Negligence in oil exit: 2 times BAWAG harm per day
We will have a legal proceeding with a unbelievable high amount of harm. Just right now, the BAWAG case about speculation upset Austria, but this had been peanuts.
The BAWAG was a big Austrian bank owned by the ÖGB (Austrian trade union). The BAWAG lost by highly hazardously speculations so much money, that the financial problem was only possible to solve by an emergency sell of the bank to Zerberus.
In the dock had been people, which never thought to be in the center of one of the largest economy trials. The trial stated a harm from a little bit above 2 billion EUR.
State attorney: Defendant, do You know this document?
© OECD/IEA, 2005
State attorney: Your country is member of the IEA. You had have at this time government responsibility for the transport sector. And You want now to tell the court, that You do not know this document? The court expert authorities will prove that You and the other defendants caused worldwide economic damage in the amount of 4 billion EUR a day by Your negligence.
At 85 million barrel a day and a price difference of US$73 between the real szenario and what would have been with all actions is 4 billion EUR a day, 2 times the harm sum of the BAWAG tiral per day, 730 times the harm sum of the BAWAG trial per year.