But will anything substantive come of it besides a few rousing soundbites? BP got a sweetheart deal on the escrow fund, as they can pay in over several years and the administrator is the same person who monitored Wall Street pay for excesses. Right, that worked out so well, didn’t it? So, Hayward will get a public spanking but behind the scenes the overly cozy relationship between corporations and the government will continue unchanged.
And the Brits are correct. Congress and Obama are treating Hayward considerably more harshly than they treated US investment bank CEOs. But it’s still mostly just theater.