The individual who accepts the benefits of a society’s protections has a duty, a “social contract” if you will, to behave in a way that is not detrimental to that society. When an individual takes an unnecessary risk that endangers society, that individual can and should be held accountable for breaking that contract. The same concept should apply to corporations. Now that the Supreme Court has decided that corporations are “persons” with respect to First Amendment rights, it logically follows that those same corporations, and their managers, should be held personally responsible for their corporation’s actions.
The ongoing oil leak in the Gulf of Mexico is an example of unnecessary risk. While the rig explosion itself may have been unavoidable, being unprepared to respond to such an event is unacceptable given the acknowledged risks. BP’s lack of an adequate contingency plan is an appalling breach of its “social contract” with the American people. The corporation and its managers must be held responsible not only for the cleanup costs, but for any and all cost to society. With rights come responsibilities. If the corporation is made to pay the entire cost, they might think spill before they drill.
Liability limits in the 1990 Law DO NOT apply when safety, conduct issues are evident -- BP "qualifies" for both , notably safety violations. They have a LONG track record of fighting the US Govt on safety regulations --- in court, you just cite these violations and the limits go away BIG TIME.
They have OPEN ENDED liability
The biggest loss is not to BP but the American people. This administration has set out to attack big business, banks, even venture capitalists that start new businesses. I have already have one hedge fund refuse to invest in our technology as we are located in the U.S. Taxes are lower in China with better growth opportunities.
Read the article below. BP is NOT going to be paying every motel owner and cotton candy vendor in the Gulf. Frankly, I don't know why anyone would vacation in the Gulf area to begin with but that's another story...
It's not fisherman that BP should be worried about, it's lost tourism! Nobody is going to want to vacation, swim or eat seafood from the gulf for a long time, and that's assuming this whole "dome" thing works in a week!
If it doesn't, all bets are off!
There's going to be a huge backlash across the gulf coast if a measly 75 million dollar cap kicks in on this!
Get real! The damage to the BP name that such a cap would instill may be worse than just ponying up all the money for the damages!
I know I'll never buy gas from a BP station again!
They'll pay a LOT more than $75 million at the end of the day...
I still don't understand why people talk about boycotting BP? The investigation will show the majority of blame lies with RIG. Also, it was an ACCIDENT!
These things are gonna happen..We consume too much oil! Maybe people will finally get rid of those massive SUVs they use to cart their large asses around? No, that won't happen.
Yes, and they can't change the law to make it retroactive. It would never pass. Can't change the rules during the game.
That's the Federal law. The States can still sue for damages depending on the results of the investigations to come. I think they'll find RIG screwed up.