Wednesday, June 23, 2010

More on the oil spill

It seems that the CEO of BP sold a huge amount of stock in the company only weeks before the accident:

Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster.

Mr Hayward, whose pay package is £4 million a year, then paid off the mortgage on his family’s mansion in Kent, which is estimated to be valued at more than £1.2 million.

From the Telegraph (h/t jblaque). But surely that decision had nothing to do with this, right?

In related news, a judge in the US has struck down the government's moratorium on deep-water drilling. I guess we have to have some compassion for those poor oil companies...