Not a bad day when your team of lawyers saves your company $2 billion!
What is wrong with this picture:
June 25th, 2008: Justices Cut Damages Award in Exxon Valdez Spill:
http://www.nytimes.com/aponline/business/AP-Scotus-Exxon-Valdez.html?hp
February 2nd, 2008: Exxon Sets Profit Record: $40.6 Billion Last Year:
http://www.nytimes.com/2008/02/02/business/02oil.html
This $500 million punitive damage award amounts to 1/80th of Exxon's profit for ONE year and they've had almost 20 years to come up with the money since this "accident" occurred in 1989! That isn't a punitive damage. It's simply an inconvenient cost of doing business - sloppy business. Even the original $5 billion damage award would have only cost Exxon 12% of this years profits and considering that the original oil spill caused oil prices to jump, Exxon really didn't lose anything in the long run. Good work if you can get it! Too bad about those thousands of local Alaskan residents who lost their entire livelihood - not to mention the wildlife and habitat that was destroyed and altered forever.
The right-wing rails against activist judges that legislate from the bench, but that only applies when they don't agree with what the court is doing. Today the court legislated new limits on punitive damages that the law does not declare. No foul though since they were doing it to the advantage of the richest corporation on the planet!
This is a prime example of what is at stake in the November election. Do we continue to tilt the court away from protecting the public and holding corporations accountable for their actions or do we halt this trend and start moving our justice system back to a more sane footing? I think the answer is clear and so is the choice in November!
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