This whole BP oil spill has begun to get to me. Outside of the obvious dissatisfaction at the preparations made when the drilling occured, the response by the US Congress and Executive office is particularly upsetting. Almost the only issue that has support from all parties, from Republican to Democrat, from Green to Tea Party is the universal condemnation of BP and demand of repayment. HYPOCRACY!
This is the grossest example of hypocracy by government politicians in recent years, and there have been some doozies. On what planet is is ok to demand BP suspend dividend payments for just over half a year, set up a 50 billion dollar escrow account, pay 100 million in losses due to US moratorium on effected industries, AND pay for envirnomental clean up, BUT (and it’s a big BUT) not expect the financial firms that caused the greatest economic melt down in eighty years to pay. Not only were they not made to pay, but they were injected with hundreds of billions of dollars.
Does it seem that BP/Deepwater Horizon make choices they knew were risky at best and criminal at worst? Yes. Did the investment banks make clear choices to use risky credit default swaps and securities and promote them at better ratings which could at best be be considered risky and at worst criminal? Definitely! Did both effect economies in a devistating manner? Yes, the banks even more-so. Will it take years to recover? Yes. The banks, even more-so than BP pursued instruments that were not stable, packaged them so that they could promote them as good and allowed their house to be built on sand.
I find it horrendous that the banks were not held to the same scrutiny and repromand that BP is. They did not have to suspend dividend payment. They did not need to set up an escrow account. They did not have to provide money for businesses that had to shut down because of government mandates.
I am not advocating that BP be treated the same as the banks. I am advocating for perspective. Our politicians are so fixated on image and interest. Their interests were not threatened the way they were with the banks. All their money and investors’ money wasn’t tied up in BP. BP isn’t an American company. For so many reasons except the conduct of the parties in question are these businesses treated differently. It’s not blatant curruption. It’s just Hypocracy, absolutely.