PDA

View Full Version : First the good news............then.....



skuthorp
06-25-2008, 04:25 PM
Everglades restoration. Sugar cane plantations to be resumed and the area restored. This involves revegitation, chanel restoration and removing some of the dams in the system. In the future it will be possible to kayak from Orlando to Florida bay. Fantastic!
http://www.evergladesplan.org/pm/projects/landing_projects.aspx

Now the bad............. the Exxon decision cutting punitive damages:
A US federal appeals court has cut in half a $US5 billion ($A6.4 billion) jury award for punitive damages against Exxon Mobil Corporation in the 1989 Valdez oil spill that smeared black goo across roughly 2,400 km of Alaskan coastline.
The case, one of the nation's longest-running, non-criminal legal disputes, stems from a 1994 decision by an Anchorage jury to award the punitive damages to 34,000 fishermen and other Alaskans. Their property and livelihoods were harmed when the Valdez oil tanker struck a charted reef and spilled 42 million litres of crude oil.
It is the third time the appeals court in San Francisco ordered the Anchorage court to reduce the $US5 billion award, the nation's largest at the time, saying it was unconstitutionally excessive in light of US Supreme Court precedent.
http://www.smh.com.au/news/Business/Exxon-Valdez-oil-spill-damages-halved/2006/12/23/1166290775264.html

glenallen
06-25-2008, 04:32 PM
Bastards!
Isn't $5 billion about one month profit for Exxon Mobile?

skuthorp
06-25-2008, 04:35 PM
12 hours profit I heard, maybe per claim.

Keith Wilson
06-25-2008, 04:43 PM
Exxon-Mobil's profit last year was about $40 billion, so 5 billion is about 45 days' profit.

http://money.cnn.com/2008/02/01/news/companies/exxon_earnings/

Rob Stokes, N. Vancouver
06-25-2008, 04:44 PM
Unconstitutionally excessive huh? That's about the lamest piece of decision making by a wishy-washy set of soft handed, urbanized know-it-all judges I've heard. In fact it's downright disgusting and proves that it does in fact pay to be environmentally unsafe in the USA and screw the little guys trying to eke out a living in a land already harsh.

skuthorp
06-25-2008, 04:50 PM
To governments and corporations, the people have always been dispensable, maybe the board should be too.

switters
06-25-2008, 04:57 PM
the bad news, those people are not only getting screwed they have had to wait almost twenty years for it. Many relocating. The amount they get now isn't going to make up for the economic loss they went through.

The good news, a new canoe route, yea! Hope to see the okiefanokie later this year or next.

Keith Wilson
06-26-2008, 09:51 AM
those people are not only getting screwed they have had to wait almost twenty years for it. Many relocating. The amount they get now isn't going to make up for the economic loss they went through.
Whether you agree with it or not, this ruling is only about punitive damages - over and above demonstrated losses caused by the spill. Exxon long ago paid out about $2 billion for cleanup and about $1 billion in criminal fines and compensatory damages.

BTW, in 1994 when the $5 billion was decided on, it was one year's profit for Exxon.

BETTY-B
06-26-2008, 01:58 PM
My local news out of Seattle said it was 2.5 billion down to 500 million... Either way, amazing... Well, I'm off to drive to the store...

DAN