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Update 8: Talk about..

May 17, 2010

According to McClatchy News..

”Transocean, Ltd., the Switzerland-based offshore contractor that owned the Deepwater Horizon floating drilling rig, has asked a federal court in Houston to limit its liability from the oil spill to less than $27 million. Invoking a little-known maritime law passed in 1851, the company said it should not have to pay any more than the salvage value of the charred oil rig and its freight, all of which sank in 5,000 feet of water after the April 20 explosion that killed 11 workers. Before the accident, the Deepwater Horizon was valued at more than $500 million.”

Case of irresponsible corporatocracy — understatement of the year.. so far..

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