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What Is Your Message for BP?
The company responsible for the worst environmental disaster in U.S. history may be close to finally capping the oil leak. But the damage has already been done. We asked our Board of Directors whether BP can be fixed -- and how they would do it.
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After more than three months of failed attempts to stop the oil leak that has as many as 4.5 million barrels of crude into the Gulf Coast, BP appears to be as close as it has come to finally stopping the flow -- with a new, tighter-fitting cap. It still may take days to determine if the latest fix will actually work.But even if BP is able to stop the leak after more than 80 days, the damage -- to the environment, the Gulf Coast economy, and BP's tattered reputation -- has already been done. The embattled company has faced criticism from the media, politicians and the American people almost since day one, for discarding safety measures that led to the April 20 explosion on the Deepwater Horizon, for concealing video and other information about the spill, and for running roughshod over Gulf Coast citizens and business owners. Purely from a public-relations standpoint, BP has virtually been a case study in what not to do. CEO Tony Hayward's early pleas, that he would "like my life back," will be taught in crisis-management courses for years to come.
One fact is irrefutable -- the spill is the worst environmental disaster in U.S. history, and BP is squarely responsible. The $20 billion compensation fund brokered by President Obama helped appease some of the company's critics, and will hopefully provide a lifeline to businesses affected by the spill, but the reality is that BP faces ongoing consumer backlash, outrage along the Gulf Coast and investors who are already circling the company like vultures. The company's fate, at this point, remains unknown.
It's hard to find a lot of BP defenders these days, but we wanted to take an objective look at how the company can help clean up its mess -- literally and figuratively. We asked our Board of Directors to weigh in on the disaster, and to offer their advice to the management of BP.
Warren Brown
Founder, CakeLove and Love Café
"Pump more money into non-petrol based fuels and PR the heck out of it. Stop the flow and demonstrate a much better commitment to safety. Then, compel the world to join you by taking the lead in non-petrol energy development. Don't pave over the negative images of the spill. Instead, cite it as your inspiration to forge ahead with renewable energy. Use your expertise and make it your mission to remove/reduce the potential for more disasters like the one you're responsible for."
Lawrence Gelburd
Lecturer, The Wharton School
"Get in front of the media by releasing all relevant data on a continuous basis, have daily briefings, publicly ask for assistance from the worldwide underwater-engineering community, commit to sharing all data and observations with other relevant parties including competitors on a reciprocal basis, extend their contributions, as a percentage of profit or sales, to a compensatory fund for affected parties. Meet with the families of those physically and financially harmed by the spill."
Lexy Funk
Co-Founder and CEO, Brooklyn Industries
"BP should own up to their mistakes, and not hide behind a CEO who says that he was not aware of decisions made during his tenure. When the top executive states that he does not know what takes place under his watch, it undermines the company's credibility. He should be let go and replaced by someone who does know."
Gary Whitehill
Founder, The Relentless Foundation and New York Entrepreneur Week
"BP should stop their continued attempts to sensor the media and fully own up to the entire fiasco. Next, promise 100 percent reimbursement for ALL costs, not just financial. Frustratingly, stakeholders continue to talk only about the simple data-driven and unemotional cost of this tragedy -- money lost in the region. That's less than half the story.
"Instead, and more importantly, BP should directly address the emotional toll this tragedy has taken on the personal lives of tens of thousands of Americans, small-business owners and the wildlife ecosystem. BP would be well-served financing various initiatives that address the emotional complexities of this disaster, such as advocacy programs, counseling, habitat restoration and the formation of a non-profit oversight committee for the oil industry."
Steve Strauss
Columnist and Author of The Small Business Bible
"BP is missing a huge opportunity. They could use a method I call "Business Jujitsu," whereby you take a negative and turn it to your benefit. Recall when Tylenol was laced with cyanide a generation ago. Instead of filibustering, the makers of Tylenol proactively took it off the shelf and invented tamper-proof packaging. In the process, it became a more trusted product than ever. That is what BP could do -- become the company that learned its lesson and becomes the most safety and environmentally conscious company around. It would be incredible for them. Do I expect it to happen? No, but we can dream."
Clint Greenleaf
Founder and CEO, Greenleaf Book Group
"BP has really screwed this up, and it's going to be hard to put a good face on it now that CEO Tony Hayward has left such a bad taste in everyone's mouth. I think the best plan would be to find a charismatic PR person to be the face of BP (and get Tony the Hell away from the cameras) and stop playing defense. They're already on the hook legally, so listening to lawyers suggesting that they shouldn't admit to anything is just stupid. They need a 100 percent sincere apology, they need to pay claims, and they need to hope they can stop the leaking ASAP. As for fixing it, I think that ship has set sail. I bet we won't see BP as a consumer brand in a year or two -- whether because they get bought out or they try to do a corporate name change."
