Category Archives: price fixing

BP to pay $373mil to make some problems go away..

Photo Sharing and Video Hosting at PhotobucketFirst off, its complete bs that British Petroleum-BP can do this. There should be criminal charges filed against these mofo’s at every level of management my dear reader. Per an AP writeup, they are buying their way out of the following problems:

BP PLC is taking a multimillion dollar broom to sweep away a slew of federal charges linked to energy price fixing, a deadly refinery blast and pipeline leaks and focus on its energy business.

The more than $373 million in settlements announced Thursday are part of the company’s attempt to get rid of the problems left over from the stewardship of former chief executive John Browne and move ahead with the recently announced restructuring of Europe’s second-largest oil company.

On top of the fines and restitution, four former BP employees were indicted by a federal grand jury in Chicago on 20 counts of mail and wire fraud connected to a scheme to manipulate energy markets.

The bulk of the fines — $303.5 million — aim to punish BP for conspiring to fix propane prices in 2003 and 2004.

Screw ‘punishing’ them..put their smarmy asses in jail for Christ sakes for the murder of their employees. I know if I commit a crime, I can’t buy my way out of it..can you? But this huge corporation can and will. Also..who is going to pay back the citizens that got screwed when these jackasses colluded to fix prices?

This reminds me of the last post I did here ..about fixing the price of natural gas on the commodities market.

Photo Sharing and Video Hosting at PhotobucketLook at this picture of the plant in TX that blew to hell because BP was cutting corners on safety. People died in this explosion. And BP gets to just pay a fucking fine. Amazing.

Tags: British Petroleum, corporate crime, BP