"Some deal. BP gets the gold mine and its victims get the shaft. And a few lawyers will get vacation homes—though they won’t be so stupid as to build them on the Gulf Coast.
On the night of March 2, the judge-picked lawyers for 120,000 victims of the Deepwater Horizon blow-out cut a back-room deal with oil company BP PLC which will save the lawyers the hard work of a trial and save the oil giant billions of dollars. It will also save the company the threat of exposing the true and very ugly story of the Gulf of Mexico oil platform blow-out.
I have been to the Gulf and seen the damage—and the oil that BP says is gone. Miles of it. As an economist who calculated damages for plaintiffs in the Exxon Valdez oil spill case, I can tell you right now that there is no way, no how, that the $7.8 billion BP says it will spend on this settlement will cover that damage, the lost incomes, homes, businesses and boats, let alone the lost lives—from cancers, fetal deformities, miscarriages, and lung and skin diseases.
Two years ago, President Obama forced BP to set aside at least $20 billion for the oil spill’s victims. This week’s settlement will add exactly ZERO to that fund. Indeed, BP is crowing that, adding in the sums already paid out, the company will still have spent less than the amount committed to the Obama fund.
There’s so much corrosion, mendacity and evil here in this settlement deal that I hardly know where to begin.
So, let’s start with punitive damages.”
- BP Settlement Sells Out Victims, by Greg Palast
To read the rest of Palast’s article, click here.