Seeking Alpha

Halliburton (HAL) agrees to plead guilty to destroying evidence in connection with the 2010 Gulf...

Halliburton (HAL) agrees to plead guilty to destroying evidence in connection with the 2010 Gulf of Mexico oil spill, and will pay the maximum possible statutory fine, the U.S. Department of Justice says. As part of the plea deal, HAL will be subject to three years of probation and continue to cooperate in the government's ongoing criminal investigation. HAL -0.7% AH.
Comments (9)
  • solojif
    , contributor
    Comments (118) | Send Message
     
    I bet no one will go to jail for it....what a joke.
    25 Jul 2013, 07:14 PM Reply Like
  • Day Trader001
    , contributor
    Comments (767) | Send Message
     
    Heck no they won't! They will just buy them off as always.
    Pretty sad when a shredder is viewed more valuable than a human life.
    25 Jul 2013, 07:33 PM Reply Like
  • DAG Investments
    , contributor
    Comments (4023) | Send Message
     
    I'm just curious, what exactly is it that you're suggesting someone from Halliburton should go to jail for?
    25 Jul 2013, 09:38 PM Reply Like
  • JEHUNDEN
    , contributor
    Comments (36) | Send Message
     
    Destroying evidence. What evidence? Need to know a lot more than this blurb.
    25 Jul 2013, 08:16 PM Reply Like
  • DAG Investments
    , contributor
    Comments (4023) | Send Message
     
    Important to note from the HAL press release: "A Halliburton subsidiary has agreed to plead guilty to one misdemeanor violation associated with the deletion of records created after the Macondo well incident, to pay the statutory maximum fine of $200,000 and to accept a term of three years probation."

     

    The "evidence" was test results done after the accident that seemed to show that those tests were irrelevant to the accident, but I'm sure the DoJ would've preferred to make that decision. For details, see the HAL release and the DoJ release ... to understand what happened, it's necessary to read both (and other sources of details about the accident). This a token slap on the wrist for an infraction that the DoJ clearly considers immaterial to the broader case and the far more serious offenses by the company responsible for the accident in the first place. From the accounts of witnesses from all the companies, it's pretty clear that, of all the companies present at Macondo, Halliburton had no real involvement in causing the accident.
    25 Jul 2013, 09:32 PM Reply Like
  • SSGAJ
    , contributor
    Comments (202) | Send Message
     
    Hal fined the max of 200,000 dollars for the deletion of records ( a drop in the bucket) and BP is on the hook for who knows 30 billion - 40 billion ... what a joke. and how can one safely state that HAL had no real involvement in causing the accident.
    26 Jul 2013, 07:04 AM Reply Like
  • DAG Investments
    , contributor
    Comments (4023) | Send Message
     
    "how can one safely state that HAL had no real involvement in causing the accident."
    You're obviously commenting on my statements so the answer is that I understand what each company's role at the drill site was and have read piles of documents including statements from the people who were there. As such, I'm able to base my opinions on facts ... perhaps you should try it some time.
    26 Jul 2013, 10:11 AM Reply Like
  • genome23
    , contributor
    Comment (1) | Send Message
     
    does anyone know what a U.S. Justice department probation consist of?
    26 Jul 2013, 07:49 AM Reply Like
  • JEHUNDEN
    , contributor
    Comments (36) | Send Message
     
    Since they plead guilty, does this insure greater civil liability?
    28 Jul 2013, 11:38 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs