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Edit: Vitter Pushes for Bill to increase liability of BP
Posted on 5/27/10 at 4:09 pm
Posted on 5/27/10 at 4:09 pm
Am I reading this correctly? WTF is he thinking? Frick BP!
Vitter Pushes for BP Bailout Bill
Edit: the above story was poorly reported and severely misleading
This is a better explanation
I have also posted this link in a later post for those who check the end of the thread
Vitter Pushes for BP Bailout Bill
Edit: the above story was poorly reported and severely misleading
This is a better explanation
I have also posted this link in a later post for those who check the end of the thread
This post was edited on 5/27/10 at 7:00 pm
2
Posted on 5/27/10 at 4:10 pm to proger
Dude must be high...WTF is he doing???!?!?!?!
Posted on 5/27/10 at 4:16 pm to back9Tiger
The way I understand it, there is already a cap. He is actually pushing to increase the cap, not impose a new cap.
Posted on 5/27/10 at 4:17 pm to back9Tiger
Wow...just wow. This isn't going to help his re-election.
Posted on 5/27/10 at 4:19 pm to back9Tiger
Isn't the limit 75 million now? With this bill the minimum liability would be $150 million and in BP case much more. Maybe I am getting my information mixed up but I thought that is what I read at the start of this mess. After Valdez the liability limit was raised to $75 million.
Posted on 5/27/10 at 4:21 pm to RPC4LSU
yes right now it is 75 million.
Posted on 5/27/10 at 4:21 pm to proger
Gotta look out for those "Mom and Pop" deepwater drilling companies. 
Posted on 5/27/10 at 4:22 pm to RPC4LSU
quote:
Isn't the limit 75 million now? With this bill the minimum liability would be $150 million and in BP case much more. Maybe I am getting my information mixed up but I thought that is what I read at the start of this mess. After Valdez the liability limit was raised to $75 million.
Exactly! They are acting like Vitter is trying to help BP, when in fact it increases BP's potential liabiltiy. It is not a bailout!
This post was edited on 5/27/10 at 4:23 pm
Posted on 5/27/10 at 4:25 pm to back9Tiger
So the legislation at least doubles the liability. Anybody know how much BP earned in the last 4 quarters so we know what their liability would be if the bill passed? BTW, the original title is misleading since there is already a $75 million limit. It should say Vitter pushes for an increase in Oil Company Liability IMO.
Posted on 5/27/10 at 4:25 pm to LSUray
BP makes 6 billion per quarter. No cap should apply for them. This is bullshite. They must be in his pockets.
Posted on 5/27/10 at 4:31 pm to RPC4LSU
This is basically a compromise bill to the one that was previously shot down.
Posted on 5/27/10 at 4:41 pm to LEASTBAY
So BP liability would be $24 billion instead of $75 million. Yeah, it sounds like Vitter is giving away the farm here. He needs to be run out on a rail.
Posted on 5/27/10 at 4:41 pm to LSUray
quote:
Exactly! They are acting like Vitter is trying to help BP, when in fact it increases BP's potential liabiltiy. It is not a bailout!
Wow, if that is the case then this is pretty irresponsible reporting in the article I linked.
Posted on 5/27/10 at 4:47 pm to proger
Wouldn't the added exposure make it almost impossible for the smaller companies to operate? BP can continue operations with the larger hit. mom and pop not so much.
Posted on 5/27/10 at 4:48 pm to proger
Ok I'm confused. Are people pushing to tremendously raise the liability amount or completely get rid of the limit and Vitter wants to put it at 150 mil? Is that why people are upset with Vitter?
Posted on 5/27/10 at 4:58 pm to LSUray
quote:
He is actually pushing to increase the cap, not impose a new cap.
If he really want to increase the cap, he will sign on with the Democrats and raise the cap to $10 billion. $150 million is chump change for these guys.
Posted on 5/27/10 at 5:02 pm to Fratastic423
No, I think the article was written by the DNC to try to make Vitter look bad. The article says the bill make the minimum liability $150 million, but it could be profits for the last 4 quarters.
Posted on 5/27/10 at 5:02 pm to LEASTBAY
quote:
This is bullshite. They must be in his pockets.
quote:
During his first term as a member of the House of Representatives, Vitter introduced a bill to limit the criminal liability of corporations found responsible for oil spills. Vitter's bill would have exempted oil companies from all criminal sanctions except those specifically found in the Oil Pollution Act of 1990. (HR 5100, 106th Congress)
LINK
Posted on 5/27/10 at 5:07 pm to Decatur
quote:
If he really want to increase the cap, he will sign on with the Democrats and raise the cap to $10 billion. $150 million is chump change for these guys.
From the article:
Vitter's bill caps a ‘responsible company's' liability at the total of their last four quarters of profit or $150 million, whichever is higher.
According to one previous poster, BP made $24 billion last year. If that is true $24 billion>$10 billion.
Posted on 5/27/10 at 5:12 pm to RPC4LSU
quote:
According to one previous poster, BP made $24 billion last year. If that is true $24 billion>$10 billion.
I guess that's possible then. But what if someone like BP had a bad year one year and lost money. Then they are limited to $150 million, even if the damages exceed $10 billion.
I don't like his bill (at least based on the reporting). The companies should be on the tag for the damage they cause and basing it off of whether the company makes a profit one year seems arbitrary.
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