Transocean has best year in safety performance?

[Aman A.K.A. Ahamburger]

That's right folks, the execs at Transocean have been paid 2/3 of their yearly bonuses for, "the best year in safety performance in our company's history."

Transocean gives safety bonuses despite deaths:
news.yahoo.com/s/ap/20110402/ap_on_bi_ge/us_transocean_executive_compensation

Of course lets just ignore the 200 million gallons of oil that spewed into the ocean, deal?

[chiver78]

I saw this....posted under a kind of user-unfriendly title though "speaking of corporate waste...."

it's amazing how people can justify anything, eh?

[Aman A.K.A. Ahamburger]

Sick, sick, sick!!!

[verrip1]

In Japan, involved execs have to publicly apologize, then they get relegated to minor duties for the rest of their career. Here, the lawyers get control of the entire situation and demand that no one in the organization admit to any failure, that no one involved get a negative performance review, and involved employees get lukewarm letters of support. In this case, it looks like the safety bonuses were only 2/3 of the total possible they might have given out, and those were given across the board to all the senior execs.

It's all part of the defensive legal strategy. No way will they take any act which could suggest that internally they think that their people made mistakes. They couldn't care less about the negative PR of the thing.

[Aman A.K.A. Ahamburger]

Great points sunrnr, being conservative is definitely a good thing.

So V, are you saying that this is essentially hush money??

[chiver78]

Apr 4, 2011 21:02:18 GMT -5 @surnr said:

The ONLY WAY out of this mess is to reduce consumption of petroleum products of all kinds and use the electricity we do have much more efficiently and on a conservation basis.

electric and other alternative energies. I live in MA, where we're currently debating wind farm technology. I can't wait until it's implemented, it will be a total boost to the overall available capacity. I just wish those in power would realize it's not all about the view over Nantucket Sound.

[Deleted]

For the investors out there


PWND....it is part of my portfolio and also one of my holdings in the annual contest game on start investing thread (alternative energy is going to continue to garner more and more support)

[verrip1]

Apr 4, 2011 21:05:05 GMT -5 Aman A.K.A. Ahamburger said:

So V, are you saying that this is essentially hush money??

Naw. Hush money requires a quid pro quo. The execs who got the bonuses aren't giving anything in return. Hell, some of them are probably happy that they weren't fired. This really isn't enough money to keep a potential whistleblower from the upper level execs from not spilling his/her guts, if they had something really juicy to spill. Compared to the total liabilities, the amount of money from these bonuses is insignificant.

I've been through this very same sort of stuff with one company I worked for. This is exactly what happened there. It's a purely legal strategy. The lawyers would shit bricks if they found that anybody was being paid off in any manner or that anything even hinted at being a payoff. That would be their worst nightmare in defending the client. The stakes are too big to let something like that screw things up. Of course that assumes that Trans management isn't a bunch of dummies running scared.

[jarhead1976]

The recent Coast Guard report will set the legal beagles on the trail to deep pocket horizon's. They are already suing each other Transocean, BP, Deep Water Horizon.