Friday, May 14, 2010
It boggles the mind what's going on in the background with the oil companies and the government agencies that regulate them. This is what isn't being reported in the MSM. Take for example how these companies are set up just to avoid taxes and regulations. Transocean for example states that their headquarters are in Zug, Switzerland yet they only have 13 employees there while the other 1300 are in Huston, Texas. The oil rig itself is registered in the Marshall Islands and therefore supposed to be covered by their laws and regs but of course their oversight is slim to none. The rig was inspected by no one. Haliburton has its' headquarters in Dubai while BP operates out of the Cayman Islands. And here's the part that even MSNBC didn't report. Not one of these companies pays a nickel in taxes. How's that? Here's the way it works. With their headquarters in a foreign country the company reports that they pay taxes to the U.S. When reporting to the U.S. they simply say that they pay taxes to the foreign country. Nobody seems to want to check this and since they don't then it's easy to slide this under the radar.
Then there's the Department of the Interior that has been in bed literally with the oil companies they're supposed to be overseeing. Remember these are still the cronies from the Bush administration.
And now for the real kicker as if this wasn't bad enough. Several new permits were just issued last week for (wait for it) deepwater offshore drilling.
A quick update on that Upper Branch mine where 29 miners were killed. Looks like a criminal investigation has been ordered. Sadly it will only be some low level workers who will see the inside of a jail cell and not the mine owner who should have been there a long time ago. I only wish we could have a little Chinese justice here. When one of their greedy guys screws up and gets caught he looses his head literally.
Keep your drums upright. The bank report later.
Update: Almost forgot again 4 more banks hit the skids in MI MO GA and IL. I need to research a bit. I think we're getting close to surpassing the savings and loan debockle.