Media ignores Goldman Sachs' ties to Corexit dispersant

In a recent New York Times’ article “Less Toxic Dispersants Lose Out in BP Oil Spill Cleanup”, journalist Paula Quinlan questions why BP is using the 100 % toxic, 54 percent effective dispersant Corexit to clean up the oil when twelve other dispersants proved more effective in EPA testing.

BP spokesman Jon Pack defended the use of Corexit, which he said was decided in consultation with EPA. He called Corexit "pretty effective" and said the product had been "rigorously tested."  

"I'm not sure about the others," Pack said. "This has been used by a number of major companies as an effective, low-toxicity dispersant."  

BP is not considering or testing other dispersants because the company's attention is focused on plugging the leak and otherwise containing the spill, Pack said.    "That has to be our primary focus right now," he said.  

Nalco spokesman Charlie Pajor said the decision on what to use was out of his company's hands. He also declined to comment on EPA comparison tests, saying only that lab conditions cannot necessarily replicate those in the field. "The decision about what's used is made by others -- not by us," he said.

Quinlan only looks at part of the picture.  She associates BP’s investment in Nalco and oil industry representation on the board as the main reasons that Corexit was used instead of Dispirsit, which EPA testing shows to be twice as effective and a third less toxic.  Yes, BP is hedging its losses with the profit it will make with its investment in Nalco, but who else benefits?  

Follow the money...and the money goes to Goldman Sachs and friends.  Instead, Quinlan (or her editor) goes after Exxon.  

Critics say Nalco, which formed a joint venture company with Exxon Chemical in 1994, boasts oil-industry insiders on its board of directors and among its executives, including an 11-year board member at BP and a top Exxon executive who spent 43 years with the oil giant.

"It's a chemical that the oil industry makes to sell to itself, basically," said Richard Charter, a senior policy adviser for Defenders of Wildlife.

In defense of the oil industry, it makes financial sense that Exxon and BP were the initial investors in this type of dispersant.  It’s not surprising that oil executives sit on the board.  I am not defending the toxicity of their product, the integrity of their board members or the likely Halliburton-stye billing process that will kick in when BP decides it is no longer responsible for  the impact of the “very, very modest” oil blowout that is already twice as large as Exxon-Valdez and is far more devastating economically and let the bankrupt US Treasury cover the bills.  (To be fair, BP has accepted full responsibility and within days of the accident and without a court order, BP gave the states of Louisiana, Florida, Alabama and Mississippi each $25 million to help with the immediate damage.)  

But BP’s investment in Nalco is the token diversion.  The real players are Goldman Sachs and their fellow Sexually Inadequate Masters of the Universe, the Blackstone Group and Apollo Management.

From Nalco’s website:

2003

USFilter and Ondeo Nalco enter into a strategic partnership providing equipment, chemicals and service to industrial customers.

 

The Blackstone Group, Apollo Management L. P. and Goldman Sachs Capital Partners buy Ondeo Nalco.

 

Nalco Company, a recognized symbol of strength around the world, unveils new logo.

Never mind item three, the logo change executives consider one of the three most important events in Nalco’s 2003 history, hence its prominence on the Nalco corporate history webpage.  Look at item number two.

If for no other reason that Goldman Sachs is newsworthy, I think that their $4.3 billion purchase of Nalco in 2003 would be worth mentioning, especially in light of their short trade on TransOcean.  The shorts are another missing item in the business section of The Times, as is any information on Goldman’s role in the 9-11 put options on American and United for that matter.  “All the lies that are fit to print...” on their banner would be more apropos. Seems someone is treating the demon children at GS with kid gloves.

While the article has some weaknesses, the publicity should help ebb the use of the more toxic dispersants as BP succumbs to more public pressure as more and more people become informed as to the dangers of dispersants.

`Bruce Gebhardt, president of the company that manufactures Dispersit, U.S. Polychemical Corp., said BP asked for samples of his company's product two weeks ago. Later, he said, BP officials told him that EPA had wanted to ensure they had "crossed all their T's and dotted all their I's" before moving forward.

Gebhardt says he could make 60,000 gallons a day of Dispersit to meet the needs of spill-containment efforts. Dispersit was formulated to outperform Corexit and got EPA approval 10 years ago, he said, but the dispersant has failed to grab market share from its larger rival.

"When we came out with a safer product, we thought people would jump on board," he said. "That's not the case. We were never able to move anyone of any size off the Corexit product."

He added, "We're just up against a giant."

My guess is that within days of the New York Times article appearing in print, BP will order Dispirsit from U.S. Polychemical Corp., if only to limit further negative publicity on the use of dispersants.  Possibly the information on the health risks associated with dispersants will cause employees at the contamination site to demand a safer alternative.

As for Goldman Sachs, I find it interesting that they have such a large stake in Nalco.  It might be just another coincidence, like their short on TransOcean.  I also question why the article singles out Exxon, which helped found the company that was bought out by Goldman Sachs, Apollo and the Blackstone Group.  Why are the profits that Goldman Sachs is receiving from the sale of these toxic dispersants not part of the article?  How much will GS lose if BP stops using Corexit?  Is this not more relevant than Exxon?

