Wednesday, May 21, 2003

Chemical Plants, Terrorists, and Greanpeace Sen. Jon Corzine of New Jersey has been pushing a bill in Congress (Chemical Security Act) that would require chemical plants with "worst-case scenarios" filed with the EPA that would put people at risk of terrorist attacks to submit vulnerability assessments, increase security and implement safer practices. Although the bill was supported by a broad range of advocates, from national security proponents to environmentalist groups like Greanpeace, recent lobbying from major chemical associations and industry goups and put the bill offtrack. In March the GAO issued a report highlighting the risk posed by unsecured chemical plants to terrorist attacks. Utah is listed by the EPA as containing 1 (unidentified) chemical plant whose required "worst-case scenario" submission indicated vulnerability to terrorist attack. [GAO Report] [EPA Chemical Plant Information] 10:01:41 AM

Halliburton, Asbestos Texas corporate giant Halliburton, recently awarded a no-bid contract to do reconstruction work on postwar Iraq is also being watched carefully by investors because of the impending settlement and limits to asbestos litigation, a problem dogging its subsidiary, Dresser Industries. Sen. Orrin Hatch is prepared to introduce legislation in Congress calling for the creation of a universal asbestos trust fund of $108 billion dollars, to be financed by insurers and companies facing asbestos claims, that would be the sole source for future liability claims. The bill would move thousands of pending asbestos-related claims out of state courts and into a five-judge federal court. The AFL-CIO has denounced the proposal as a corporate bailout. [Business Week] 9:42:31 AM