billcoe Posted June 25, 2008 Share Posted June 25, 2008 Link " WASHINGTON (Reuters) - The U.S. Supreme Court on Wednesday threw out the record $2.5 billion in punitive damages that Exxon Mobil Corp (XOM.N) had been ordered to pay for the 1989 Exxon Valdez oil spill off Alaska, the nation's worst tanker spill. ADVERTISEMENT By a 5-3 vote, the high court ruled that the punitive damages award should be slashed -- limited by the circumstances of the case to an amount equal to the total relevant compensatory damages of $507.5 million." ......................lots more, read the link for full text. Quote Link to comment Share on other sites More sharing options...
KaskadskyjKozak Posted June 25, 2008 Share Posted June 25, 2008 I hope that this judgement factors in inflation compounded since the spill first occurred. Quote Link to comment Share on other sites More sharing options...
tvashtarkatena Posted June 25, 2008 Share Posted June 25, 2008 The good news in all of this is that Prince William Sound (having just spent 10 days there) appears to have healed itself to become the pristine place it was before the spill. It's pretty amazing to go to a place on the ocean these days almost devoid of beach garbage, hardened campsites, even fire rings. The wildlife there; fish, seabirds, bears, whales, seals, otters, to name a few, is abundant and vigorous. Paddling there is like traveling through an asian brush painting; mist, bonzai trees, sculpted rock...amazing. Quote Link to comment Share on other sites More sharing options...
olyclimber Posted June 25, 2008 Share Posted June 25, 2008 sweet, sounds like an awesome place to drill, strip mine, log, and otherwise pummel into a more humane place. Quote Link to comment Share on other sites More sharing options...
tvashtarkatena Posted June 25, 2008 Share Posted June 25, 2008 (edited) It's helpful to understand the enormity of the damage caused by the spill. Prince William Sound, an enormous area, represents less than 10% of the total severely affected area: The Supreme Court should have returned the case to the lower court. Today's high court is not the proper place to second guess a non-Constitutional decision taken in the context of what was happening over two decades ago. In these days when 13 billion dollars simply dissappears, unaccounted for, in Iraq, 2 billion for such widespread damage seems like a drop in the bucket for one of the wealthiest companies in the world, and one that is currently enjoying record high profits. Considering how often we discover how corporate negligence damages public health and the environment, it seems to be in the public interest to provide a strong incentive for corporations to invest in preventing such catastrophes in the future. Hopefully, after three decades of slash and burn politics, which has brought us to the brink of environmental and economic disaster, we'll adopt a more balanced approach in the future. Probably not. Human action in the aggregate isn't much wiser than bacteria. Edited June 25, 2008 by tvashtarkatena Quote Link to comment Share on other sites More sharing options...
prole Posted June 25, 2008 Share Posted June 25, 2008 sweet, sounds like an awesome place to drill, strip mine, log, and otherwise pummel into a more humane place. Now that sounds like a PLAN! Quote Link to comment Share on other sites More sharing options...
Alpinfox Posted June 25, 2008 Share Posted June 25, 2008 The good news in all of this is that Prince William Sound (having just spent 10 days there) appears to have healed itself to become the pristine place it was before the spill. Did you visit PWS before the spill? I did. From what I've heard, the place has NOT "healed itself to become the pristine place it was before the spill". I'm curious to hear what your basis for that statement is. PWS had the most incredible salmon fishing I've ever seen. My family used to catch our limit (5 pinks/person/day) in about 15 minutes. It was nuts. The quantity of wildlife there was stunning. Bears, otters, FLOCKS of bald eagles, blueberries, moose... The oil spill was heartbreaking for me, but I'm sure my pain is nothing compared to the folks whose livelihood and spiritual center was found in those waters. This court decision just twists the knife a bit more. Sad. Quote Link to comment Share on other sites More sharing options...
TREETOAD Posted June 25, 2008 Share Posted June 25, 2008 Hmmm...same shit different day. Here is another example of how we fuck with mother nature http://www.cbc.ca/canada/story/2008/06/16/condemned-lakes.html Quote Link to comment Share on other sites More sharing options...
Hugh Conway Posted June 25, 2008 Share Posted June 25, 2008 I'm curious to hear what your basis for that statement is. "it looks more wild than the lower 48" Here's to no tax on booze in Valdez :tup: Quote Link to comment Share on other sites More sharing options...
Fairweather Posted June 25, 2008 Share Posted June 25, 2008 The Supremes are due to issue a ruling on The Second Amendment any time now. I predict much Spray. Quote Link to comment Share on other sites More sharing options...
tvashtarkatena Posted June 25, 2008 Share Posted June 25, 2008 The good news in all of this is that Prince William Sound (having just spent 10 days there) appears to have healed itself to become the pristine place it was before the spill. I'm curious to hear what your basis for that statement is. I don't think I could have been much clearer. Quote Link to comment Share on other sites More sharing options...
