The facts that have come to light have caused me to change my thinking on the role of regulation with regards to this oil spill. If the current regulations were not being enforced - and it clearly wasn't just a one time slip up, which might be understandable - what makes us think future ones will?
Its time to do what the U.S. does better than any nation - use free market forces to get companies to self-regulate.
I propose the affected states in this disaster all chip in to hire a few thousand attorneys, investigators, paralegals, secretaries, and associated staff - and sue the fuck out of BP until they are no more. Force them to pay so much that the company gets confiscated and sold off.
This could be funded with a special tax that would be refunded with interest to the taxpayer when the case is won.
Once BP has been killed for their crime against nature - all the other companies won't need regulation to keep their shit in line. They will see that if they fuck up bad, they will simply be destroyed. That will be enough.
BP may be a big company, but the gulf states are bigger and we're meaner. Its time to push the fuckers back into the sea just like we did in 1815!!!
We're gonna make a Tea Party participant out of you yet. Now take your correct conclusion about what should become of BP and apply it to AIG, GS, BOA, GM, DCX and any other company that cannot make it playing by the same rules everyone else does. We don't need TARP I, TARP II, UAW bailout, Cash for Clunkers (UAW bailout II) or any other government program to reward failure and corruption.
When you bend the rules for one company/union/government because the consequences are painful (too large to fail), you also take away the primary reason people have to keep themselves divested of losers engaged in risky behavior. No company should be too large to fail and if they become so, they should be broken up so they are not too large to fail.
BP lobbied both the Bush and Obama administrations and were granted exemptions to safety standards by both. They should pay a very dear price for buying off our politicians and causing a disaster like this one. If it means the end of BP, so be it. If investors lose their investment in BP, sorry, but you should have picked a more responsible company.