CEO: BP will make good on $10 billion in profit payouts to shareholders, despite spill

BP's shareholders may receive more this year from the company's coffers than those affected by the spill in the Gulf of Mexico will receive in their lifetime.

BP CEO Tony Hayward has indicated that he will go ahead with massive dividend payouts to shareholders in the aftermath of the worst oil spill in US history. $10 billion in payouts are scheduled for this year. The cost of the spill has been estimated in the tens of billions, but ExxonMobil only ended up paying a $507 million settlement for the 1994 Exxon Valdez spill after 20 years of appeals.

Webmaster's Commentary: 

As reported this morning at:

http://rawstory.com/rs/2010/0604/expert-3-times-amount-oil-cap-work/

"If the cap doesn't work, we're going to have three times the amount of oil in the Gulf of Mexico," conservationist Rick Steiner told MSNBC's Keith Olbermann Thursday.

As much as 46 million gallons have already leaked into the Gulf. If the "cut and cap" operation fails there could be more than 138 million gallons of oil spilled before a relief well is finished in August."

That BP is allowed to cavalierly "cap" their losses on this catastrophe while paying out this kind of dividend is criminal.

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