I'm really not quite sure what's going on here, because I'd like to believe that US Senators are not this ignorant.
Senator Wyden has drafted a letter to Attorney General Holder, asking him to investigate Transocean "Money Transfers," which he makes sound like a shady attempt to shield the company's cash from potential lawsuits related to the Deepwater Horizon incident. In actuality, the "transfer" is a long-awaited cash dividend to stockholders, a perfectly acceptable corporate action.
I've previously outlined RIG's insurance situation, in which nearly all their spill-related liabilities are shifted to BP, per day-rate drilling contract rules. On top of this, the Oil Spill Liability Trust Fund is explicitly designed to cover expenses in a spill such as the current one.
Wyden either doesn't understand the insurance coverage, doesn't understand what a one-time stock dividend is, or is simply a populist moron with little respect for private industry or the Constitution. We'll see.
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