Haliburton confesses


A quick aside from Dick Cheney’s old mob from Reuters:

Halliburton Co has agreed to plead guilty to destroying evidence related to the 2010 Gulf of Mexico oil spill, and will pay the maximum possible statutory fine, the U.S. Department of Justice said on Thursday.

David Llewellyn-Smith
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    • I’m surprised.. surprised that it’s been a whole 3 years since I last stopped in at a BP servo!

      But yes.. not at all surprised to see them lie, cheat and steal their way out of liability. Still disgusted tho.

  1. Exactly, sound risk management. We tell the truth and pay the fine or we lie and try and avoid the fine but if caught pay the fine anyway… Text book

    • I’m sure it was better than that…

      What did the evidence show? Who knows, but I have little doubt that it would have proven liberality of X with a price tag of Y, and I’m sure the cost of fine Z is less than Y. So from a cost/benefit analysis…

      These sorts of revelations should result in the same sort of reaction that hit-and-run’s do (e.g. assume full guilt++). Hit someone, it wasn’t your fault and you stop, you’re sweet. Hit someone, it wasn’t your fault and you run, jail time. Now since corporate “person’s” aren’t flesh and blood, how ’bout we fine them for X years of past reported profit in place of their X years of a prison term?

      That’s tough but fair. Boy, go with the man!

      • http://www.sec.gov/spotlight/enf-actions-fc.shtml

        Fines don’t work, it’s just part of doing business. If you increase the fines it will be just built into the cost of doing business. Directors need to be personally liable. With minimal gaol sentences. But that’s a whole can of worms no one is willing to touch. Until then nothing to see here move along….

      • I almost added: “Or the CEO could spend the time in jail, depending on the Board’s decision”.

        The reason I didn’t add this is that were this to come into vogue, then some hapless moron would be placed in the position of “CEO/scapegoat” while a new position “Not CEO” would execute the actual decisions (hell, that’s what I’d do!).

        Really what we need is a corporation death sentence (they are “people” after all), but I agree the top execs and board need to have their asses on the line as well. I think the whole board/executive team should not only be hauled off to the pokey but financially liable as well. BUT you’d have to be cognizant on how that would be gamed.

    • How are the people responsible for the destruction not in jail!?!? And no, the janitor who was told to put those boxes in the shredder isn’t the one who made the decision.

      • Maybe the attorneys are scared of being invited to go hunting with Dick Cheney.

        If they can’t put the banksters in jail then how are they going to put an ex vice president of the US in jail ?

    • According to ZH, the fine represents 0.0007% of expected revenue for 2013. Small change indeed.

  2. migtronixMEMBER

    How does a corporation plead at all? They have no voice and cannot give testimony – a lawyer under the employ of a corporation is not that corporation.

    All corporations are wards of the state as it is through the state that they become “incorporated” (made flesh and blood) via charter.

    If we had real governments (someone yesterday said government with cojones) after incidents such as this the corporations assets would be seized and all executives should be held personally liable and have their passports revoked – just like we do to piss ant drug dealers. Unfortunately we let the corporations buy the political parties and so our governments are now wards of the fictitious entities they themselves brought into existence.

    Limited Liability is a fraud if the government never acts to stop the destruction done by rouge corporations and their circle-jerk lineup of execs

    • You are talking revolution… Aren’t corporations with the greatest lobby at the parliaments?

      • Was recently at a conference run by one of my industries lobby groups and the speaker in reference to some new legislation said. “The regulator doesn’t know so its our job to tell them how to do it…” Paraphrasing there, but you get the point. We regular shape new legislation to benefit us…