"Limited liability" where this oil spill is concerned is a term of art that hides its genuine meaning. It feels good at first -- wouldn't we all like to limit our liability for any offense we might give? In reality, if Transocean's liability is capped at $27 million or any figure, it leaves taxpayers and others on the hook for the rest of the damage.
That's not limiting liability -- it's switching liability. It's another example of big business wanting no limits on the top and a taxpayer-provided safety net on the bottom.