Phil Town
Investor and Author of Rule #1 and Payback Time
1) Remember the golden rule: Do unto others as you would have them do unto you. 2) Ignore the politicians. They can't help grandstanding but pandering to them will get you nothing but heartache. 3) Next time, remember Murphy's Law: If it can go wrong, it will.
"As an investor, I bought BP at $27. Here's my rationale: The value of BP is either up around $70-$100 if they aren't going to go bankrupt, or $0 is they are going to go bankrupt. Either way, it isn't $27. I don't think there is a chance they'll go down given the limits of liability. And it's in no one's best interest that they do. Exxon, Chevron and PetroChina are nudging at unfriendly takeovers at this price point, so I'm not alone. And I think BP will come out of this a better company for it. I'm in."
Julie Jumonville
Co-Founder and Chief Innovation Officer, UpSpring Baby
"My advice is for the competitors of BP. My guess is that one of BP's competitors has a good idea of how to fix the oil spill, and instead of offering help or a solution, they are keeping it to themselves for competitive advantage and the potential to scoop up the assets that BP will be divesting sooner rather than later. If a competitor stepped up and offered to help BP because it is the right thing to do, then they ultimately will be the company that will win financially, socially and will have loyal customers forever."
Rob Adams
Director, Texas Venture Labs at the University of Texas
"I think BP is toast -- the company will be out of business in a matter of years. Nothing fast, but they will never recover. I think the best reaction is to jump 'all in' to fixing the problem, accommodating the economic losses and by doing this seeing if there's a chance of survival."
Jennifer Hill
Chairwoman, Astia NYC Advisory Board
"Get out in front of the problem -- it's steamrolling you. Be a proactive leader spearheading the solution, instead of responding reactively! It currently appears as though unless President Obama pressures BP, the company is prepared to take the least amount of action.
"Then, find a solution and also plug the other leak -- in BP's processes, operations, strategy, decision making and value system that enabled this disaster. Act honorably in compensating the individuals and businesses whose lives and livelihoods are and will continue to be affected. Be a leader in the economic redevelopment of this area so that you are not just remembered for the destruction of the environment and the livelihoods of millions of people. Set an example of corporate responsibility: provide job retraining, employment options, fair claims compensation and services that rebuild, rehabilitate and rejuvenate not only the environment but the people."
Comments (Page 1 of 4)
By the year 2012 the core of the earth will be gone. Dont they worry about that.
"atlantisqueenof2000 7-13-2010 9:49PM
By the year 2012 the core of the earth will be gone. Dont they worry about that."
What are you talking about ? There is no core of the Earth: the Earth is hollow and full of hamsters - that is why it spins.
Simple. Stay true your business plan: Clean it up, take the tax
deduction, recover the oil you can, drill other oil well(s),
keep an eye on the psi at the well head, make the right changes,
make it work, make $500 billion dollars. Tell your stockholder's your
putting more money in to r. and d. and safety for your employees.
What is taking so long to Fix the BP Deep Water Oil leak? What happened to American Ingenuity ?
We used to be a country of Manufacturers artists creators we fixed problems, Now we put more effort
in making a bridge or an art car than fixing a catastrophic hit to our environment. Where are
the engineers, the scientists, the future of America to fix the problem?
3 years ago I worked for BP as a cashier, and they fired me in the winter when my car doors were frozen shut, and I couldn'topen the doors. I called and left a massage at the job, but they fired me saying that they never got a call from me, and they let me go under ( no call no show ) Im happy I don't work for them any more, especially when they did this terrible thing with the oil spill. It's very clear that you have no respect for life with man or animals.
They are like the Robber Barons, who built empires but didn't care about anyone else back then either. We are not important to them, neither are the environment or fishermen or the tourist trade, only their profits.
First and formost, a company who does something which could have something like this happen, has to have a proven plan in place before they should be allowed to do business. This is not an issue which should be treated like allowing a disfunctional child to go unmonitored because it's too much trouble.
Then, this company should be paying the businesses a settlement amount for keeping from earning a living. The fishermen, and all other affected businesse's insurance company need to subrogate claims to BPs insurance company, like any other liability claim.
Face it people, things like this mis handling of a crisis shows the world is out of control, and we have been pretty much stripped of our rights.
BP was certainly remiss with the protection on this well. But, in truth, I am not sure that a conventional BOP could stop a well from blowing out at 5,000 feet and I don't think BP, or anyone else, was either. This whole mess might not have happened at all, if the liberals in the Democratic party had allowed the major oil companies drill in shallower waters.where current drilling techniques have been safe for many years. Then the Dems had the nerve to try to stop all drilling. Shame on them and shame on the American people for buying the boloney coming out of the White House. I hope that the 2010 elections will take both houses back from the Dems and that the GOP will take positive steps to restore the strengths of our Country and not denigrate it has has been the case since Nobama took office and the Dem Congress started riding rough-shod over the Citizens of the USA.
We can all use biofuels like french fry oil. Might make me hungry though!
