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Monday, July 05, 2010

Expensive Lesson 

News from BP that is has spent $3.12 billion already in cost containment, cleanup and claims is a reminder of how expensive an industrial accident can be.  The sad part for BP is that the final bill may be 10 times what it has spent already, especially when the torts are completed years from now.  BP will spend several years working for the Gulf region and its occupants rather than for its shareholders.  This is as it should be.  One wonders, however, if the lesson will sink in throughout the organization -- safety first.  From a PR perspective, there is little that BP can do for decades to come to live down its reputation as a penny-wise, pound foolish operator.  One wonders what this will do for the company's recruiting and how many current employees will stay with the company if they have an alternative.

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