Oil Crimes

From: http://thinkprogress.org/2006/01/30/10-billion-isnt-enough/

Exxon Mobil recorded the highest quarterly profit ever for a publicly traded U.S. company, raking in $10.71 billion in the fourth quarter of 2005. The previous record was $9.92 billion, set by Exxon in the third quarter of 2005.

Apparently, that’s not enough. Exxon wants the money it had to pay as punishment for the 1989 Valdez oil spill refunded. Exxon Mobil Corp. urged a federal appeals court Friday to erase the $5 billion in damages an Alaska jury ordered the oil giant to pay for the 1989 Valdez oil spill.

Exxon attorney Walter Dellinger told a three-judge panel of the 9th U.S. Circuit Court of Appeals that the company should be liable for no more than $25 million in punitive damages. Punitive damages are meant to deter and punish misconduct. If a company pulls in $10 billion in profits a quarter, a $25 million penalty won’t deter anything.

Does anyone remember this little handout to the oil companies? http://www.washingtonpost.com/wp-dyn/content/article/2005/07/27/AR2005072702207.html

So here we have the essence of Bush Administration’s economic strategy at work. While they are telling the automakers that no help will be forthcoming, and telling the autoworkers they need to reeducate and relocate, the already profitable oil giants are not only receiving unnecessary tax subsidies, but now want to skip out on a bill they should have paid 17 years ago!

Here you go average citizen! Your credit card payments and utilities have doubled. Your benefits have been cut. Your pensions are unstable. Your home is washed away by natural disaster. You have to make the choice between eating and medicine. Your new prescription drug plan ends up costing you more than was promised. Every day is getting more expensive to live. You can’t save for the future like you used to.

AND, should you dare to not make one of those payments or to attempt now to claim financial distress, you will find no relief from government. Bill collectors and tax assessors will be swooping down on you like flies on a dung heap. Our government says “Too bad.” This administration dedicates itself to promoting ‘personal responsibility’ and ‘accountability’ unless, of course, your name is Exxon-Mobil or some other large corporation.

Someone explain to me how Exxon-Mobil, after being at fault for one of this nation’s worst environmental disasters, was able to get away with not paying their fines for 17 years? 17 years? If I receive a parking ticket, I had better not be two hours late when making payment or someone issues a bench warrant for my arrest. How does a wealthy corporation, found guilty of malfeasance (drunken captain), manage to evade restitution and fines for 17 years?

These are the same assholes that refused to take an oath when testifying before Congress. Ted Stevens (R-Alaska), who was a lawyer for Exxon-Mobil before being elected to the Senate, threatened to shut down the hearings if oaths were to be administered. The only man who won’t swear to his word is one who is lying, has criminal intent, or doesn’t think that he or his industry should be held accountable as you and I are.

There has got to be some serious public outcry over this.

See more at: http://www.exxposeexxon.com/

The Exxon case in 9th Circuit is no. 97-35192. Basically, Exxon-Mobil is challenging the punitive damage amount based on constitutional grounds that it violates due process. They are citing a case where a judgment against BMW was reversed because the company had no idea it was ever going to have to pay such a large amount. In other words, since they weren’t warned ahead of time that they would be having to pay a large amount, then they shouldn’t have to pay it.

Punitive damages are designed to deter companies and individuals from conducting business in a manner that leads to injury. The monetary punishment acts as a deterrent to professional malfeasance in many industries and without that potential threat, who knows what kind of corners would be cut in production, quality, and safety? We would have a poorly engineered nation if that were allowed to happen.

Exxon would like to have a predetermined checklist of punitive damages so that they can do a cost-benefit analysis to determine if safety needs to be considered at all. When the bean-counters take power from the safety people, someone is always going to get hurt and not be compensated.

I say we give them that list.