Gagging the Strasbourg Geese

This one is almost beyond belief: Transocean not only inhibited alarms on the Deepwater Horizon oil rig, it would appear that all of its rigs, all around the world, are routinely operated in a similar state. This would imply that their rigs in UK waters are in breach of the law and that they should be prosecuted forthwith, regardless of what comes out of the current American Federal Blamestorming process. (President Obama said before it even started that the inquiry was going to find "British Petroleum" solely responsible for everything.)

It really is time we were told who owns Transocean's voting stock; BP's shareholdings and accounts are a matter of public record. (Although based in Houston, Texas, Transcoean is registered in Switzerland and this means that most investors will own what UK law would call debenture stock or preference shares, which do not come with a vote at board meetings, or even the right to attend these. Holders do, however, get paid before holders of voting shares if the company is liquidated -and the accounts are straight. It can be a criminal offence in Switzerland to even try and find out who the voting stock holders are, let alone what their holdings are worth and what their voting record on company policy has been. Swiss industrial equities are for investors who get a thrill out of wearing blindfolds.)