Video of the underwater oil plume.  The blowout continues despite the insertion of the tube.  The force is incredible.

Update:  

Mea culpa:  When I saw these numbers originally, I was looking at First Quarter 2009 (775,968 NLC shares in their portfolio) , but thought it was FQ 2010.  Still, Goldman Sachs is profiting from this disaster, and if they aren't long, they are shorting companies that make their profits from the Gulf because shorting the Gulf is the only sure bet right now.

 As of the end of the first quarter 2010, Goldman Sachs had 188,762 shares of Nalco (NLC) in their portfolio,.having shed 94,672 shares since the Fourth Quarter 2009. In six weeks, they have made a million bucks, a 33 percent increase in market value.  They own Nalco bonds as well.  Too bad we can't see their trading activity for NLC during the month of April and May.  It would be interesting to see if/how they traded this particular equity from April 1st to present day.

And now the LA Times reports that BP has refused EPA orders to switch dispersants and not one low-life from BP is in jail for violation of this order.

Comments

[Dave Hodges]

Richard is to be commended for an excellent piece.

The BP Oil Spill, depending on your age, is this generations 911 or this generations JFK murder. I am in the midst of writing a multi-part series for News With Views on this topic, entitled, THE GREAT GULF COAST HOLOCAUST. The Goldman Sachs motive here does not stop with just making money off of Nalco. The profits here, are a byproduct of the overall goal which is the full, back-door implementation of Cap and Trade and the control of all energy in which Richard Sandor of the Chicago Climate Exchange calls a 10 trillion dollar a year business. I will also be covering my findings on my talk show, The Common Sense Show, airing on Republic Broadcasting Network from 9-11pm Central, every Sunday night (www.republicbroadcasting.org)

In short, The Apollo Alliance is part owner of Naclo with Goldman Sachs. The Apollo Alliance is connected to many of the groups mentioned in this fine article. However, they also have interconnecting personnel and business ties with the Joyce Foundation which created the Chicago Climate Exchange. Valerie Jarret, senior White House advisor was the former director and Barak Hussein Obama was a board member responsible along with Sandor to raise the money to begin the Chicago Climate Exchange. Look at the globalist connections to climate change and ask yourself if Obama's visit to the Bilderbergers at the height of the 2008 democratic primary, and his role in this crucial issues, had anything to do with his ascension to the Presidency for this unknown radical leftist. How these interconnections work, watch for parts 5 and 6 on this series. I am also writing an e-book on this topic and donating any profits to victim relief funds in the Gulf. This is indeed a holocaust in the making.

Dave Hodges
The Common Sense Show

[The Toxic Reverend]

The "POISON FOR PROFIT" report has been censored from the Internet and removed from
the Archives Wayback Machine. But a number of advocates have been re-posting the report
and copies can be found with a simple Google search on the title and author:>
"POISON FOR PROFIT Ashley Simmons Hotz"

The report "Poison for Profit - What A Business Plan!" By Ashley Simmons Hotz (157)
documents that the chemical companies and the pharmaceutical companies are really
controlled by the same people.

The huge transnational companies that produce toxic chemicals found in pesticides,
herbicides and industrial and household products profit not only from the sale of these
products, but also from the symptoms and chronic illnesses that they can trigger.

The vast majority of chemicals found in pesticides and other products, undergo little or no
testing for chronic, low level exposures and for chronic health effects.

The same chemical companies that produce toxic chemicals also produce prescription
drugs, veterinary medicines, a wide array of medical products and imaging technologies, hold
cancer treatment and medical device patents, and produce a staggering assortment of
over-the-counter palliatives.

Families with toxin induced illnesses often spend large sums for drugs and medical treatment.

This circle of profit is not conspiracy theory, but an easily provable fact.

End of quote from "POISON FOR PROFIT".

A Congressional Report from 5-2-2000 states that less than 6% of 1,400 chemicals that threaten human health are tracked, as reported in a newspaper story titled:
U.S. Lags in Toxicity Data
Wednesday, May 3, 2000
Los Angeles Times, By SUNNY KAPLAN
The story is archived at
http://web.archive.org/web/20050426200055/www.angelfire.com/nm/redcollarcrime/lack.html

The Congressional Report in question at the above linked in newspaper article is

Testimony on Children's Health and the Environment
by Richard J. Jackson, M.D., M.P.H.
Director, National Center for Environmental Health
Centers for Disease Control and Prevention
U.S. Department of Health and Human Services - posted at >
http://www.hhs.gov/asl/testify/t000502a.html

The devastating effects on the financial health of our country:

Medical bills play a role in 62% of bankruptcies and about 78% of bankruptcy filers burdened
by healthcare expenses were insured.

