Transocean execs donating safety bonuses to fund for oil spill victims By Jordan Robertson, Associated PressPosted 1h 46m ago |
SAN FRANCISCO — Executives at the offshore drilling contractor at the center of last year’s Gulf of Mexico oil spill are donating bonuses they got for the company’s safety record last year.
The decision announced Tuesday comes just days after Transocean disclosed the bonuses deep in a regulatory filing, triggering intense criticism.
Transocean justified the bonuses by calling 2010 an “exemplary” year for safety — despite the explosion on its rig that killed 11 people and spilled 200 million gallons of oil.
CEO Steven Newman and four other executives are donating bonuses worth more than $250,000 to a fund set up by Transocean for the victims’ families.
Newman says it was never the executives’ intent to diminish the effect the disaster has had on those who lost loved ones.
There has been almost no attention paid to the real reason for the pension mess.
The S&P has been flat for a decade so even previously sound pension funds, and that is most of them, are strapped for funds due to poor investment performance.
What are CEO's and their cronies doing to earn their money? If the stock is flat , no dividends are paid, productive plants closed in favor of outsourcing, and the enterprise leveraged to the hilt, why not just shoot 'em instead of paying bonuses?
So, how has the focus shifted onto teachers as the allegedly evil leaches on the taxpaying public driving us to ruin? Corporate greed leading to the trashing the U.S. economy and taxpayer bailouts of banks too big to fail have been the major problem. Not long ago, the press was descrying teacher salaries as too low to recruit top flight talent to teaching leaving our kids to be taught by "second raters" or idealists.
I personally know several teachers and do not know any rich ones. Yes, some have summers off, though others work at some jobs or teach in summer school, etc. Yes, the tenure issue is problematic, though as soon as that is removed, expect to see biology teachers fired in the bible belt for not teaching "intelligent design," or biology teachers caving and not really teaching science in the bible belt for fear of being fired. Yes, there is pension abuse and pension reform is necessary because benefits became too rich during the various bubbles.
Does anyone remember the reason why? It was hard to retain professional talent in the public sector during boom times. Benefits were raised to allow the public sector to compete with the private sector. A lawyer specializing in civil rights case whom I recently beat twice has recently hit a public entity for multi-millions in a similar case. The difference between us is that he is more of a gambler willing to deal with hits and misses, and I sought security and stability in the public sector. He takes advantage of public entities that make mistakes, and I defend a public entity from lawsuits by him and others in the private sector. He is not a better lawyer, though he is likely to make more money because he is more ambitious and takes more risks. I am better on the law, he is a better businessman.
Judge Judy makes 2.5 million dollars a year. Chief Justice Roberts makes $250,000 a year. Former California Chief Justice George made less than his daughter, a first year associate at a national firm, and he makes more than 99.9 percent of public attorneys. Public sector pay of professionals is not too high. Certainly, one can always find an example of an overpaid public employee not working very hard, just as one can always find an example of misconduct in any level of public or private endeavor if one looks diligently enough. Those examples do not prove that all public employee compensation is out of line.
Get rid of talented in house lawyers, then the public will need to pay private practice rates for quality representation needed to prevent huge verdicts paid by taxpayers. Corporations have turned to well compensated in house counsel to reduce the cost of private outside counsel.
It is amazing how corporate interests have shifted taxpayer anger from themselves to teachers, police officers, DA's and other public employees. Pension reform is necessary, but the taxpayers have been raped by corporate interests, and their management taking bonuses, without the victims seeming to notice. Their anger at public employes is misplaced. Corporations and their political lackeys use the press to stupify the public like corrupt frat boys use ruffies.
They are "connected" so because of their station in society they "deserve" the bonuses regardless of job performance.
That's the way US business works.
If their actual performance doesn't merit the bonuses and raises, the books are cooked to make it appear they do.
You didn't think Wall Street allocated and set performance groups before the fiscal year started did you? It is an "after the fact" thing to give each connected individual a turn at the trough.
Transocean is just emulating their financiers.
-- Edited by BigG on Sunday 3rd of April 2011 09:22:59 PM
