Friday, November 14, 2014

Friday beaver does a temporary encore - Massey mine disaster relook

It was four and a half years ago I reported about this and never thought for once that a CEO might go to jail. The original story from my first posting  Seems I was dead on about what was going on in his mine.

In 1992 Don Blankenship was appointed the President, Chairman and CEO of Massey  Coal Company one of the largest in the U.S. He was the head when an explosion at the Upper Branch Mine took the lives of 29 miners. This happened in April 2010. By December Blankenship resigned saying he was retiring. The year prior to the accident the mine was cited for 458 safety violations 50 of which were failure to comply. (You're talking criminal acts here.)

Four years later
Don Blankenship, the longtime chief executive officer of Massey Energy, was indicted Thursday on charges that he orchestrated the routine violation of key federal mine safety rules at the company’s Upper Big Branch Mine prior to an April 2010 explosion that killed 29 miners.

“Blankenship knew that UBB was committing hundreds of safety-law violations every year and that he had the ability to prevent most of the violations that UBB was committing,” the indictment states. “Yet he fostered and participated in an understanding that perpetuated UBB’s practice of routine safety violations, in order to produce more coal, avoid the costs of following safety laws, and make more money.”  Quote from Booth Goodwin United States Attorney.

So Mr Blankenship will face a potential 31 years in prison if convicted. But we all know nobody gets the max when they hand out prison time, none the less, it's nice to know that justice is finally being served. And not stated above was that he made false claims in connection with Massey stocks, an SEC violation.

Bank fails later... and maybe we'll get the goods on them too.
UPDATE: No fails this week


billy pilgrim said...

but he hasn't been convicted of anything, right?

Demeur said...

Not yet but if his former employees testify against him he's toast.

BBC said...


The Blog Fodder said...

He should get the Chair!