THE BLOG
11/21/2012 10:52 pm ET | Updated Jan 21, 2013

The BP Settlement Is a Wrist Slap; Corporate Charter Should Be Revoked (VIDEO)

Oil giant BP says it has agreed to pay $4.5 billion in a wide-ranging settlement with the U.S. government over the 2010 oil spill in the Gulf of Mexico.

The Department of Justice confirms that BP has pleaded guilty to criminal charges including 11 felony counts of misconduct related to the deaths of 11 men in the rig explosion that triggered the oil spill. It also agreed to plead guilty to one felony count of obstruction of Congress.

The settlement total of $4.5 billion over five years includes nearly $1.3 billion in criminal fines along with payments to several government agencies. It is the largest financial penalty ever.

Satisfied? Not so fast.

Watch: