Transocean Execs Get Bonuses For 'Best Year In Safety,' Despite Gulf Disaster

[Keith Bee]

Source: Huffington Post

SAN FRANCISCO — Transocean Ltd. gave its top executives bonuses for achieving the "best year in safety performance in our company's history" – despite the explosion of its oil rig that killed 11 people and spilled 200 million gallons of oil into the Gulf of Mexico. The company said in a regulatory filing that its most senior managers were given two thirds of their total possible safety bonus.

Transocean noted "the tragic loss of life" in the Gulf when the rig operated by BP PLC exploded last April. But it said the company still had an "exemplary" safety record because it met or exceeded certain internal safety targets concerning the frequency and severity of its accidents, according to the filing with the Securities and Exchange Commission on Friday.

Safety accounts for a quarter of the executives' total cash bonuses. The total bonus for CEO Steve Newman last year was $374,062.

According to calculations by The Associated Press, the total value the company assigned to Newman's compensation package was $5.8 million.

Read more: http://www.huffingtonpost.com/2011/04/02/transocean-execs-get-bonu_n_843975.html

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You can't make this shit up!!!

[joshdawg]

1. Bonuses for corporation execs

are given for incompetence and nothing else. This is a prime example.
Corporations/right-wingers/republicans/tea-baggers...ad nauseum...always are rewarded for incompetence. Wall Street is another example.
When a worker is found to be just a smidgen incompetent, he's fired. Why? Who knows?

[90-percent]

4. Incompetence and nothing else?

It's my understanding that bonuses in Wall Street and the too big to fail banks are systemic.

this lavish corporate bonus system removes the checks and balances that a legitimate operation would use. The underlings simply look the other way and green light corrupt things to get the uppermost management their hyper-obscene bonuses, so the underlings can procure their 6 and 7 figure bonuses which is payment for looking the other way on unethical shenanigans.

These people don't earn their bonuses for being the best of the best. They earn their bonuses by wiping out the checks and balances that result in everybody swimming in an orgy of unethical cash, usually extracted from their rube-like customer-chumps.

-90% Jimmy

[Thav]

6. I think they're just rewarded for being CEO

It really doesn't matter what they do, they get bonuses. "You converted the company into a socially responsible corporate entity that has helped end poverty in this community? Have a bonus!" "You oversaw a major ecological disaster, ran the company into the ground, defrauded shareholders out of value, embezzelled millions of dollars and ran a brothel from the mail room? HAVE A HUGE BONUS@!!!!"

They're CEO, they're ENTITLED to obscene pay and even more obscene bonuses.

[indimuse]

2. I wonder how much Obama got? n/t

[ScottLand]

3. This is one of those "Now I've heard it all" things.

[90-percent]

5. Indeed

Sure is a "Other than that, how was the play, Mrs. Lincoln?" moment fer sure!

-90%

[WillyT]

7. K & R !!!

:wtf:

:mad:

:kick:

[No Elephants]

8. And Wall Street, inluding AIG, got bonuses shortly after we realized they had ruined the global

economy.

Face it. They negotiate better employment deals than you and I do--assuming we're lucky enough to have any employment at all.

[Overseas]

9. Appalling.

Like the generous bonuses accorded to the Wall Streeters who crashed our economy.

BPers skimped on safety and got safety bonuses. And permission to continue drilling.
Wall Street firms crashed the economy and got bailouts and bonuses.

Wisconsin unions made significant concessions with the prior governor and then got Walker in there pushing for even more give backs as part of the GOP 2010 Crush Democratic Support campaign.

[gristy]

10. The Big Lie is a propaganda technique

The source of Big Lie technique is this passage, taken from Chapter 10 of James Murphy's translation of Mein Kampf:

But it remained for the Jews, with their unqualified capacity for falsehood, and their fighting comrades, the Marxists, to impute responsibility for the downfall precisely to the man who alone had shown a superhuman will and energy in his effort to prevent the catastrophe which he had foreseen and to save the nation from that hour of complete overthrow and shame. By placing responsibility for the loss of the world war on the shoulders of Ludendorff they took away the weapon of moral right from the only adversary dangerous enough to be likely to succeed in bringing the betrayers of the Fatherland to Justice.
All this was inspired by the principle--which is quite true within itself--that in the big lie there is always a certain force of credibility; because the broad masses of a nation are always more easily corrupted in the deeper strata of their emotional nature than consciously or voluntarily; and thus in the primitive simplicity of their minds they more readily fall victims to the big lie than the small lie, since they themselves often tell small lies in little matters but would be ashamed to resort to large-scale falsehoods. It would never come into their heads to fabricate colossal untruths, and they would not believe that others could have the impudence to distort the truth so infamously. Even though the facts which prove this to be so may be brought clearly to their minds, they will still doubt and waver and will continue to think that there may be some other explanation. For the grossly impudent lie always leaves traces behind it, even after it has been nailed down, a fact which is known to all expert liars in this world and to all who conspire together in the art of lying.

http://en.wikipedia.org/wiki/Big_Lie

[freshwest]

11. And if that doesn't work, FOX will do it.

[kag]

12. Saw it on Rachel...

she noted that the paper it was printed in (sorry, can't remember) dated it "April 2" because if it had been dated "April 1" no one would have believed it.

Mind Boggling. Sickening.

[robinlynne]

13. WTF. That should be the front page of every newspaper for one day.

with photos of the dying animals.

[EFerrari]

14. What does a bad year look like for these mofos?