
Pete Peterson Image via Wikipedia
Update: Nalco’s website and every other official record of ownership I came across weren’t entirely updated. In 2007, Blackstone, Goldman, and Apollo sold their remaining direct and indirect interests in the Company. Obviously, the problems of deregulation and privatization didn’t happen overnight, so I think the connections are still an important reality, and should be highlighted here.
Interestingly, the 2010 board nominees for Nalco include former BP, and current Tesco board member, Rodney F. Chase, Monsanto’s Carl M. Casale, and Lockheed Martin and J.P. Morgan’s Mary M. VanDeWeghe. It’s like Nalco finds its board by playing Evil Corporation Roulette.
Rep. John Hall (D-NY) pointed out here the obvious conflict of interest of having a former BP board member, Chase, serve at Nalco at a time BP is buying a toxic, inferior dispersant from the company.
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After flipping the bird to the EPA, BP has continued pouring around 655,000 gallons of a chemical, which has been banned in the UK, into the ocean to break up oil patches. And not only is the chemical toxic, it’s also inefficient:
Of 18 dispersants whose use EPA has approved, 12 were found to be more effective on southern Louisiana crude than Corexit, EPA data show. Two of the 12 were found to be 100 percent effective on Gulf of Mexico crude, while the two Corexit products rated 56 percent and 63 percent effective, respectively. The toxicity of the 12 was shown to be either comparable to the Corexit line or, in some cases, 10 or 20 times less, according to EPA.
So why the big rush to use a toxic, inefficient dispersant? That brings us to the really fun part. The chemical, Corexit, is manufactured by Nalco Holding Company, whose current leadership includes executives from BP and Exxon, even though the Exxon-Nalco venture “dissolved” back in 2001.
Nalco, a global company that provides water processing solutions, first had access to Corexit in the 1990s, when it had a joint venture with its energy solutions business with Exxon Mobil.
The partnership was really a brilliant move on Exxon’s part. They got to profit from oil drilling and from the oil spills. It was a real win-win situation, even though everyone at Exxon and Nalco were already aware of the health problems associated with Corexit.
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