Stefan Posted June 26, 2008 Share Posted June 26, 2008 meanwhile profits are really high at Exxon! I think Exxon could have done a good PR move and just paid the amount....last quarter...and settled the case and admitted wrongdoing. then they might not be under so much public heat these days with their profits. but what the hell do I know. check out your 401Ks. Every single one of my 401Ks have Exxon stock. So, go ahead and rape me. Quote Link to comment Share on other sites More sharing options...
Dechristo Posted June 26, 2008 Share Posted June 26, 2008 The good news in all of this is that Prince William Sound (having just spent 10 days there) appears to have healed itself to become the pristine place it was before the spill. I'm curious to hear what your basis for that statement is. I don't think I could have been much clearer. Correct. It's clear you lack the necessary objectivity for your statement. What's new? Quote Link to comment Share on other sites More sharing options...
tvashtarkatena Posted June 26, 2008 Share Posted June 26, 2008 nervous tick Quote Link to comment Share on other sites More sharing options...
Dechristo Posted June 26, 2008 Share Posted June 26, 2008 leave 'im on ya and he'll settle down once he gets some blood in him. Quote Link to comment Share on other sites More sharing options...
tvashtarkatena Posted June 26, 2008 Share Posted June 26, 2008 I don't think this one's got the proper equipment to draw any blood, so no worries in that department. Quote Link to comment Share on other sites More sharing options...
Alpinfox Posted June 26, 2008 Share Posted June 26, 2008 The good news in all of this is that Prince William Sound (having just spent 10 days there) appears to have healed itself to become the pristine place it was before the spill. I'm curious to hear what your basis for that statement is. I don't think I could have been much clearer. Oh. OK. I'm convinced. Quote Link to comment Share on other sites More sharing options...
tvashtarkatena Posted June 26, 2008 Share Posted June 26, 2008 As I stated, it was just my personal observation. Don't try to make such a big deal out of it. Quote Link to comment Share on other sites More sharing options...
Dechristo Posted June 26, 2008 Share Posted June 26, 2008 Don't try to make such a big deal out of it. nice try, but that line worked only for Exxon. Quote Link to comment Share on other sites More sharing options...
tvashtarkatena Posted June 26, 2008 Share Posted June 26, 2008 Go Exxon. Quote Link to comment Share on other sites More sharing options...
sirwoofalot Posted June 27, 2008 Share Posted June 27, 2008 The good news in all of this is that Prince William Sound (having just spent 10 days there) appears to have healed itself to become the pristine place it was before the spill. It's pretty amazing to go to a place on the ocean these days almost devoid of beach garbage, hardened campsites, even fire rings. The wildlife there; fish, seabirds, bears, whales, seals, otters, to name a few, is abundant and vigorous. Paddling there is like traveling through an asian brush painting; mist, bonzai trees, sculpted rock...amazing. YOu are wrong. Absolutely. the Sea otter populations are suffering! look just out side of PWS around the Copper River delta, and you can see what the population should be like. There has not been Roe Herring fishery sence the Oil Spill and no sight of one anytime in the future because there are not enough fish herring to support a fishery. Herring is a staple for the wild life in the ocean that you can not see! Quote Link to comment Share on other sites More sharing options...
sirwoofalot Posted June 27, 2008 Share Posted June 27, 2008 Go Exxon. So the courts have finally settled these punitive damages for the oil spill. 20 years ago a trial jury found Exxon guilty and the damages were based at 5 Billion dollars. That is 5,000,000,000! I guess at that time Exxon set aside the money in a trust, don’t know for sure, but guess that is what they did or had to do. Then Exxon started the appeals process. The first appeal lowered it to 2.5 Billion dollars. They appealed again, and this time it went all the way to the Supreme Court. Ready? $500 Million! That is it. That is all. A friend of mine had to totally change his occupation because of the Exxon mess. So at 5 Billion it should have been something like 150K per person. At 2.5 Billion it was 75K per person. At 500 Million it is only 15,000 per person; to lose your livelihood. This is a travesty of justice. Assuming that Exxon did in fact set aside the 5 Billion 20 years ago, and assume over the past 20 years they returned a modest return of 4%, then Exxon would have earned $5,955,615,715 in interest over the past 20 years. Less the puny punitive damages awarded by the courts, so their interest earned is $5,455,615,715 Exxon sucks! Quote Link to comment Share on other sites More sharing options...
jjd Posted June 27, 2008 Share Posted June 27, 2008 Quote Link to comment Share on other sites More sharing options...
ClipStick Posted June 27, 2008 Share Posted June 27, 2008 How can anyone that think that Exxon winning this case is a good thing???? At what point can the government draw a line between special interests of big business and the rights of those which had their lives totally uprooted by this disaster. 20 years and Trillions in profit later...Exxon gets to walk away without any real concequences... sad really. Quote Link to comment Share on other sites More sharing options...
akhalteke Posted June 27, 2008 Share Posted June 27, 2008 Fuck yeah. This is some bullshit. If you factor in inflation it is an even bigger kick in the nuts. If you look at the latest profit margins, it is an even BIGGER kick in the nuts. Quote Link to comment Share on other sites More sharing options...
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