Let's pay BP back for all they have done for us. Let's come up with a way to stop needing OIL, then we out law the USE of OIL. Let's make a cars, trucks, Planes and so run without oil.
WE CAN DO THIS! :o)
NotSoHappyWithBP!!!
As a CEO for a bio-fuels company, even I realize that "paying BP back for all they have done for us" would probably result in a bitter outcome. We already do have the technology to make ethanol, bio-diesel, bio-jet fuel, bio-plastics, and bio-remediation of oil spills - all at economically viable profits and all at oil independence capacity and all from renewable energy sources and all carbon-negative! But please understand, we offer oil and coal power companies a clear and profitable transition into bio-fuels. It is good for them, good for us, good for the American economy. But, what have they been trying to do instead? Oil and coal power companies have not been letting the market decide, but have been trying to hold onto their market share. Oil and coal companies have been messing with the not-so-free market and trying to restrict new entrants by: a. creating legislation that favors tax dollars for oil and coal projects, b. restricting research components in renewable energy grants, c. creating legislation like Prop 23 in CA funded by big TX oil that would strip environmental regulation and green jobs, d. lobbying against green initiatives, e. negative image promotion. All of that control is unnecessary and having the opposite affect. But, companies like For Fuel Freedom, Inc. (the fuel producer, not the additive) are offering oil and coal energy companies a clear and profitable transition into bio-fuels, even though these companies are not doing what is environmentally right, but have been using shortcuts to save money while they think they still have time (BP deep water oil spill, West Virginia coal mining effluents, etc.). How much does the taxpayer have to spend on asthma and lead poisoning caused by these polluters for indigents who cannot pay for hospital care? The middle-class taxpayer is paying at both ends - because they do not have a voice and because they are drowning in the cost of living caused by petro-chemicals and coal processes. Are we going to let the market decide to make up our mind for us and harm us in the process, or seek the government's help to restore balance to green jobs and give Small Business and Main Street the voice they deserve? Yet Wall Street, at the prompting of Fortune 500, accuses us of "being guilty of overextending our credit" and imposes even greater restrictions on access to money. But still, even though they have wronged us in every way, that last thing we would want is temporary changes. Trust me, I am just as unhappy as you are at the situation and how I have been treated. It doesn't change the fact that we want to steer the outcome so oil and coal companies are included and do not want to retaliate themselves. So, every Small Business owner and person from Main Street USA needs to write to their congressional representative and request our government does the right thing this way I am suggesting - writing every week and don't stop until this Constitutional Grievance is resolved in every way (even if you post your thoughts on AmericaSpeakingOut,com). And, may this paradigm movement be proven out, because I am sure you are just as willing to fight as I am if it comes down to it.
~Stephen L. Rush
I encourage you to go to DC, talk to President Obama and start by stating: Mr. President, we have listen to you, the orator of American, now listen to the people who put you in the position of serving your country and its citizens. Then just tell him what you wrote, it was to the point, nothing erroneous but a glimmer of hope for Americans. Thank you for being sincere and able to convene that which we could comment, as well as you. Me from DG , just a note.....Honesty is the best policy. Our government is keeping us in the dark and BP is running off to another country. Is having a conscience, a myth?
BP management needs to own up to the real reason the blow-out preventer did not work, and their role in forcing a risky shortcut on the drillers, hours before the blowout, because of costly late completion.
The only group rallying around BP right now are speculators invested in the enterprise. The company for the most part has been generous to investors and their employees, and rightly so given the high margin product they produce. In light of what has happened here, BP has demonstrated they are reckless holier-than-thou enterprise with deep pockets who can do as they please, influence the political system and get away with it! BP should be held criminally and financially responsible for destruction of the world's ecosystem and all of the animals and wildlife they have killed --- not to mention the human tragedy as well. Tony Hayward should get his life back --- in the unemployment line! BP SHOULD BE HELD TO UNCAPPED UNLIMITED LIABILITY!!!
Not being able to immediately fix the leak is the reason you have procedures in place to prevent such things to begin with. As a long time aviation professional, we understood in our business that you can't fix a crash after it has occured. You religiously follow procedures to make sure it never happens. People at BP committed negligent homocide for profit and need to be treated as murderers.
UH is this just a "vast right wing conspriacy", or is it just ABF
- "All Bush's Fault" - again?
Obama is a year into his presidency.
It's his now, to take what comes, by any reasonable standard.
My sense is that I am watching my government fail miserably.
Those on the right may be wondering if he is letting this gush in order to push a draconic environmental agenda.
BP execs are republicans , right? so, did they blow up the well to throw our Obama a big curve, like they knew about 911 to throw Americans into a hysterical, "We need Bush Now" manipulitive frenzy?
Safety First!
www.charleshowes.com
Do the honourable thing - fall on your sword after months of lying and years of Buggering the Planet (BP).
Some one has to be responsible for this terrible disaster and should pay with jail time , dont you people think?