts.Using their tankers for cleanup would mean tying up a huge part of their money-making process, not to mention they’d have to unload them of the oil that they’re holding first.

Greed is good. ..... Really?
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