The Countertop Chronicles

"Run by a gun zealot who's too blinded by the NRA" - Sam Penney of

Wednesday, March 17, 2004

Corporate Scandal

Keep a watch out for this and expect Shell's overestimantation of oil reserves to turn into a bigger corporate scandal than Worldcom or Martha Stewart with high profile indictments coming just before the election (and in conjunction with the Kenneth Lay indictment).
Two months ago, the company lowered its estimates of proven oil and gas reserves by about 20 percent, or 3.9 billion barrels. Company documents from two years ago show that current and former top executives were aware of a significant shortfall in reserves and came up with an "external storyline" and "investor relations script" that minimized its significance.

Two weeks ago, the group dismissed its chairman, Sir Philip Watts, and its head of exploration and production, Walter van de Vijver.
If they do the right thing, this is a great opportunity for Bush to show he isn't beholden to oil and gas companies (regardless of what the enviros say) and he is as tough on corporate crime as he is on violent crime.


Post a Comment

<< Home