3 ms·
Step 1. Fire the current CEO Yeah, in an ideal world. No, in the real world he's doing exactly what the owners want. They are typical of the private equity cr
by PhantomGremlin 5y ago
Step 1. Fire the current CEO
Yeah, in an ideal world.
No, in the real world he's doing exactly what the owners want. They are typical of the private equity crowd.
This pipeline was built 60 years ago. It's been paid for many times over. Now it's being managed for maximum cash extraction.
The Colonial board is motivated only by money. My alternative solution would be:
Step 1: Fine the pipeline company $1,000,000,000 because they're deliberately being a bunch of incompetent asswipes.
That's the way you get the attention of those people. That's the only way.
Sadly, the US Supreme Court has taken a rather dim view of "excessive fines". Still, I'm sure that smarter people than I can think of some way to hit the company's board of directors with a financial clue-by-four.
- crmd 5y agoI hear what you’re saying but I think it could also be done with the carrot instead of the stick. I believe Colonial’s largest shareholders are Koch, KKR, and Shell. If Secretary Granholm privately tells Messrs. Koch, Roberts, and Mackenzie that the US government would look favorably on a CEO replacement, they’ll each ask for something proportional their firms want that Granholm can help with, and Blount will be out the door tomorrow with his golden parachute.
- js2 5y agoThis is the same pipeline that leaked over a million gallons of gasoline without Colonial even noticing. Two teenagers reported it after smelling it while out riding ATVs. https://www.wcnc.com/article/news/local/ncdeq-colonial-pipeline-spill-huntersville/275-70e16fb6-c945-4634-b933-3975d0573f2e https://www.wcnc.com/article/news/local/ncdeq-colonial-pipel...