Friday, June 18, 2010

Hayward gets his life back, and the Empire Strikes Back

BP Chairman of the Board has ousted CEO Tony Hayward from day-to-day management of the Gulf oil spill response, tapping Managing Director Bob Dudley in his place.   Chairman Carl-Henric Svanberg said, during an interview with Sky News: "It is clear Tony has made remarks that have upset people. This has now turned into a reputation matter, financial and political, and that is why you will now see more of me."

Time will tell if that's a good thing, and whether Mr. "Small People" Svanberg can keep his own gaffes from spilling.

Meanwhile, in New Orleans US District Court, the government has submitted its response to the moratorium lawsuit filed late last week by Hornbeck Offshore Services. In their response, they conveniently ignore the fact that all deepwater wells had just passed safety inspections and argue that the moratorium is needed to prevent additional blowouts and spills.  The government also conveniently ignores data published by a trade group and corroborated by independent analysts, and claims that the moratoriums economic effects will be neither severe nor long-lasting.  A government lawyer, exiting the courtroom is overheard wondering aloud, "why the rigs simply wouldn't come back after six months."

Gimme some feedback in the comments.

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