Wednesday, February 27, 2008

Speaking of the Valdez

Exxon Mobil is currently fighting a judgment against it in the Valdez case. It doesn't want to pay $2.5 billion in punitive damages. Sounds like a lot of money. But it's just shy of 9 days' earnings for them.

This is the world's smallest violin ...

Punitive damages are meant to punish and deter bad behavior, such as putting a relapsed alcoholic at the helm of a supertanker plying the waters of an extremely sensitive ecosystem. Hard to see how such chump change is going to make Exxon Mobil think twice about anything.

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