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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Maurice Winn who wrote (73724)	5/28/2010 5:55:30 AM
From: Snowshoe	1 Recommendation Read Replies (1) of 74559

>>for some reason doesn't put much attention on... the government regulators asleep at the wheel<< Wrong. Obama is shaking up the regulating agency and heads are rolling... Interior Chief Vows Crackdown on MMS's 'Bad Apples' nytimes.com Salazar condemned the behavior of the Minerals Management Service inspectors cited in the IG report as "reprehensible" and said some acts were "indeed criminal." MMS head resigns in the wake of Gulf oil disaster, various scandals (UPDATED) news.yahoo.com Just two days after a bombshell report detailed that some Minerals Management Service oil regulators accepted gifts from the companies they oversee and took drugs and watched porn while at work, MSNBC is reporting that MMS chief Elizabeth Birnbaum has resigned (see update below). Interior secretary to split MMS into 3 new agencies chron.com WASHINGTON — The Obama administration on Wednesday formally began breaking up the embattled federal agency in charge of policing offshore drilling after the Deepwater Horizon disaster exposed regulatory lapses and possible conflicts of interests at the Minerals Management Service. Interior Secretary Ken Salazar signed an order carving the MMS into three pieces, extinguishing the once relatively little-known agency that President Barack Obama last week criticized as having a cozy relationship with the companies it regulates. U.S. Drilling Regulator Quits Amid Criticism Over Rig Disaster bloomberg.com Chris Oynes, associate director of the offshore energy and minerals management program for the Interior Department’s Minerals Management Service, has left his job, Bill Lee, an agency spokesman, said yesterday in an interview. Oynes, who was appointed chief of the division that oversees deep-sea oil exploration in 2007, left amid scrutiny of safety inspections and mounting criticism of what President Barack Obama described as the agency’s “cozy relationship” with the energy industry. Oynes served Republican and Democratic administrations during more than three decades in federal jobs.

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