An L.A. Times article about the study that shows how devastating this situation is was
titled:

Medical bills play a role in 62% of bankruptcies, study says
By Lisa Girion, June 4, 2009 Los Angeles Times

The article appears to have been moved to their archives. A copy is posted at:
Physicians for a National Health Program,
http://www.pnhp.org/news/2009/june/medical_bills_play_a.php
The article can also be found with the Google search terms;
"Medical bills play a role in 62% of bankruptcies, study says By Lisa Girion, June 4, 2009 Los Angeles Times"

Excerpts from the article:

The study found that medical bills, plus related problems such as lost wages for the ill and
their caregivers,contributed to 62% of all bankruptcies filed in 2007.

Medical insurance isn't much help, either. About 78% of bankruptcy filers burdened by
healthcare expenses were insured, according to the survey, to be published in the
August (2209) issue of the American Journal of Medicine.

End of excerpts from:

Medical bills play a role in 62% of bankruptcies, study says
By Lisa Girion, June 4, 2009 Los Angeles Times

The entire study can be downloaded from:

Physicians for a National Health Program,
http://pnhp.org/
at
http://pnhp.org/new_bankruptcy_study/

The flip side:
(Quoted from "Toxic Revelations")>
http://www.puppstheories.com/tr.html

Leading medical providers like the Cleveland
Clinic and Johns Hopkins in Baltimore are
establishing special programs to give platinum
service to the well-heeled. Depending on the
program, the super-rich customers may receive
massages and sauna time along with their physical,
house calls, and step-to-the-front-of-the-line
service in testing facilities (158). And Linda
Peeno MD of whom gave sworn testimony to the House
of Representatives on the subject of "Denial of
Health Care Services" to the insured (20a). In
short, "Justice has been sold" (101) and millions
of dollars put into "fixing the sale" ( 49). The
Los Angeles Times reported that, "Drug Companies,
HMO's Spend Big To Stop New Laws". They donated
hundreds of millions of dollars to political
election campaigns (49, 159 ). While apparently
buying out "grass root organizations (68).

Toxic Revelations;
Censored information on biological weapons and the
health care industry The censored rough draft had
been re-posted, but has been censored again
and some versions are even censored at the archives

An incomplete version is
Toxic Revelations
Rough draft
http://www.puppstheories.com/tr.html

Toxic Revelations
Editing, link updating and research in progress at
http://sites.google.com/site/toxicrevelations/

[Martec1862]

Oh-Oh

[Myra]

'They are contaminating the earth to save their interests! They're even willing to take a fine for it! Ya'll CEO's better watch out, this investigation is going to go on for a long time and I expect alot of people to go to jail. This is an environmental disaster, not the building of the stealth! You'd have to shut down facebook and twitter!

[Greece is the Word]

I love it: "...if they aren't long, they are shorting companies...". Poor Goldman Sachs can't really win can they?

I think you need to calm down a bit. Take a look at Yahoo Finance "Major Holders" page for NLC and you'll see that Goldman Sachs isn't even among the top 10 holders of NLC stock (biggest shareholders are Berkshire Hathaway with 6.51% and Morgan Stanley with 5.68%). 92% of the shares are held by institutional investors or mutual funds.

[Toby Hoffman]

Wow.

[amazingmrx]

If you are reading this, you need to watch the documentary: 'Orwell Rolls in His Grave.'

Search for it at video.google.com.

[anonymous]

Just think, most Americans probably still believe that they live in the Greatest Nation on Earth.

Of course, we do live in the Greatest nation on earth, but for ominous reasons, and not the apple-pie-in-the-sky ideals that the easily fooled masses think.

[She Geekster]

Now, w/ regard to the GS article - WOW.

[She Geekster]

Comment is in reference to the comment by Richard Keane. You mentioned the media has ignored the film Stock Shock, which according to your post came out June 10th 2010. You are way ahead of us, but when the rest of us catch up to you...we'll see it ;)

[Richard Keane]

Great article on Gordon Gekko. Can you also investigate the other movie that came out about Wall Street called Stock Shock - The Short Selling of the American Dream

http://www.marketwatch.com/story/china-banking-advisor-wall-street-is-barbaric-2010-05-19

This movie came out June 10th, 2010 and has been ignored by the United States news media, yet the movie clearly explains the news media collusion on Wall Street and tells how Naked Short Selling has ruined the stock market and it was caused when the SEC was lobbied and paid off to abolish the up tick rule on July 6th, 2007. Well after the up tick rule was eliminated it ignited a frenzy of corruption on wall street with Naked Short Selling and the use of super fast computers run by math whiz's and computer programmers to manipulate stock prices using secret codes and software to steal the wealth off investors and each and every trade like las Vegas poker dealers.

follow the truth and the Goldman Sachs stock scandal at twitter www.Twitter.com/StockShockmovie ot www.SiriusNews.com/blog ;

can you please write up a story about this 72 minute documentary about Wall Street Naked Short Selling. all in the movie has come true, yet CNBC and the rest of the business news TV media refuses to tell the American people and the world.

do you know that the FBI arrested the Goldman Sachs computer programmer that had sent the secret codes and files to a German Web Site, yet the TV News media covered up the arrest.

Richard Keane, narrator Stock Shock