Hang on a sec . . . could this actually be . . . good news??!!111?!1!

[WilliamPitt]

U.S. Sues BP and Other Companies Over Gulf Spill
By THE ASSOCIATED PRESS
Published: December 15, 2010

WASHINGTON (AP) — The Justice Department on Wednesday sued BP Exploration and Production Inc. and eight other companies in the Gulf oil spill disaster in an effort to recover billions of dollars from the largest offshore spill in U.S. history.

The Obama administration's lawsuit asks that the companies be held liable without limitation under the Oil Pollution Act for all removal costs and damages caused by the oil spill, including damages to natural resources. The lawsuit also seeks civil penalties under the Clean Water Act.

An explosion that killed 11 workers at BP's Macondo well last April led to oil spewing from the company's undersea well — more than 200 million gallons in all by the government's estimate. BP disputes the figure.

The department filed the suit in federal court in New Orleans.

The other defendants in the case are Anadarko Exploration & Production LP and Anadarko Petroleum Corp.; MOEX Offshore 2007 LLC; Triton Asset Leasing GMBH; Transocean Holdings LLC and Transocean Offshore Deepwater Drilling Inc. and Transocean Deepwater Inc.; and BP's insurer, QBE Underwriting Ltd./Lloyd's Syndicate 1036.

Anadarko and MOEX are minority owners of the well that blew out. Transocean owned the rig that BP was leasing.

The rest: http://www.nytimes.com/aponline/2010/12/15/business/AP-US-Gulf-Oil-Spill-Justice.html?_r=1&hp

[spanone]

1. k&r

[Hell Hath No Fury]

2. Finally.

Some good news. Nail BP's ass to the WALL -- no settlement like Arnie did out here in CA after the Enron scam.

[CaliforniaPeggy]

3. It could actually be...

This is the thing that is so maddening about Obama: One minute, he's caving to the Republicans, and behaving as though he belongs to them...and the next minute, he's just who we thought he was, when we elected him.

When something like this happens, I feel renewed hope that maybe, just maybe, he might be really good for us, after all...

I just wish he were more consistent.

Recommended.

[dragonlady]

6. I'm sure they've been preparing this case for a while

A major case like this can't be assembled overnight.

[Whisp]

11. true. this stuff doesn't happen out of the blue overnight

Obama's people were working while some here were complaining and pissing about how Obama does shit all and what a thorough dissapointment he is.

as if he has to personally send a progress report to every DUer.

[butterfly77]

28. He's playing chess..

[Little Star]

4. k&r

[Old and In the Way]

5. Wait...government holding corporations accountable?

Is this a new concept?

[The Magistrate]

7. Good News, Sir? Never Heard Of the Stuff....

"Always borrow from pessimists; they don't expect to be paid back."

[DirkGently]

8. Certainly sounds like. Credit where it's due if the administration follows through on this.

[MineralMan]

9. This is exactly what the President said he was going to do.

Preparing to file such a case takes quite some time. I don't know why anyone's surprised.

[spin]

25. It was beginning to look like he sold out to Big Oil ...

as so many other politicians have.

Glad to see that this might have been false.

[Cirque du So-What]

10. Well, *I* certainly view it as good news

In another of these threads, I see loads of 'sour grapes' attitude & gratuitous swipes at our President. There's no pleasing some people...

[gratuitous]

12. We'll see . . .

At this point, my eye is so jaundiced I look like Scut Farkus. Which means that this suit is a way to pre-empt any other action against the Gulf of Mexico Killers, and the DOJ will prosecute the suit in such a non-adversarial manner (despite the initial pleadings and allegations) that these miscreants get off with something resembling the proverbial slap on the wrist. And nobody else gets to sue, because the federal action will be the people's sole remedy for the damage done.

[Divernan]

16. Quite likely - Let BP determine the damages & settle for 5 cents on the dollar.

I hope I'm wrong, but speaking as a retired trial attorney (civil cases), and based on actions by this administration for the past two years, I think you're right. Actually, at this point, the long term economic and environmental costs of this are far from determined. In some British coverage of what they describe as their coldest winter in a century, the reporters referred to changes in the Gulf Stream caused by the oil "spill", and the impact it is having and will continue to have on weather patterns.

No one can guarantee when or if the Gulf's fishing industry will recover.

Therefore, any settlement or jury award should err on the generous side, and include massive punitive damages, in line with BP's massive profits.

Meanwhile, BP can drag this legal action out for years and will take advantage of the dire financial straits of people in the Gulf area to get them to settle immediately for de minimis amounts.

Note: when the feds bailed out Big Banking, the feds paid full value (dollar for dollar) on the bad paper, whereas typically, the payoff would be the aforesaid 5 cents on the dollar.

[sweetapogee]

19. another thing

It is my understanding (subject to better informed readers) that when the administration worked out the 20 Billion dollar slush fund to pay for the clean-up last summer, the agreement allowed BP to put 1 Billion per year into that fund (for 20 years) and that the yearly installment would come out of profits above a certain amount. The idea being that requiring the company to take a 20 Billion dollar lump sum out of it's operating capital would force the company into ch. 11.

[Guilded Lilly]

13. Hammer them.

[Graybeard]

14. Why isn't Halliburton on that list?

?????????????????

[TheWraith]

21. Halliburton wasn't involved with owning or operating the rig or the well.

Halliburton provided some support services to BP, but the well was owned by BP and Anadarko, and the rig was operated by BP and Transocean.

[nc4bo]

26. So I guess it'd be up to BP to go after Halliburton, right? nt

[OneGrassRoot]

29. Oh, that would be sweet...

if they start eating their own by going after Halliburton!

:bounce:

[RUMMYisFROSTED]

15. Key snip: "in an effort ."

I, for one, am gratified that an effort is going to be exerted.

[bluedigger]

17. In a quarter century or so, it just might bear fruit...

Exxon Valdez took about twenty years to get to the SC, this will probably take longer. It isn't like TV, where they wrap it up in 60 minutes, less commercials.:shrug:

[Fla Dem]

20. Just what I was thinking. Many of those affected will be long gone before a settlement is reached.

Ruined lives and businesses will never see any recompense. Bravo for filing the suit, at least it will put other companies on notice.

[Bonhomme Richard]

18. Maybe the Democratic leadership has been out of the loop on this one.

Even if they agree I'd bet the repugs quash it when they take over.

[TheWraith]

22. The Republicans don't get to take over the Department of Justice. nt

[Divernan]

24. Not for another two years and then they can settle quickly and cheaply.

[progressoid]

23. Ya know...

I'm so used to shitty news, I'm not sure how to react to this.

This is a good thing, right?

[nc4bo]

27. Yes good news, follow it through! K&R nt

[KoKo]

30. Check this out PLEASE for Truth Out....

I just gave them good donation...this is something quirky...don't know what to think about it. It could use your perspective and talents...to tell us what you think. Also for Truth Out/Truth Dig...this is what Fiancial Dems are doing:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x16771

[madinmaryland]

31. K&R (elevens)

[femrap]

32. How much did Exxon end up paying?????

Not much.

This is a crumb to the base since they gave all the money to the Rich.

[KoKo]

33. We...Who still hold out HOPE for OBAMA....feel it's a Good Thiing..

Others of us have "doubts" ...because of his HISTORY!

It remains to be seen how it all works out for Obama Presidency.

Will take some time for it all to "sort out."

[snot]

34. I'll count that chicken when the amount of $$ actually assessed & paid by BP is hatched.

[Scurrilous]

35. K & R

:thumbsup: