Thursday, September 07, 2006

Hard working men

When Richard C. Woollam was asked by a recent House hearing on what the f*ck happened to cause oil spills out in the beautiful Alaskan wild due to leaky pipelines that were reportedly not well maintained for months, his response was:
"Based upon the advice of counsel, I respectfully will not answer questions."
Sounds kind a defense of someone getting a dress wet a few years back.
Now that would not bother me if it really was just a silly human mistake. Exxon oil spill? Not a problem, everyone needs to get drunk once in a while. Insider trading scandals? Hey, everyone needs a friend. No bid contracts? You got the money?I've got the time!

The thing that really pisses me off is that this guy most likely received a 6 figure income plus stock benefits as 'former head' of monitoring Prudhoe Bay. This moron was in charge of preventing the very thing that allegedly took them by surprise. Perhaps he was in the Horse training business before he was hired like 'Heck- of-a-job-Browny' was.

OK. I admit, I'm a little jealous. Getting over paid, screwing up and pleading the fifth, who wouldn't be?
Especially with the stock options.

It's also not that they didn't have plenty of warning from others concerning the pipeline corrosion. But where there's conspiracy theories floating there's also talk radio:

"I was listening to some fellow on local talk radio last night...he claims he worked on the pipeline when it was being built, and claims that the notion that the whole thing had to be shut down for repair was complete and utter B.S. He stated that there were numerous sections of spare piping at various substations along the pipeline, which could be very rapidly put into place to bypass large sections of the pipe while they are inspected and repaired. The only conclusion he could come to was that the shutdown was a ruse to justify increased oil prices. "

I have great respect for the advances BP has done to fund church charities, create alternative fuel sources ...and well, just 'thinking outside the box':

Lord Browne, the chief executive of BP, has been called on by a Texas judge to give testimony on the Texas City fire which killed 15 people and injured many others. The settlement offered to victims, including the suggested church donation, was deemed unusual but not illegal. It was "outside the box, but I don't think it was unethical", said Judge Susan Criss.
BP declined to comment

I also have great respect for Rep. Diana DeGette for her take on BP's vision and work ethics:

Rep. Diana DeGette D-Colo., said she was especially disappointed in BP, since it professes in advertising to pride itself on protecting the environment.
"I applaud BP for trying to move beyond petroleum, but maybe it should start by sticking to the basics and begin to focus on rudimentary pipe maintenance."

Yes, maybe. Might want to check her income statements.

Oh, one last thing -
if the above isn't enough. BP, while grievously shortchanging pipeline maintenance (not to speak of the Texas City Refinery disaster the year before) found $8.5 billion, I repeat $8.5 billion, to buy back 725 million of its shares during the first half of 2006 alone. And to raise its dividend by 11%.
Nice work if you can get it. Thanks BP!

And to think I sold the stock to buy dollar calls. THE JESUS CAMP MOVIE!! OUT IN NOV 2006 A MUST SEE!


Anonymous Rex Kramer, Oil Seeker said...

AJ, I don't think I need to tell you that selling your stock in oil companies, even foreign oil companies, is implicity un-American! Unless, of course, you're a small-time wildcatter in Texas who sells his failing enterprise to deep-pocketed Saudis (do Saudis have pockets?) in a deal brokered by the folks who'll eventually fund your first political campaign.

In THAT scenario, well, you couldn't be MORE American!

12:29 AM  
Blogger AJ said...

Yes, well giving that all hell is about to break loose in the ME and very little gold (or oil) is available to mere mortals, what would the typical FX trader invest in?
Is the Fed Chairman going to raise the damn rates again. Crap. Who's pulling his chain?

10:55 AM  
Blogger AJ said...

testing testing 123?

beta sucks...

8:12 PM  
Anonymous Elizabeth Branford said...

Oh so like Kramer, you have the fancy beta huh??

The rates need to be raised, the economy needs to adjust.

BP is an evil succubistic entity.

10:47 PM  

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