Thursday, 11 July 2013

"Fleecing BP in Louisiana"

Good point, from the reliable Joe Nocera....
The next time a big company has an industrial accident, its board of directors is likely to question whether it really makes sense to “do the right thing” the way BP has tried to. Any board comparing BP’s response to the gulf oil spill with Exxon-Mobil’s response to the Exxon-Valdez spill is going to come to the obvious conclusion: Exxon-Mobil’s litigation-to-the-death strategy — which ultimately cost it $4 billion rather than the potential $40 billion liability BP is now facing — was the right one. Is that really what we want as a country?
Disclosure: we own BP shares... Still, it's a good point. As is the one immediately after the para above: comparisons with Russia's kleptocracy.  Do go and read it all.  It's in the New York Times.
LATER: Joe Nocera on the warpath again, of the lawyers' litigation lurk.... ""Lawyers' business model" (NYT, 31 July)