In part 3 we showed that oil companies seemed to have no trouble providing insurance to protect foreign stakeholders and how moral hazard featured in banking, so much so that it helped bring down the financial system in 2007/8. We also showed that the extent of the Deepwater Horizon damage far exceeded “astounding”.
In this part we show that it was the power of the US legal system that made BP pay over US$60 billion for the Deepwater Horizon cleanup. We have no such power and need another mechanism. We also address Prof CYT’s apparent contempt for the court of public opinion.
But let us first clarify a few things as follows:
