(Washington,
D.C.) – Today, U.S. Senator Patty Murray (D-WA) joined in a letter from
18 U.S Senators to U.S. Attorney General Eric Holder asking that the Department
of Justice look into Transocean’s financial transactions following reports that
the company intends to distribute $1 billion to private shareholders. In the
letter, the Senators argued that the move by Transocean could further enhance
the company’s protection from lawsuits and may make it harder for those
negatively affected by the spill to seek claims against the company.
“We
are concerned that such action to quickly move money out of corporate coffers
to individual investors may make it more difficult to pursue liability claims
against the company,” The Senators wrote in the letter. “Families of
those who died in the disaster, the fishing industry that has been devastated
by the oil spill and the governments that have worked full-time to clean up this
spill deserve better.”
The
letter was signed by Senators Ron Wyden (D-Ore.), Pat Leahy (D-Vt.), Charles
Schumer (D-N.Y.), Tom Harkin (D-Iowa), Robert Menendez (D-N.J.), Mark Begich
(D-Alaska), Byron Dorgan (D-N.D.), Patty Murray (D-Wash.), Jeanne Shaheen
(D-N.H.), Bill Nelson (D-Fla.), Mark Pryor (D-Ark.), Mark Udall (D-Colo.), Jeff
Merkley (D-Ore.), Max Baucus (D-Mont.), Amy Klobuchar (D-Minn.), Michael Bennet
(D. Colo.), Blanche Lincoln (D-Ark.) and Robert Casey (D-Penn.).
Transocean,
in addition to limiting their liability for the oil spill, stands to make a
$270 million profit from the insurance on Deepwater Horizon having insured it
for more than it was worth.
“Transocean’s
stockholders shouldn’t take huge profits from polluting our country’s Gulf
Coast,”
the letter says.
A
copy of the letter follows:
May
24, 2010
The
Honorable Eric Holder
Attorney General
Department of Justice
950 Pennsylvania Ave., NW
Washington, DC 20530
Dear
Attorney General Holder,
We
write to you today to ask you to investigate the recent announcement by
Transocean Limited, the owner of the Deepwater Horizon oil rig, that it intends
to distribute $1 billion to its share holders at a time when it may be
responsible for financial damages related to the massive oil spill in the Gulf
of Mexico.
Transocean’s
previous statements about their liability for this tragedy have been
troubling. Last week, during hearings in the Senate Energy and Natural
Resources Committee, Transocean refused to accept any financial responsibility
for the oil spill in the Gulf. Now, Transocean has confirmed its intent
to pay out $1 billion in dividends to shareholders, an announcement first
reported by the Associated Press after it was made during a closed door meeting
in Switzerland. We are concerned that such action to quickly move money
out of corporate coffers to individual investors may make it more difficult to
pursue liability claims against the company. Families of those who died
in the disaster, the fishing industry that has been devastated by the oil spill
and the governments that have worked full-time to clean up this spill deserve
better. Transocean has also reported that it expects to make a $270
million profit on its insurance policy for the Deepwater Horizon, since the rig
was insured for more than it was worth.
Transocean’s
stockholders should not take huge profits from polluting our country’s Gulf
Coast. We urge you to investigate these corporate actions. We
appreciate your prompt attention to our request and look forward to working
with you in the future to ensure that companies that pollute our nation’s
resources do not profit from such actions.
Sincerely,
Senator Patty Murray
Senator Ron Wyden
Senator Pat Leahy
Senator Charles Schumer
Senator Tom Harkin
Senator Robert Menendez
Senator Mark Begich
Senator Byron Dorgan
Senator Jeanne Shaheen
Senator Bill Nelson
Senator Mark Pryor
Senator Mark Udall
Senator Jeff Merkley
Senator Max Baucus
Senator Amy Klobuchar
Senator Michael Bennet
Senator Blanche Lincoln
Senator Robert Casey
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