Transocean Ltd., paragons of safety
Posted by Leanne Potts at 4/2/2011 11:02 AM 
Categories: uncategorized
Tags: transocean BP oil spill executive bonuses
Categories: uncategorized
Tags: transocean BP oil spill executive bonuses
Transocean Ltd., the company that owned the offshore oil rig that blew up in the Gulf of Mexico last year, paid its executives millions of dollars in bonuses to reward them for "the best year in safety performance in our company’s history,” it said in its annual report released yesterday and reported in the WSJ.
Yes, Transocean is talking about 2010, when the company killed 11 rig workers and despoiled the ecosystem inhabited by uncountable millions of creatures.
Transocean President and Chief Executive Officer Steven L. Newman received about $4.3 million in cash bonuses and stock and option awards. With other compensation—such as pension increases and cost of living, housing, and automobile allowances—Newman earned $6.6 million in 2010, almost $1 million more than in 2009.
“Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate and total potential severity rate,” Transocean states in a regulatory filing on its web site.
Kill people, destroy eco-systems and economies, get rewarded with millions of dollars.
But it's teachers and firefighters who are overpaid, remember?
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