Obama on corporate accountability

Here’s a recent clip of Obama talking about corporate accountability.

The tone is important here. Typically the atmosphere towards business is always more febrile under a Democratic administration as we all know.

This is particularly true now, given the recent tragic events in the Gulf of Mexico and Obama’s aims on Wall Street.

Watch out for more stinging statements from the Obama administration, and expensive results for companies.

The Economist this week says it believes both the environmental and reputational damage to BP will be less than predicted. That’s in line with its understandable desire to be contradictory in light of media hysteria over the incident.

It’s probably too early to tell what the final bill will be, but companies, particularly foreign owned ones, had better sharpen up on their behaviour in the US right now. Any major slip up will be costly, one way or another.

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