BP fights financial reform (companies, economy, money, administration)

[Gary Siete]

BP: From Oil Spilling to Financial Reform Killing

Oil giant BP may be overwhelmed with the clean-up from the collapse of its Deepwater oil rig in the Gulf of Mexico. But the corporation has still found time to fight tougher financial reforms on Capitol Hill.

...what’s got BP upset is a proposal to force derivatives to go through a clearinghouse, a central body that would act as a middleman on each trade, collect data, and help protect failed derivatives deals from leading to massive losses that harm the wider economy. The clearinghouse would do so by requiring companies in a trade to put forward money or other collateral in case those trades went wrong. This, lawmakers and finance experts say, is crucial: Without this middleman ensuring everyone can deliver on their bets, the likely result is another AIG-like meltdown, when a company enters into so many trades that it can’t afford to cover them all if they all fail.

[jojajn]

BP Safety Violations: OSHA Says Company Has 'Systemic Safety Problem'

HOUSTON � A Washington-based research group says two BP refineries in the U.S. account for 97 percent of "egregious willful" violations given by the Occupational Safety and Health Administration.

The study by the Center for Public Integrity says the violations were found in the last three years in BP's Texas City refinery and another plant in Toledo, Ohio. In 2005, 15 people were killed in an explosion at the Texas City refinery.

Deputy Assistant Secretary of Labor for OSHA Jordan Barab says BP has a "systemic safety problem." He told The Associated Press BP has not adequately addressed the issues, despite being fined more than $87 million.

BP Safety Violations: OSHA Says Company Has 'Systemic Safety Problem'