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April 4, 2011 - 7:21AM
Transocean Ltd gave its top executives bonuses for achieving the "best year in safety performance in our company's history" - despite the explosion of its oil rig that killed 11 people and spilled 757 million litres of oil into the Gulf of Mexico.
The company said in a regulatory filing that its most senior managers were given two thirds of their total possible safety bonus.
Transocean noted "the tragic loss of life" in the Gulf when the rig operated by BP PLC exploded last April. But it said the company still had an "exemplary" safety record because it met or exceeded certain internal safety targets concerning the frequency and severity of its accidents, according to the filing with the Securities and Exchange Commission on Friday.
Safety accounts for a quarter of the executives' total cash bonuses. The total bonus for CEO Steve Newman last year was $US374,062 ($A363,300).
One would think that BP PR office would have stepped in and said "Guys, I know that you'd love to take that 300k... but the bad PR hit is going to have greater ramifications fiscally to this company."
However, Americans don't care. Their eyeballs will gravitate over to the latest Glee and American Idol headlines before they settle on this doozy.
hold up a minute...this bonus was to Transocean Ltd. Execs...NOT BP Execs. not sure what kind of difference that makes, but there are multiple companies handling different operations on that rig at any given time.
Tim 'the tax cheat' guitner and Barney Frank go unscathed and get positions of great responsibility for neglecting their official responsibility of ensuring the banks, freddie and fannie remain solvent. Watchdogs asleep on the job get a steak dinner.
So why the outrage against BP or better yet why no outrage for the men so instrumental in destroying the world economy. Tim and Barney's failure and ineptness trumps BPs mistake.
If 11 dead is the best in years do they need to be looked at more closely?
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BP acts like Obama, Obama gets a pass
