CEO: BP will make good on $10 billion in profit payouts to shareholders, despite spill
OPS_admin | Jun 05, 2010 | Comments 0
BP’s shareholders may receive more this year from the company’s coffers than those affected by the spill in the Gulf of Mexico will receive in their lifetime.
BP CEO Tony Hayward has indicated that he will go ahead with massive dividend payouts to shareholders in the aftermath of the worst oil spill in US history. $10 billion in payouts are scheduled for this year. The cost of the spill has been estimated in the tens of billions, but ExxonMobil only ended up paying a $507 million settlement for the 1994 Exxon Valdez spill after 20 years of appeals.
BP’s dividend ratio is now at 7.4 percent per year, more than twice the average payout of companies listed in the S&P 500. This means that US investors who hold BP stock effectively earn 7.4% interest on their shares — more when US tax law is taken into account — in addition to any gains or losses as a result of price shifts in the stock’s value.
Full Story: CEO: BP will make good on $10 billion in profit payouts to shareholders, despite spill | Raw Story.
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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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" We the corporations" On January 21, 2010, with its ruling in Citizens United v. Federal Election Commission, the Supreme Court ruled that corporations are persons, entitled by the U.S. Constitution to buy elections and run our government. __________
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The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. 
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