This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The 5 Dumbest Things on Wall Street: April 8

5. Transocean: 2010 Was the Best...Year...for Oil Drilling...Ever!

It's been almost a year since the Gulf of Mexico oil spill, and some of the primary players are back in the news -- whether they like it or not, and whether or not they've learned a darn thing about public relations.

Transocean (RIG) was busy in the past week awarding annual bonuses and citing safety as a reason for lucrative compensation to five top officials totaling $19.5 million -- and then, and only then, realizing that citing safety as a reason for hefty executive pay wasn't such a bright idea in the year of the fatalities on the Deepwater Horizon. Apparently it was the best year for safety in the history of Transocean!

What, you didn't notice what a bang up job Transocean did in 2010 when it comes to safety, as the images of the fireball once known as the Deepwater Horizon rig and the testimony from the family of workers killed in the disaster remains fresh in your oil spill memory?

Not since Halliburton was added to Dow Jones sustainability indexes shortly after the oil stopped gushing from the BP Macondo well has such an interesting "pat on the back" been given to one of the primary companies bearing responsibility for the natural disaster.





Transocean quickly backtracked from its safety dancing, though its contrition left something to be desired, with an apology that more or less begrudged the public its right to find bonuses for executives during a year when 11 workers were killed on Transocean's rig to be offensive.

Ihab Toma, Transocean's executive v.p. for global business (and one of the executives to hit pay dirt as a result of the "safety" successes made by Transocean in 2010), said in a public-relations-nightmare management statement, "We acknowledge that some of the wording in our 2010 proxy statement may have been insensitive in light of the incident that claimed the lives of eleven exceptional men last year and we deeply regret any pain that it may have caused."

The Street Says: Here's a good corporate foot-in-mouth rule of thumb: when an apology is meted out in "mays," it "may" not be the apology that's merited by the situation.



1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs