There was a British Petroleum whistleblower on CNBC this morning who claimed that senior management at BP's Alaska oilfields knowingly skimped on necessary maintenance and repairs because their bonuses were tied to cutting costs.
Is this believable? Yes, because people respond to incentives, including the rewards of cheating.
I also believe that senior managment has a greater propensity to cheat because honest people have less success climbing the corporate ladder.
I hope people won't use this news story to indict the entire oil industry, which as a whole is probably more honest than the average industry.