All eyes in Washington, Wall Street, and Main Street were turned yesterday to the congressional show trial featuring beleaguered BP CEO Tony Hayward. Hayward was a disaster. He played dumb. He stonewalled. And he never got honest about BP’s colossal failure of human judgment that caused this catastrophe.
But folks, seriously, what did you expect? Before this thing is all said and done, Hayward and BP may very well be criminally indicted by the Justice Department. Hayward could eventually do hard time for all I know. So, of course, he stonewalled.
Hayward was lawyered to the gills. Now that doesn’t make anyone happy, including me. And that’s precisely why these congressional show trials leave me bored, tired, and depressed after watching them.
What Hayward should have done is talk about the progress being made in capping the spill rate, which is gradually going down. He should have talked about the rig drilling the relief well, which could be up and running in less than a month, to end this disaster. That would be great news for America, and her economy and stock market. Plus, he could have mentioned that BP is hiring thousands of workers to fill new jobs in the cleanup effort.
Because the rest of the BP story is a total outrage.
And oh, by the way, what’s the role of Congress in this catastrophe? What exactly is it doing besides presiding over these show trials? Doesn’t it have oversight authority when it comes to the Minerals Management Service that utterly failed to regulate the safety of BP’s deep-water drilling? Why aren’t more people talking about this?
And why in the world hasn’t Congress suspended the Jones Act? What is it waiting for? We’re basically two months into this never-ending disaster. The Gulf cleanup could have been greatly aided by at least 15 foreign countries that were instead spurned after offering tankers and other equipment. Why aren’t we accepting these offers for help?
Making matters worse, Obama’s $20 billion so-called remedial fund is a complete violation of constitutional due process. The government has no right interfering with the financial decisions of a private, shareholder-owned corporation. This sounds like GM and Chrysler all over again. It could end up having a serious and chilling effect on corporate investment. Look, at least BP already agreed to pony up. They waved the cap. Why should the government control this?
So, if BP is dirty, and if BP is incompetent, then so is Congress. And so is the White House, as far as I’m concerned.






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