Corporation, n., An ingenious device for obtaining profit without individual responsibility.
Ambrose Bierce 1842-1914, American columnist and writer of horror stories, The Devil's Dictionary 1906

The overview:
http://scienceblogs.com/effectmeasure/2010/05/only_the_ducks_are_dead.php

In a snapshot of what I fear we can expect Transocean, the operator of the Deepwater Horizon drill rig has filed suit to limit their liability to about $27 million:

Quote:
Under the Limitation of Liability Act of 1851, a vessel owner is liable only for the post-accident value of the vessel and cargo, so long as the owner can show he or she had no knowledge of negligence in the accident, maritime lawyers say.


The rig was, before the fire and sinking, worth about $650 million. But due to wear and tear its price has been marked down to about $27 million. Which, under this law, may be all they are on the hook for.
http://online.wsj.com/article/SB10001424052748704635204575241852606380696.html?mod=wsj_india_main

On the happy side, at least for Tranocean, they have been paid by their insurance company the $401 million for the inconvenience of loosing of the rig.
http://abcnews.go.com/Business/wireStory?id=10567273

A slightly less charitable take on the situation:
http://www.cityam.com/news-and-analysis/...urance-payments

Nice to know that it doesn't take much effort to see how Transocean made a very nice profit off the blowout. If I was a cynical sort I might use the potential for a windfall profit from insurance as a logical reason why safety and best practices were not topmost in their mind. If you squint your eyes just right you might just make out how there might have been no down side for them. Good thing I'm not a cynical sort.