Its been over a month since the Upper Big Branch Mine, a Massey Energy owned and operated mine, faced a disaster due to a methane related explosion that took 29 miners lives. It was a dark day for the state of West Virginia, the coal industry, and the entire country. To West Virginians, and even those not from the state, these fallen miners will be in our hearts forever.

Don Blankenship is the current Chairman, CEO, and head right-wing gun-toting thug in charge of Massey Energy. Massey is currently the 6th largest coal company in the United States by production. Blankenship, to most people, is seen as cold, dark, and very mysterious. If you need further convincing, watch this ABC News video of one of their correspondents attempting to evoke an interview from Blankenship. The video shows the ABC News rep wanting to ask Blankenship about pictures published in the New York Times of him with Former WV State Supreme Court Judge and Current Republican nominee for WV 3rd Congressional District Eliot "Spike" Maynard. Maynard was elected to the Supreme Court in WV.

Several news outlets have begun to report that Don Blankenship will testify this Thursday before the Senate HELP (Health, Education, Labor, and Pensions) Committee regarding the April 5, 2010 mine explosion in Raleigh County, West Virginia .

Mine blast: Don Blankenship, the head of Massey Energy Co., testifies before a Senate panel investigating the explosion that killed 29 workers at his company’s coal mine in West Virginia.

Source: San Francisco Chronicle’s SF Gate

Blankenship, 60, plans to appear before the Labor and Health and Human Services subcommittee of the Senate Appropriations Committee, on May 20 in Washington, his first appearance before Congress since the explosion.

Massey said last month that it expects a second-quarter charge of as much as $212 million for the accident, more than twice its 2009 earnings.

The costs will include $80 million to $150 million for benefits for families of the miners, rescue and recovery efforts, insurance deductibles, legal and other contingencies, Massey said. The value of the damaged equipment, development and mineral rights is an additional $62 million.

Source: Businessweek.com

With the pieces still being picked up in rural West Virginia, Blankenship has a slew of problems on his hands. Massey Energy has seen its stock slump since the disaster (big shocker there) and he is constantly being questioned about the incident and his lack of care for safety violations and hazardous working conditions. It has seen a -21.7% change YTD with their stocks recently plummeting 10% after a possibility of a criminal investigation was mentioned, and 40% since the disaster.

NEW YORK (CNNMoney.com) — Shares of Massey Energy plunged about 10% Monday after a report surfaced over the weekend indicated the coal mining company may face a criminal investigation.

Federal prosecutors are investigating possible "willful criminal activity" by "directors, officers and agents" of Massey subsidiary Performance Coal at the Upper Big Branch coal mine where an explosion killed 29 workers last month, The Wall Street Journal reported on Saturday.

A Bloomberg report on Monday claimed that some large Massey shareholders will seek to block the re-election of three company board members at the meeting.

Another report by the Wall Street Journal on Monday said a congressional committee will vote on Wednesday on whether to give the House Education and Labor Committee deposition power to call witnesses in for questioning on the case.

Massey shares have fallen about 40% since the mine explosion on April 5.

Source: CNN Money

More interesting news for Massey Energy, in what seems to be an effort to obtain transparency in lieu of shady business, as they have now declared that they will declassify their board of directors. This according to the Wall Street Journal, the board is proposing to introduce the idea to shareholders etc. and potentially even make the process more democratic.

Massey Energy Co. said its board plans to propose that directors stand for election every year for one-year terms.

Chairman and Chief Executive Don Blankenship and lead independent director Admiral Bobby R. Inman said the move to declassify the board of the coal producer was a result of stockholder input and the board’s ongoing review of Massey’s corporate governance policies.

A classified board, where classes of directors generally are elected for three-year terms and only a portion of the directors stands for election each year, is harder to dislodge through the shareholder meeting process.

The board plans to hold a special shareholder meeting in the next three to six months where it will propose that stockholders approve declassification.

Source: Wall Street Journal

Blankenship has seen his fair share of controversy, as I have detailed in several previous blogs in wake of the Upper Big Branch Mine Disaster, and this proves there isn’t an end in sight. Blankenship, amidst numerous calls to step down and many claims of injustice and fraud, refuses to forgo his position as CEO of Massey. Its hard to tell whether this is simply Blanky trying to play a game and manipulate his business further, saving his butt from criminal allegations, or just plain stubbornness. My personal opinion? He needs to step down. Futher even, he needs to be criminally indicted. Too often, CEO fat cats like Blank are left alone to ravage whatever gets in their way in the holy name of money.

