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"Tarbanes" coming to the Gulf Of Mexico

|Includes: BP p.l.c. (BP), HAL, RIG

Currently, BP is trying to plug the well that is flowing over 5,000 barrels of oil into the Gulf of Mexico on a daily basis.  While many can point to how BP operates, with cost cutting and short cuts, in a crisis they are one of the best.  We have a camera on the bottom of the ocean and they are trying truly innovative approaches to capping this.  We can contrast this to the Obama administration response.  "Stop all deepwater drilling"  Let's start a commission to investigate the offshore industry and then let's regulate this, make it so it never happens again.  Lets appoint two anti-offshore drilling guys to head the commission and then lets keep that "boot" on the neck of BP.

In a time when we need the best and the brightest, and we need every industry we have operating during this economic recovery our best answer is to halt and regulate.  Does anyone remember Enron?  When Enron collapsed the Washington insiders were incensed, how could corporate America let this happen?  What did they do, Sarbanes Oxley was born.  What did that do, effectively drove the IPO market out of the United States.  Anyone who was thinking about tapping the public market, didn't. Further issues arose as companies in an attempt to comply, spent millions on rules that did not allow for transparency.  The money went to private equity and hedge funds and the little investor that it was meant to protect was cut out of those deals.

Net effect, the financial guys in conjunction with Barney Frank and Chris Dodd found another play ground.  Fanny Mae and Freddy Mack were used to make the fat cats fatter and once again we had a financial crisis that made Enron look small.

Now we are facing an environmental nightmare.  We have oil seeping into the marsh lands of Louisiana, we have Boby Jindahl a Republican governor trying to get permission to save his shores and the Obama administration makes this announcement. The department of Interior has not even responded to his request to dredge his coast line and make barriers to help keep the oil out.  Instead they are trying to get BP to stop using chemicals to disperse the oil and beginning the long process of regulations.

Who do we get to head up our commission, Bob Graham and Bill Reilly.

William K. Reilly is a Founding Partner of Aqua International Partners, LP, a private equity fund dedicated to investing in companies engaged in water and renewable energy, and a Senior Advisor to TPG Capital, LP, an international investment partnership. Mr. Reilly served as the first Payne Visiting Professor at Stanford University (1993-1994), Administrator of the U.S. Environmental Protection Agency (1989-1993), president of the World Wildlife Fund (1985-1989), president of The Conservation Foundation (1973-1989), and director of the Rockefeller Task Force on Land Use and Urban Growth from (1972-1973). He also served as the head of the U.S. delegation to the United Nations Earth Summit at Rio in 1992. Mr. Reilly is Chairman Emeritus of the Board of the World Wildlife Fund, Co-Chair of the National Commission on Energy Policy, Chairman of the Board of the ClimateWorks Foundation, Chairman of the Advisory Board for the Nicholas Institute for Environmental Policy Solutions at Duke University, and a Director of the Packard Foundation and the National Geographic Society and a member of Gov. Schwarzenegger’s Delta Vision Blue Ribbon Task Force. He also serves on the Board of Directors of DuPont, ConocoPhillips, Royal Caribbean International and Energy Future Holdings, for which he serves as Chairman of the Sustainable Energy Advisory Board. In 2007 Mr. Reilly was elected to the American Academy of Arts and Sciences. He holds a B.A. degree from Yale, J.D. from Harvard and M.S. in Urban Planning from Columbia University. 

This does not look like a qualified team to help set the regulations for the offshore industry. 


Tarbanes, here we come!