British Petroleum CEO Tony Hayward is reportedly going to step down this week to be replaced by another man who has been running the day-to-day operations of the oil spill. CNN's Anderson Cooper has reported that the announcement is set to take place in England, which is five hours ahead of the U.S. The greatest shock has come from the announcement that Hayward will allegedly receive a pay package of roughly $18 million dollars, which is shocking in light of the fact that many of the victims in the Gulf oil spill have not yet been paid.

Hayward drew the ire of the American public when he proclaimed that he "wanted his life back," during the crisis. He has also been held responsible for increasing BP profits through the years at the expense of worker and public safety.

The House Judiciary Committee has reported that BP has paid out only 12 percent of the claims it has received from victims of the oil spill. This represents roughly $71 million out of the $600 million requested. Therefore, the amount paid to Tony Hayward will be over 25 percent of the total that has been paid to all of the oil spill victims collectively.

The actions of BP and Tony Hayward are not only clear reminders of how corporate America runs itself, it also represents a slap in the face to legislators who are unable to properly regulate a large overseas company. It also tells us that the capitalists of corporate America are essentially trained to protect their wealth at all costs, thus avoiding debts to society even when they are clearly due. Something should change as a result of all of this, but I doubt that change will happen.



Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action Resident of the Institute for Black Public Policy. To have Dr. Boyce commentary delivered to your email, please click here.