Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-29-2007, 11:14 AM
 
Location: Looking over your shoulder
31,304 posts, read 32,821,682 times
Reputation: 84477

Advertisements

Exxon Mobil hasn’t paid for the Valdez yet!

http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2007-10-29T160916Z_01_N29330677_RTRIDST_0_EXXON-VALDEZ-COURT-UPDATE-3.XML (broken link)

The federal jury in Alaska awarded $5 Billion in 1994 but it’s now being decided again in the appeals court.

Didn’t Exxon make $5 Billion in profit just this last quarter? Pay it and go away Exxon. I didn’t buy any more of your gas or oil after you failed the citizens back in 1994. I cut up the credit card and paid you off ~ never again to buy your products or service. Oh I forgot you did have pay your retired CEO that just left the company $450 MILLION in a retirement bonus.
Reply With Quote Quick reply to this message

 
Old 10-29-2007, 11:27 AM
 
69,368 posts, read 64,001,245 times
Reputation: 9383
Quote:
Originally Posted by AksarbeN View Post
Exxon Mobil hasn’t paid for the Valdez yet!

http://today.reuters.com/news/articl...T-UPDATE-3.XML

The federal jury in Alaska awarded $5 Billion in 1994 but it’s now being decided again in the appeals court.

Didn’t Exxon make $5 Billion in profit just this last quarter? Pay it and go away Exxon. I didn’t buy any more of your gas or oil after you failed the citizens back in 1994. I cut up the credit card and paid you off ~ never again to buy your products or service. Oh I forgot you did have pay your retired CEO that just left the company $450 MILLION in a retirement bonus.
The fact that the company made billions last quarter does not mean they should just roll over and pay a judgment. Per the news story, they already have reduced the awared from $5B to $2.5B. I dont blame them for fighting such a high judgment.

Actual costs, yes they absolutely should pay, but punitive damages are a punishment, and surely an argument can be made that $5B is excessive, especially since they have already paid Billions to clean up the mess.
Reply With Quote Quick reply to this message
 
Old 10-29-2007, 11:42 AM
 
6,762 posts, read 11,611,993 times
Reputation: 3028
Yep, they did invest billions in the clean up effort. Yes they should pay punitive damages. Yes they have the right to dispute how high that amount is, just like those suing have the right to dispute how low the amount might be.
Reply With Quote Quick reply to this message
 
Old 10-29-2007, 11:56 AM
 
69,368 posts, read 64,001,245 times
Reputation: 9383
Quote:
Originally Posted by tnbound2day View Post
Yep, they did invest billions in the clean up effort. Yes they should pay punitive damages. Yes they have the right to dispute how high that amount is, just like those suing have the right to dispute how low the amount might be.
$5B in damages makes great news coverage. Woo hoo, that big bad Exxon has to pay $5B in damages. It doesnt work in real life because it only gives them an incentive to appeal.

Look at it on a financial side.
Exxon will save $300M a year in interest alone to fight the judgement.
15 years saved = $4.5B in interest... more then the amount needed to clean up the mess to begin with.
Exxon will save, at this point $2.5B in lowered judgments..
Total saved by fighting $7B

Had the jury been more reasonable, maybe $1B, they probably would have just paid the fine but the jury had the same menality.. nail Exxon.. that thought process does not work in the courts...
Reply With Quote Quick reply to this message
 
Old 10-29-2007, 12:03 PM
 
Location: Londonderry, NH
41,478 posts, read 59,665,850 times
Reputation: 24861
Charge EXXON the interest as well as the fine. I would pull their corporate charted and confiscate all their assists including executive retirement payments and pensions but then I have no truce with monopoly. Oh and cost them any future profit in Iraq.
Reply With Quote Quick reply to this message
 
Old 10-29-2007, 12:14 PM
 
10,545 posts, read 13,564,096 times
Reputation: 2823
Quote:
Originally Posted by GregW View Post
Charge EXXON the interest as well as the fine. I would pull their corporate charted and confiscate all their assists including executive retirement payments and pensions but then I have no truce with monopoly. Oh and cost them any future profit in Iraq.
So they should be punished for the use of the legal system as it was designed in the Constitution? That's what having them pay the interest would do. At what size or level of profit should companies not be allowed access to the legal system?
Reply With Quote Quick reply to this message
 
Old 10-29-2007, 12:32 PM
 
17,290 posts, read 29,352,134 times
Reputation: 8691
Punitive damages must be sufficiently calculated to be a DETERRENT to those who they are levied against.

Multi multi billion dollar corporations NEED $5 billion ++++ settlements for the punitive damages to be effective.
Reply With Quote Quick reply to this message
 
Old 10-29-2007, 12:34 PM
 
6,762 posts, read 11,611,993 times
Reputation: 3028
Quote:
Originally Posted by TriMT7 View Post
Punitive damages must be sufficiently calculated to be a DETERRENT to those who they are levied against.

Multi multi billion dollar corporations NEED $5 billion ++++ settlements for the punitive damages to be effective.
I guess I've not seen where lawsuits were designed to reward people punitive damages above and beyond the actual damages to deter future incidents.

So if I take my car to the car wash and they scratch it up, a new paint job is gonna cost me $900, I should expect them to pay me $1800 so they won't scratch someone elses car?
Reply With Quote Quick reply to this message
 
Old 10-29-2007, 01:36 PM
 
9,882 posts, read 10,800,431 times
Reputation: 3108
the good news is the supreme court has agreed to look at this case and the ridicules amount of punitive damages, they have a precedent for throwing these insane judgements out!
Reply With Quote Quick reply to this message
 
Old 10-29-2007, 03:25 PM
 
78,016 posts, read 60,232,230 times
Reputation: 49415
Quote:
Originally Posted by GregW View Post
Charge EXXON the interest as well as the fine. I would pull their corporate charted and confiscate all their assists including executive retirement payments and pensions but then I have no truce with monopoly. Oh and cost them any future profit in Iraq.
Seize the assets, skip all legal proceedings, violate any number of laws and the constitution....you forgot executing them and working them to death in gulags.

If I wanted to read such hateful garbage I'd stop avoiding Anne Coulter's junk.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Similar Threads

All times are GMT -6. The time now is 02:21 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top