The Oil Spill: Is BP a "Foreign" Corporation? Do They Have Enough Money to Pay the Bill?
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obviously say BP is a foreign corporation. "BP North America",
however, has its headquarters in Houston, Texas and is registered as a
corporation in Delaware. So, BP North America, is obviously an
American Corporation.
BP is like a giant octopus. It has its tentacles everywhere. It would
probably require a significant research effort just to find out what
they own. Some of the divisions and subsidiaries that pop up when
doing a Google search, though are: BP (Indian agencies) Ltd, BP Africa
Ltd, BP China Ltd, Bp International Ltd, BP America holdings Ltd, BP
America Inc, BP Chemicals (International). Exploration and production,
BP Exploration Operating Co. Ltd, Ex-Pro, BP Exploration (Angola) Ltd
and BP Exploration (Caspian Sea) Ltd.
The largest owners of BP are undoubtedly American investors and mutual
fund holders. Some of the major owners that pop up doing a Google
search are: Bank of America, UBS Warburg, Morgan Stanley, State Farm
Mutual, Fidelity, Vanguard, Massachusetts Investors Trust, Putnam
Fund and T. Rowe Prce.
BP was named by Mother Jones Magazine as one of the "ten worst
corporations" in both 2001 and 2005 based on its environmental and
human rights records.[56][57] In 1991 BP was cited as the most
polluting company in the US based on EPA toxic release data. BP has
been charged with burning polluted gases at its Ohio refinery (for
which it was fined $1.7 million), and in July 2000 BP paid a $10
million fine to the EPA for its management of its US refineries.[58]
According to PIRG research, between January 1997 and March 1998, BP
was responsible for 104 oil spills.[59] BP patented the Dracone Barge
to aid in oil spill clean-ups across the world. [60] BP/Amoco was a
member of the Global Climate Coalition an industry organization
established to promote global warming scepticism. BP was one nominee
for the 2009 Greenwash Awards, on companies trying to look green and
failing.[65]
http://en.wikipedia.org/wiki/BP
BP, incidentally, like other oil companies, has its tentacles firmly
wrapped around American politicians. During the presidential campaign,
for instance, it was revealed that "forty-three McCain staffers and
fundraisers have received $16.7 million in lobbying fees from at least
30 oil and gas industry corporations and associations. These lobbying
clients� executives and PACs have donated $337,066 to McCain's
campaigns." They included the following campaign workers who had
lobbied for BP: Steve Philips, James Hyland, Eric Burgeson, and Randy
Scheunemann.
BP is the 4th largest company in the world. (Exxon is often referred
to as the world's largest company, by the way, depending on its share
price at that particular time.) BP is involved in exploration and
production in 30 countries and wholesale/retail product marketing in
over 80 countries. BP lists it's market capitalization as $181
billion, as of Dec 31, 2009.
So, does BP have enough money to pay for the damages? Since BP North
America is only a subsidiary of "BP plc", is BP plc legally
responsible for what BP North America does? Now there's a good
question for a lawyer, maybe they are not.