Remember how British Petroleum and their Tory, Republican and other corporatist allies whined and whined and whined that Poor Widdle British Petroleum just couldn’t pay to clean up its own big-ass Gulf of Mexico oil spill because they’d have to starve all the grannies in the UK to do it?
Guess what? It was a big fat lie.
Not only do British pension plans have but minimal exposure to BP stock (1.5% at most), but guess what? BP stuck US taxpayers with the bulk of the cleanup bill:
It has become apparent that BP deducted essentially all of the costs of cleaning up the Deepwater Horizon spill from their taxes in 2010. According to an article in The Guardian, BP had paid $14 billion total in cleanup costs associated with the spill as of January 2012 (http://www.guardian.co.uk/business/2012/jan/03/bp-seeks-spill-costs-halliburton), yet, according to a recent Fox Article in 2010 ALONE they deducted $13 billion from their federal income tax as ‘business costs’ (http://www.foxnews.com/politics/2011/04/22/bp-cut-tax-13b-losses-spill/)
As the author notes, the numbers come from different sources and thus vary somewhat, but it’s still got the stench of “massive con” all over it:
They came in and tried to exploit hard-to-reach resources, and their own ineptitude caused the failure of their project and directly resulted in negative externalities for the American people that are truly incomprehensible in scale. And then WE PAID FOR THE CLEANUP.
Seriously, people. You should be pissed.
I am, buddy. I am.
(Crossposted to Mercury Rising.)



9 Comments

Well I supppose that saved BP 36% of 13 billion if 36% is still the corporate taxation rate.
How else would you handle $13 billion in costs for tax purposes? It’s not income. Anytime a company has costs it lowers net income, i.e. profit, and thus taxes paid.
Criminal fines may be in order but that is separate issue.
Criminal fines sound good to me.
Criminal fines. And directors in prison, for-profit prisons if possible (just for them!). And corporate capital punishment — dissolution.
And the UK grannies can put their pension funds (assuming they have any to put) into less toxic investments.
And the clean up sucked. They killed the Gulf. Funny how we aren’t hearing about it here. Two oceans down (Pacific is full of nuclear poison) and the rest to follow in short order.
I never dreamed I would live to see the beginning of the end of my own species. It is closer than we think.
But at least they were sorry.
http://www.youtube.com/watch?v=KlIRsFf9aJc
Rec’d!
Reminds me of Obama’s unwillingness to admit to the crimes committed in the financial meltdown: “on the issue of prosecutions on Wall Street, one of the biggest problems about the collapse of Lehman’s and the subsequent financial crisis and the whole subprime lending fiasco is that a lot of that stuff wasn’t necessarily illegal, it was just immoral or inappropriate or reckless.”
and how many thinking feeling mammals suffered unspeakable pain and death?
http://www2.macleans.ca/2012/02/20/why-whales-and-dolphins-should-qualify-as-non-human-people/
the Dems,the Pukes,the corportists can never atone for this much destruction
hah…they wont even try
reccd PW
Absolutely correct! For further details and documentation see http://newprogs.org/blog/2011/06/17/obama-gave-us-sovereignty-bp