June 17, 2010 Tony Hayward takes the Hot seat June 17th as the CEO of BP is taking the stand this moment in front of a US Congressional Hearing for the Sub Committee on Oversight on the BP oil Spill. BP’s outspoken and much hated CEO Tony Hayward is taking the oath to testify and finally tell the truth about why the spill happened on his watch. At least the American people are hoping he comes clean, admits the mistakes and apologizes to America.
Yesterday BP pledged to set up a 20 billion dollar escrow fund and the Committee acknowledged the pledge to also forgo dividend payments from BP to its stockholders of 11 billion dollars.
Tony Hayward is on the hot seat because BP took risks which subsequently led to the explosion, leak and oil spill into the Gulf of Mexico. Hayward was asked what information or emails he received prior to the explosion since he was briefed on the risks on April 20, 2010.
The 30,000 pages of documents from BP were reviewed including emails sent to Tony Hayward who supposedly delegated the responsibility of oversight of this particular drill on that day. Henry Waxman outlined that senior officials who were oblivious to the dangers or drilling activities at the well that day.
The drilling engineers called the deep water Horizon a high risk well and the warnings fell on deaf ears and a contradiction between profits and risk policy and now the Gulf coast is paying the price. The other oil companies are just as unprepared to act on an emergency or blowout of their rigs.
Congressman Stupak outlined the internal emails that set safety aside in favor of cost cutting decisions, and BP’s oil response plan was identical as all the other oil companies. The other companies Shell, Exxon, and Conaco all mentioned they would not have proceeded to drill that well. Stupak read out Tony Hayward’s previous notes from meetings that summarize Hayward’s statements on managing risk as costly and unnecessary.
Hayward was quoted in the Guardian Newspaper a British newspaper as saying caution “is killing us” meaning safety measures would cost BP too much money.
The corporate culture of BP under Tony Hayward CEO and Doug Suttle insured that cutting costs by reducing safety measures was the direction they took by the decisions they made during their tenure.
Tags: Tony Hayward hotseat, Tony Hayward takes heat for leak, BP Oil Spill, Congressional hearing June 17-Tony Hayward, Capital Hill hearing-Tony Hayward, BP.
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