Senate Dems urge Transocean to suspend dividend payments

[Lone_Star_Dem]

Source: The Hill


In a June 24 letter to Transocean CEO Steven Newman, the Democrats urged the company to delay $1 billion in dividend payments to investors until it finalizes its obligation for the oil spill in the Gulf of Mexico.

The company owns and operates the Deepwater Horizon rig leased by BP that exploded in April, killing 11 workers and spilling historic amounts of oil into the water.

"It seems inexplicable to us that, while a full accounting of your company's financial responsibilities is not yet clear, you are still planning to issue $1 billion in dividends as if no accident had occurred," the senators wrote.

"While we understand your need to reassure shareholders during these difficult times for your company, we do not believe that such reassurances should come at the expense of meeting your responsibilities to the communities of the Gulf Coast."

Read more: http://thehill.com/blogs/e2-wire/677-e2-wire/105543-senators-urge-transocean-exec-to-suspend-dividend

[Nihil]

1. What? No fuss? Nobody notice?

> "It seems inexplicable to us that, while a full accounting of your company's
> financial responsibilities is not yet clear, you are still planning to issue
> $1 billion in dividends as if no accident had occurred," the senators wrote.

I suppose that "Transocean" is 8 letters too long for most people ...
:eyes:

[mbperrin]

2. Yep. There's so much misdirection in the press that it's hard to keep up,

even for a dedicated crawler like me.

I mean, this is serious stuff --- ooh, wait! wait! There's a stripper on a rock in Australia - gotta go!

[marions ghost]

3. seem like if BP delays,

then Transocean should too.

[GlennWRECK]

4. I'd say

You'd think right? Let's wait and see.