Deepwater Horizon oil spill (DOJ) filed papers in federal court in New Orleans blaming BP for the Gulf oil spill, describing the spill as an example of "gross negligence and willful misconduct." In their statement the DOJ said that some of BP's arguments were "plainly misleading" and that the court should ignore BP's argument that the Gulf region is "undergoing a robust recovery". BP rejected the charges saying "BP believes it was not grossly negligent and looks forward to presenting evidence on this issue at trial in January." The DOJ also said Transocean, the owner and operator of the Deepwater Horizon rig, was guilty
Deepwater Horizon oil spill pension fund managers (who have large holdings of BP shares and rely upon its dividends) accepted that while BP had to pay compensation for the spill and the environmental damage, they argued that the cost to the company's market value from President Obama's criticism was far outweighing the direct clean-up costs. Initially, BP downplayed the incident; its CEO Tony Hayward called the amount of oil and dispersant "relatively tiny" in comparison with the "very big ocean." Later, he drew an outpouring of criticism when he said that the spill was a disruption to Gulf Coast residents and himself adding, "You