One Deal That Was Too Good For Exxon
Officials at the Justice Department, who spent two months hammering out the criminal plea in the hope of avoiding a long and costly trial, cite Rawl’s comments for helping to scuttle the deal. But other arguments swayed the judge, too. Tax laws would have cut Exxon’s out-of-pocket costs on the $1.1 billion settlement to $440 million, according to the Congressional Research Service. Since the plea included an unusual provision for the public to offer its views on the proposed settlement, critics deluged Holland, a politically conservative Reagan appointee, with letters charging that Exxon was getting off too easy....