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> An alternative is to go out of business and leave the total cleanup costs to society instead of paid for out of future profits. I know I'm reading between th
by dr_orpheus 5y ago
> An alternative is to go out of business and leave the total cleanup costs to society instead of paid for out of future profits.
I know I'm reading between the lines here a bit, but it seems like that would've been better in this case.
"In 2012, the Coast Guard finally ordered Taylor to install a dome to contain the leak, but three years later, when Taylor Energy settled a lawsuit that forced it to start publicly disclosing more about its efforts, the company had not even finished the design... protective dome, finally installed by a contractor the Coast Guard hired after losing faith in Taylor, contains the leak."
The expenditure ended up being from the Coast Guard hiring another contractor anyways to stop the oil leak. Part of the complaints here are that this trust was set up for the explicit purpose of stopping the oil leak but didn't seem to actually do anything about it. This is less a question of the tax code part of the conversation but more of fraud of whether those business expenses of the trust were actually going towards the oil spill.