Continuity mistake: As the Penguin is walking down the steps toward the podium, before Batman plays the messages the Penguin said, a man and a woman standing to the left of the podium swap places between shots. (01:23:30)
Continuity mistake: The fruit and vegetables (tomatoes, lettuces, eggs etc.) thrown at Oswald at his speech, litter the stage as well. The amount and position of these items laying all over the stage changes between shots. (01:27:10)
Continuity mistake: When Oswald starts shooting bullets out of his umbrella at his failed mayor speech, the crowd ducks down on the stairs, at the edge of the red stage, laying down their campaign signs. In the next shot some of the crowd and signs have vanished from around the stage, then reappear in the next shot. (01:27:15)
Continuity mistake: When The Penguin starts to shoot at the booing crowd from his umbrella, the same microphone, on the far left, falls from the podium twice in different shots. (01:27:15)
Continuity mistake: When The Penguin shouts "I am not a human being..." he throws his black coat and shirt to the floor. His coat lays in front of him, but in the next shot it is behind him. His shirt also changes position. (01:28:40)
Continuity mistake: When The Penguin is explaining his scheme about stealing the children fron their cribs and sending them to their watery graves, a black line of spit runs down his chin. When he turns around it's gone. (01:29:15)
Continuity mistake: While arranging the plan with the clowns, the Penguin throws his clothes on the floor, which change positions between shots. (01:29:23 - 01:31:00)
Continuity mistake: When the Penguin shoots the clown henchman for questioning his scheme, the clown's white hair cap flies off. In the next shot, as the Penguin kicks the clown into the water, it is back on his head. (01:29:30)
Continuity mistake: Inside the cage, Max covers his mouth with his hand and then uncovers it and grabs an iron bar. A shot later he is suddenly covering his mouth again. (01:37:16)
Continuity mistake: When the Penguin is talking to his penguin audience about stealing first, second, third and fourth born children, the penguins chair, box and umbrella stand in the background keep changing position. (01:38:25)
Continuity mistake: Batman is monitoring the progress of the rocket-laden penguins via radar. At every screen refresh, about one per second, the penguins have moved about half a street, way too fast for the way they waddle. (01:42:25)
Continuity mistake: The location of The Penguin when he falls through the window and into the pool, changes. He moves much further away from the concrete platform. (01:45:50)
Continuity mistake: When Catwoman pulls Max Schrek up out of the water, Max's hair is very wet, and is stuck down flat on his forehead. In the very next shot it is much drier and is wavier and stringy. (01:46:40)
Continuity mistake: Just before Batman takes his mask off at the end, the black makeup around his eyes vanishes while the mask is still on. (01:48:20)
Continuity mistake: When Selina removes her catwoman mask in front of Max, her hair is suddenly much more messy and tangled in the second shot where she says "Because he *is* Batman you moron." (01:49:05)
Continuity mistake: When Catwoman gives Max Schrek the taser-gun kiss, the black wire above them falls down at least four times. (01:50:20)
Continuity mistake: When Catwoman is electrocuting Max, when you see a view of the explosion from above, you can see Max walk off the set through the explosion. It is definitely him, not Catwoman!!! (check the clothing.) (01:50:30)
Continuity mistake: When Alfred is drving Bruce in the car at the end of the film, the same car can be seen parked on the street, in different places, from different angles, about five or six times. (01:53:25)
Continuity mistake: In Batman's first battle with the Red Triangle Circus gang he manages to escape from a fire eater by turning his batmobile around and burning the guy with the rear exhaust jet. He does this by flicking a switch (outlined in caution symbols) next to the steering wheel. When the Penguin takes Batman for a ride there is a television screen where the switch is supposed to be. When Batman blows the Batmobile apart to get through a narrow alley the switch is back in place. Not only that but the switch seems to control just about every major system on the car including the lights, shield cover, gun turrets (in the first movie), canopy etc.
Continuity mistake: Selina grabs some stuffed animals and throws them in the sink, where she starts jamming a monkey down the garborator. We cut to her face, and when we cut back to the sink, all the other stuffed animals are gone, but we know she hasn't had a chance to shred them because she is still shredding the last of the monkey.
Answer: It isn't. If you look at when he dies you will see that he has cuts on his face that are bleeding red. The blue liquid is more like a bile, probably similar to saliva.