Massey Energy chief executive Don Blankenship, whose Richmond-based company is under investigation after a deadly explosion at its Upper Big Branch coal mine in West Virginia, said he has no plans to resign.

"Whatever happened at UBB is something that needs to be figured out, but it’s not the result of my management style," Blankenship, 60, said in an interview.

From The Washington Post, as reported by Bloomberg

An end is not in sight for this ongoing Blankenship conundrum, which can be seen as good news and bad news. I want resolution. I hope that one day this man will receive the proper justice brought to him, not on a silver platter, but closer to a penitentiary meal tray.

He doesn’t represent the values and culture of Appalachia, he represents the coal industry and corporate greed. I for one will not stand for this. The question still remains, will the people of Congress and those in higher powers finally grow a pair and do something about corrupt and greedy tycoons like Blankenship? Or will they let this case slither away like a cunning snake, deep into the elusive tall grass it will await yet another prey who is unbeknownst to their presence.

 

There have been a lot of argument about what should be done with AIG. A lot of so-called liberals have spoken out against corporate buyouts. I say so-called because this is, by far, the most socialistic action our government has ever taken. And, by republican standards, everything socialistic is liberal, so we should all be jumping for joy.
But liberals are pissed about the golden parachutes for CEOs. However, while absurd CEO packages are a symptom of the underlying problem, they are not the cause.
Follow me after the jump.

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Howdy again , if the markets are left to freely trade then they will self regulate , as the cost for commodities rise the consumer price increase will slow consumer buying , and slow the growth of the commodities automaticly . This leads to Modrate sustainable growth in a Free market society. But this also leads to  a  fair competitive platform where free enterprizers big and small compete with their intellect , not their way of manipulation , and this can be by Government intervention or by Multinationalist Corporation , or both working together to bring control over the system , and in   this  Society , that is where Socialist control dominates , and why we see such volatility in the markets . Its not a Supply and Demand issue that fluctuates the values of the market , but a struggle between those who try and trade a Free Market , and those who try and dominate the free markets . With this affect we will never see anything but Confussion and corruption , so investor beware . Thanks and have a great day . Tony Newbill out Wickenburg, Arizona
----- Original Message -----
From: tony newbill
To: investor@microsoft.com
Sent: Saturday, June 10, 2006 9:20 AM
Subject: http://articles.moneycentral.msn.com/Investing/JubaksJournal/ChinaBanksAwaitDisciplineFromAbroad.aspx?page=2

Howdy Jim , it for sure is a Problem when the central banks get to carried away with their regulating , and keep the rate hikes going to the point that they kill off the Commodity price structure , and the Precious metals markets , the Idea that we have to curb growth with manipulating effects is only helping those Old Money Social Elite , or Multinationalist Corporations that already have control, and consolated  the markets , and want to continue to be in control . To break the " Old Money " or Socialist elite grip on Society , is the key to future growth of emerging markets , with Small Business leading the way . Without a Healthy emerging market base to feed market growth , we have no future market trends , and there for we trend closer and closer to a One World Socialist society order , ie; USA,UK, Australia, New Zeland, Canada .
 Thanks for your time , and have a Great day in the Capitalist USA for awhile longer , maybe  . Tony Newbill

Howdy with a Opinion ,

Man its the Socialist Elite in the world element and US ,  that are standing in the way of market growth now , because they see the Free Markets as a Threat to their " Old Money " manipulation of the Free markets , which is a Joke  , to call them Free markets . The fear is simple within these Social groups , and that if the general public economicly benefit beyond the manipulating force of their grip , then they might see their Multinational control of the Markets over run with competition for the wealth of the free markets . We are right back where we were in 2000 with market values when the socialist  elites or call them Multinationalists , were rocking , and they want to clamp back down to maintain control . And the Government needs to step back from this , and not be persuaded to cave in to these powers that are insisted on maintaining control by hollering Inflation to drive up rates , and kill off any market growth beyond the 2000 levels , think about this , how can we have inflation if we are just now getting back to the 2000 market levels ??? hell we arn't even back to those levels yet , so how can we be looking at inflation ? Its a manipulating of the markets back in the 1990s that made 3 world countries so frickin poor that it sprang an uprising of Terrorists for crying out loud ! Money talks and BS walks , and the quickest way to keep the peace is to make sure theres enough money floating around so people can function , and that ain't been the case , with all the wealth consolidation that has acurred over the past 15 years . I mean for crying out loud this game we all are playing while we are here on this earth , is but just a game , so why not play it with some Compassion . Thanks for your time and have a great day in the USA . Tony Newbill out Wickenburg way in Arizona

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