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This fine was imposed by the US Treasury but strangely enough Rex Tillerson was CEO when the sanction violations occurred. Meanwhile Exxon is fighting to lift the sanctions that are in place.
Quote:
Exxon Mobil Corp. showed "reckless disregard" for U.S. sanctions on Russia three years ago while Secretary of State Rex Tillerson was the oil giant's chief executive officer, the Treasury Department said Thursday.
It fined the company $2 million, the maximum civil penalty under the law, calling the violation an "egregious case."
Exxon "is a sophisticated and experienced oil and gas company that has global operations" and should know better when it comes to U.S. sanctions, Treasury said.
Just another day at the office. I'm not really defending it but, show me a large multi-national enterprise (HQ'd anywhere in the world) and I'll show you some lines stepped over.
Yawn.....and 2 million for Exxon? That's the lunch tab.
Well there is the Russian sanctions that might mean this is a little different, particularly since the prior CEO is now the Secretary of State. That amount is the maximum, too bad they couldn't go higher. This is not your typical company, they stand to benefit greatly if Russian sanctions are lifted.
This fine was imposed by the US Treasury but strangely enough Rex Tillerson was CEO when the sanction violations occurred. Meanwhile Exxon is fighting to lift the sanctions that are in place.
Why didn't they just say no appetizers for the next two weeks?
Corporations look at most fines as the cost of doing business. If you want them to obey these types of laws and rules, you need to have the real threat of jail time for the big dogs in charge.
Why didn't they just say no appetizers for the next two weeks?
Corporations look at most fines as the cost of doing business. If you want them to obey these types of laws and rules, you need to have the real threat of jail time for the big dogs in charge.
Well why are they suing the treasury department, they may spend a good amount in legal fees. It is relatively small so why do they care.
Well why are they suing the treasury department, they may spend a good amount in legal fees. It is relatively small so why do they care.
Let's say you were the CEO of Exxon. Which would concern you more, losing $2 million on $7.8 billion of revenue or you spending a year in jail? (This is the part where you utilize logic)
Rex Tillerson is the Secretary Of State and is now negotiating a deal with Russia, behind the scenes, for Exxon to drill their oil in Siberia. When Tillerson steps down Exxon will start drilling in Siberia.
Let's say you were the CEO of Exxon. Which would concern you more, losing $2 million on $7.8 billion of revenue or you spending a year in jail? (This is the part where you utilize logic)
Sure the sanctions are a priority, they could care less about Russia's actions in Ukraine and Crimea they want tha Rosneft deal going forward.
Rex Tillerson is the Secretary Of State and is now negotiating a deal with Russia, behind the scenes, for Exxon to drill their oil in Siberia. When Tillerson steps down Exxon will start drilling in Siberia.
Just so it's clear Exxon partners with many nations/companies across the world for oil/gas projects simply because they are the very best at what they do. A few years back they partnered with China and built a refinery in China, they weren't chosen for political reasons.
Why didn't they just say no appetizers for the next two weeks?
Corporations look at most fines as the cost of doing business. If you want them to obey these types of laws and rules, you need to have the real threat of jail time for the big dogs in charge.
yup -- that's the problem with most of the legislation in the USA.
The EPA act is cumbersome and fines are handed out left right and center -- but the fines are cheaper than actually doing the work to stop the polluting.
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