BP\u27s Deepwater Horizon: “The Goldman Sachs of the Sea

In conclusion, having just experienced “the most wrenching financial disaster in decades,”in which many accused the SEC of turning its back on the public in the interests of Wall Street banks and hedge funds, the BP oil spill is now “being called the ‘Goldman Sachs of the Sea.’” In order to prevent similar disasters in the future, it is necessary for the government to recognize that regulatory capture seriously undermines the effectiveness of regulatory bodies like the MMS. While the Obama administration’s lawsuit against BP and other operators for their role in causing the BP oil spill could help recover billions of dollars in cleanup costs and damages, it will not address the concerns of the millions of Americans across the country who put their faith in regulatory bodies to protect them from overreaching by private industry. Regardless of what the government does, the MMS will remain a striking example of regulatory capture