Saturday, June 19, 2010
On Robert Dudley
Here's our new man in charge of the oil spill in the Gulf. Couldn't find too much about him other than he has an MIM? degree from Thunderbird School of Global Management and an MA from Southern Methodist. I thought "Thunderbird"? Sounded like internet diploma mill to me or something you'd find on a bubble gum wrapper. It's difficult to find out much about him since he worked for Amoco in Russia on a joint venture. I guess however the four billionaire Russian investors who have a major stake in TNK (that's the russian half) were trying to regain control. It gets complicated but the gist of it goes like this: "TNK-BP is of enormous importance to BP, representing 24% of production and 19% of total reserves in 2007. In 2008, TNK-BP chief executive in Russia, Robert Dudley, was expelled from the country, as part of the power-broking between the two owners."
Can you say scapegoat?
BP had a 96% stake in TNK before Dudley do right was removed and now an agreement for a 50/50 split was reached. To me this looks nothing more than a corporate power struggle but if Dudley gives us the same BS as Hayward did then we'll know that his competence can be called into question.
In researching this I find a very interesting pattern. Corporations who once did business solely in the U.S. have conveniently moved their operations, first from Houston, Texas then to the Bahamas and now to Switzerland. And you may remember that the Swiss were about to open up their banking records so that the IRS could have a peek at all the tax cheaters. Looks like they've changed their minds and that won't be happening any time soon. But then I'll leave this for another post.