BP CEO's cost cutting contributed to Deepwater Horizon explosion.

Sunday Times: “Even before taking over BP from Lord Browne, Tony Hayward admitted to a group of employees in America in 2006 that the group needed to restore the company’s core skills in engineering to reverse his predecessor’s drastic cuts.” “Hayward knew that Browne’s legacy had made the company vulnerable to costly disasters. Four successive accidents in America in 2005 and 2006 had shredded BP’s reputation and, without insurance cover, had cost the company billions of pounds in repairs, compensation and lost revenue.
The explosion at the Texas City refinery that killed 15 people, the dangerous list of the $1 billion Thunder Horse oil rig in the Gulf of Mexico, and two oil spills from pipelines in Alaska had aroused outrage across America. In Hayward’s opinion, Browne’s strategy had been short-sighted.”