speaking of corporate waste....

[chiver78]

it's amazing how big shots can justify a bonus.

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from Forbes.com:
Transocean Execs Get Bonuses after ‘Best Year in Safety,’ Despite Gulf Oil Disaster

Transocean Ltd., owner of the Deepwater Horizon oil rig, awarded millions of dollars in bonuses to its executives after “the best year in safety performance in our company’s history,” according to an annual report and proxy statement released yesterday.

Eleven people were killed, including nine Transocean employees, in the April 20 explosion and collapse of the rig, which gushed crude oil into the Gulf of Mexico for 86 days.

“Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate and total potential severity rate,” Transocean states in the filing. “As measured by these standards, we recorded the best year in safety performance in our Company’s history, which is a reflection on our commitment to achieving an incident free environment, all the time, everywhere.”
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um....11 people died. I think you missed your safety goals for the year. your bonus would be much better used to be put into not value-engineering out designs for safety.

[Mad Dawg Wiccan]

I'd hate to see the records for their wost year.

[ugonow]

An award well deserved. They kept the bottom line safe by managing to avoid any liability for the explosion.

[safeharbor37]

Off shore drilling is inherently dangerous. One can have a good year, or even the "best"year and still have fatalities. One tries to minimize accidents and fatalities, but it is usually not possible to completely eliminate them, even in the safest conditions imaginable.
Even in what is considered the safest environments, accidents and fatalities occur. In dangerous occupations, the accident/fatality rate will be higher. I really don't know the situation with Transocean Ltd, but I do know that those who work on rigs understand the risks. A high school acquaintance [back in the 1950's] was killed in an accident on the Tennessee River [rig explosion] and the son of one of my employees was killed on a North Sea rig [scuba diver]. They both knew the risks and ignored them for the "big bucks." That of course doesn't make it any less tragic, but you pays your money and you takes your choice.

[ugonow]

IMO,it might have been a good idea to award this money quietly and avoid the press.

[jkapp]

Apr 2, 2011 11:58:13 GMT -5 chiver78 said:

it's amazing how big shots can justify a bonus.

***************************************************************************************************
from Forbes.com:
Transocean Execs Get Bonuses after ‘Best Year in Safety,’ Despite Gulf Oil Disaster

Transocean Ltd., owner of the Deepwater Horizon oil rig, awarded millions of dollars in bonuses to its executives after “the best year in safety performance in our company’s history,” according to an annual report and proxy statement released yesterday.

Eleven people were killed, including nine Transocean employees, in the April 20 explosion and collapse of the rig, which gushed crude oil into the Gulf of Mexico for 86 days.

“Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate and total potential severity rate,” Transocean states in the filing. “As measured by these standards, we recorded the best year in safety performance in our Company’s history, which is a reflection on our commitment to achieving an incident free environment, all the time, everywhere.”
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um....11 people died. I think you missed your safety goals for the year. your bonus would be much better used to be put into not value-engineering out designs for safety.

'
Union auto workers got millions in bonuses during years where people died due to manufacturing defects...is that also wrong?