Fast Food Not So Fast Today; “Grossly Negligent” BP; Bloomberg’s Baaaack

Supersize that?

Image courtesy of rakvatchada torsap/FreeDigitalPhotos.net

Image courtesy of rakvatchada torsap/FreeDigitalPhotos.net

Hungry? Well if you want something quick, it’s probably best to skip the fast food today because it will be anything but. That’s because from coast to coast, in 150 cities, hundreds of fast-food workers are on strike, rallying and, in some cases, getting arrested all in an effort to get unionized and a $15.00 minimum wage. McDonalds, whose workers were certainly well-represented in today’s today protests, tried to explain that the company does not actually set the wages in its 3000 franchises, which might (or might not) put a crimp in the workers’ arguments. However, you can be sure that if the fast-food workers are successful, those increased wages will be passed onto you. Or cut into the companies’ profits or both. But if you suddenly find that you’re paying a whole lot more for your fast-food burger, then at least you’ll know the reason why.

Guilty…

Image courtesy of suwatpo/FreeDigitalPhotos.net

Image courtesy of suwatpo/FreeDigitalPhotos.net

“Grossly negligent” were just a couple of the un-endearing words used to describe energy giant BP, as New Orleans US District Judge Carl Barbier handed down a guilty verdict to the company which bears the dubious distinction of having caused the biggest US offshore oil spill. Ever. Naturally, BP is appealing on the basis that the ruling “does not support the evidence” used in other trials (note the plural) against the energy company. Hmmm. That catastrophic spill cost the lives of 11 individuals and under the Clean Air Act, provided BP is unsuccessful in its appeal, the company will have to pay $4,300 per spilled barrel. Multiply that by an estimated 4.2 million barrels of oil and BP could be liable to pay up to $18 billion. That’s in addition to the tens of billions of dollars the company had to pay up from some of those other trials and tens of billions of dollars it had to pay for other expenses related to the disasterBut don’t feel so bad for them as that settlement will be divvied up (though not equally) between BP, Halliburton and Swiss company, Transocean.

Welcome back, Mr. Mayor…

Image courtesy of hywards; FreeDigitalPhotos.net

Image courtesy of hywards; FreeDigitalPhotos.net

Former NYC Mayor Michael Bloomberg is going back to work. Even though he said he had no plans to go back to his namesake company, Bloomberg LP, he just couldn’t resist the pull of his old digs. I suppose it helps that he happens to own 88% of the company. CEO Daniel Doctoroff, who has been at the helm since 2008, will sit on the Bloomberg throne until the end of the year. Founded in 1981 as a way to provide real time information to traders and investors, the company is currently valued at a whopping $30 billion. Under Doctoroff’s leadership, the company pulled in over $9 billion in revenue this year. Not bad for a guy whose last name is not Bloomberg.

 

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