Chevron fails to block $18 billion Ecuador judgment

Comments (10)
AlkalineState wrote:

What’s funny is that Chevron is the party that got this case moved to Ecuador in the first place. They were hoping they could buy off the local politicians and judges there again. Chevron’s claim at the time was “This happened in Ecuador, the case should be heard in Ecuador.”

Then when it did not go their way, they claimed that the local court had no jurisdiction over a foreign company. That the case should definitely be heard in the U.S. Supreme Court. Well, the U.S. Supreme Court disagrees.

Chevron lost because they were wrong. They made the mess, they lost the case, time to pay up. Their oil should be sanctioned until they fix this.

Oct 09, 2012 4:00pm EDT  --  Report as abuse
neahkahnie wrote:

This is not the “good old days,” of U.S. corporate rule over foreign countries. You do business in foreign countries, and guess what, you have to abide by their laws. Chavez, in Venezuela, as well as Castro in Cuba, changed the dynamic.

Oct 09, 2012 5:02pm EDT  --  Report as abuse
AlkalineState wrote:

In Chevron’s defense, the oil companies are really hurting right now :)

They’re practically GIVING gasoline away at the pump.

Oct 09, 2012 5:25pm EDT  --  Report as abuse
Neurochuck wrote:

“a federal judge in New York issued a worldwide injunction blocking enforcement of the judgment”
“the U.S. judge did not have the authority to stop courts in other countries from enforcing the judgment”
One can wonder if the law was ever in doubt. But Big Bucks often gets away with it by continuing litigation because of deeper pockets.
Amazing what money can buy, including some things very putrid.

Oct 09, 2012 5:34pm EDT  --  Report as abuse
xyz2055 wrote:

AlkalineState..go look up these 2 stock symbols..VLO and XOM. VLO is Valero..they are the largest operator of oil refineries in the U.S., they have a profit margin of 1.2% (see their profile on MSN Money). XOM is Exxon-Mobile. They have a profit margin of 9.6%. Hell the corporation I work for (Healthcare) has a profit margin of 12%. The only people making money off of oil are Big Banks and Hedge Funds with their HFT software at the CBOT.

Oct 09, 2012 6:35pm EDT  --  Report as abuse
americanguy wrote:

Thank you Ecuador.
At least you have the guts to go after the big oil companies.

Oct 09, 2012 7:17pm EDT  --  Report as abuse
xyz2055 wrote:

americanguy…CVX (Chevron) has a profit margin of 10.8%.

Oct 09, 2012 8:02pm EDT  --  Report as abuse
oneindige wrote:

xyz, for 2011 Chevron officially stated they have an income of just under $27bil attributable to their corporation (sales revenues were far higher). BP had to pay $20bil, so why shouldn’t Chevron pay for their exploitation?

Oct 09, 2012 9:58pm EDT  --  Report as abuse
xyz2055 wrote:

oneindige..I never said they shouldn’t..I’m merely pointing out that these companies have relatively small profit margins. Compared to Apple for example, who has a profit margin of 27%. The general perception is that these companies (big oil) is making money hand over fist. They aren’t.

Oct 10, 2012 2:11am EDT  --  Report as abuse
Adevarul wrote:

@ Alkaline State:

US oil companies are obviously not GIVING gas away at US pumps. They ARE selling it wherever they choose in global markets and allowing US consumers to pay higher prices due to their contrived shortages here from selling it there.

Oct 10, 2012 2:24pm EDT  --  Report as abuse
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