Saturday, March 3, 2012

BP Settlement

At $7.8 billion, the BP settlement is obviously large. However, it is important to note that the Deepwater Horizon oil spill was a catastrophe for the Gulf Coast area. The size of this settlement was always going to be huge. Corporate responsibility is a contingent element of any high risk operation and to put it bluntly, BP screwed up. I agree that tort damages in the US are often too high but in this case, in the context of the damage that was done, the number seems about right.

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