Thursday, June 10, 2010

The Chicago Suburbs Are Ruining the Gulf of Mexico

So in case you were wondering where exactly all the horribly incompetent corporate decisions about the Gulf of Mexico oil leak are being made, here's a little hint.

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On the above map, you can see that the North American research headquarters of BP, and the corporate headquarters of Nalco, the company that makes the highly toxic COREXIT oil dispersant used by BP, are a about a 5-minute drive away from each other.

Four more fun facts:

1. A consortium including Goldman Sachs purchased Nalco for $4.2 billion in 2003.

2. Goldman Sachs (along with other brokerage firms) sold $250 million in BP stock months before the disaster. According to Morningstar market research firm:
"BP's valuation carries more uncertainty than ExxonMobil's or Shell's because the firm is less integrated, with more of its earnings coming from the [exploration and production] business than from potentially offsetting refining operations...Disruptions caused by environmental and operational constraints could further limit earnings potential."
3. Naperville, Illinois - home of Nalco Corporate and several BP buildings - buys its electricity from Goldman Sachs subsidiary, J. Aron Company.

4. Former BP Chairman part was once Goldman Sachs Chairman at same time - up until 2009.

Coincidence? Conspiracy? Or just an unfortunate-looking set of links between all parties involved? You decide.

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