BP Hearing – Tony Hayward Q/A begins…

Update 4:15pm EST: Charlie Melancon D-LA just asked Hayward if BP will cover the $350 Million A MONTH in lost wages for the companies shutting down due to this..boy that figure really puts the 100M they put aside in perspective eh? Let’s see what Tony says….

Tony says “we’ve made a contribution having been asked to by the government to a fund that will be part of the funding for that issue.”

Melancon “Do you think that’s adequate? Given the expenses of the industry, you’ve been in the industry you know the costs…”

Tony: “We’ve made a contribution,k we’ve set aside 20Billion for claims”

Hayward is really testy on this. Melancon “the 20B is for OTHER claims”. Yeah BP is not gonna pay more than 100m for the closed in deep well drilling methinks.

Oh low blow! Melancon says the widow of one of the lost 11 asked why is money more important than someone’s life and he wants Hayward to respond to that. Hayward says ‘it isn’t…nothing comes before safety, it’s something I believe personally and passionately”.

God Bless the workers and the people of the Gulf., (that’s from MiM)

Hayward is repeating what it seems will be their defense, that he believes that the drill work was carried out because ‘EVERYONE’ on the rig agreed it should be (ie TransOcean, he is gonna take them all down, this was in response to Melancon citing the widows’ relating their husbands had said TransOcean kept pushing safety and there were concerns before the accident and BP kept pushing ahead).

Update 3:40pm EST: What we have learned this afternoon from Tony Hayward: ‘Yes, today is Thursday.’

Seriously. Best questioning of the day IMo has come from Rep. Cliff Stearns R-FL who just asked Hayward a series of 6 Y/N questions. Hayward will not admit any evidence of ‘reckless’ behaviour or decisions by BP on the Deepwater Horizon.

Stearns nicely demonstrated how indefensible that position is today, 60 days into it, in light of the testimony yesterday of the other Big Oil Execs who all said BP was reckless.

Hayward also says no one has been fired. Stearns asks why? Hayward ‘we are awaiting results of our investigation’. Stearns wants to know what kind of investigation it is that cannot in 60 days ascertain the reckless behavior of the BP employees who said things in emails like ‘who cares? it’s done we’ll get a fine’.

Stearns wants to know if the BP internal investigation takes 3 years will these employees still be at work then? Hayward gives his canned reply, ‘as soon as we learn anything from our investigation we will act upon it’.

Stearns nicely got Hayward to say Yes it is Thursday so he could pass the baton back to Chair Stupak with a ‘Well I got him to say it was Thursday Mr Chair’.

Joe Barton R-TX was able to ask 3 questions and make the statement that his earlier remarks in no way indicate he does not find BP responsible to pay damages etc and he apologizes if anyone took them that way.

Listen Barton is right. Regardless of what BP did, a forced funding outside due process is not the way to go. And it was a shakedown, I have said it before I say it again. That is Obama’s entire focus and that is why this is spinning out of control. I do not see WH focused on MITIGATING the damages, just on the payouts.  IMO that is what Barton was saying and he is spot-on.

Yesterday it was GM Senior Bond Holders stripped of recompense by Treasury stooges for big labor, Obama fired Rick Waggoner with no legal justification for doing so.

Today it is BP, whether they ultimately ARE the proper payors of the damages, which clearly they are, or not. Tomorrow it could be your 401K, seriously. Do not give any ground, ever, on due process. And lefties should be up in arms this is no different from their arguments on why they do not support stripping certain rights under the Patriot Act.

Update 2:01pm EST: Hearing about to reconvene. As Bertha Coombs on CNBC puts it, the Critters are frustrated b/c Hayward is clearly ‘lawyered up’ and is saying it is too soon to answer these questions awaiting the results of the BP investigations.

IMO the big news we got from this morning was that OTHER RIGS in GoM have the SAME design. If I were Obama I would feel it necessary to shut down the BP rigs that have this design, and I would reopen the rest.

12:33 pm EST: Hayward-‘I had no prior knowledge or involvement in the drilling of this well, none whatsoever”. Uhhh what? they need a Sarbanes Oxley sign off. Of course no Big Bank CEO that signed off on their BS ponzi accounting got prosecuted on that anyway, pfft.

Waxman is up, here we go! Oh dear Hayward said on taking CEO seat he would be ‘focused like a laser on safety’ Uh huh.

Oh boy Hayward just said MANY WELLS in the GoM have the SAME CASING AND CEMENT DESIGN! Oh shxt!

Update: Instapundit has Carville saying what Barton (and we!) said: An Offer BP Couldn’t Refuse. “Last night on CNN former Clinton Administration message man James Carville said: ‘It looks as if President Obama applied a little old-school Chicago persuasion to the oil executives.’ Making ‘offers you can’t refuse’ may be a great way to run the mob, but it is no way to run a country.” I agree. Let BP fail if its liabilities exceed its assets — don’t turn it into a government-controlled slush fund.

12:18pm EST: and away we go…CNBC is covering it on the livestream

the Critters have 30,000 pages of BP documents…everyone expects the Spanish Inquisition…Joe Barton R-TX told BP they were shaken down by the WH, we agree but it isn’t too popular a view there on the Hill..they don’t believe in Due Process but we knew that after the GM fiasco….BP cut so many corners I don’t know how Hayward can even appear to believe his internal investigation has any point to it..did Hayward not know? who made the calls?

June 17, 2010. Tags: , , . Economy, Obama Administration, Politics.

One Comment

  1. altonwoods replied:

    Nobody expects the Spanish inquisition!

    Where’s Cardinal Ximinez when you need him?

    Like

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