BP will set aside $20 billion for an escrow fund to pay compensation to victims of the Gulf of Mexico oil spill, officials told Fox News on Wednesday.
A preliminary deal with the White House arranges for the company responsible for the largest manmade environmental disaster in U.S. history to set aside the money in an fund to be administered by lawyer Kenneth Feinberg.
Feinberg oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks and is currently President Obama’s “pay czar,” setting salary limits for companies getting the most aid from a $700 billion government bailout fund.
Obama was to announce the deal in a Rose Garden statement later Wednesday after wrapping up a meeting with BP executives at the White House.
The announcement follows an Oval Office address to the nation Tuesday night in which the president said he was meeting with BP executives to inform them that they are to “set aside whatever resources are required to compensate the workers and business owners who have been harmed as a result of his company’s recklessness.”
Obama said the fund will not be controlled by BP.
“In order to ensure that all legitimate claims are paid out in a fair and timely manner, the account must and will be administered by an independent, third party,” Obama said.
BP will set aside $20 billion for an escrow fund to pay compensation to victims of the Gulf of Mexico oil spill, officials told Fox News on Wednesday.
A preliminary deal with the White House arranges for the company responsible for the largest manmade environmental disaster in U.S. history to set aside the money in an fund to be administered by lawyer Kenneth Feinberg.
Feinberg oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks and is currently President Obama’s “pay czar,” setting salary limits for companies getting the most aid from a $700 billion government bailout fund.
Obama was to announce the deal in a Rose Garden statement later Wednesday after wrapping up a meeting with BP executives at the White House.
The announcement follows an Oval Office address to the nation Tuesday night in which the president said he was meeting with BP executives to inform them that they are to “set aside whatever resources are required to compensate the workers and business owners who have been harmed as a result of his company’s recklessness.”
Obama said the fund will not be controlled by BP.
“In order to ensure that all legitimate claims are paid out in a fair and timely manner, the account must and will be administered by an independent, third party,” Obama said.
[/quote]
lol @ government control = fair or timely or independent third party
and haliburton - they drilled the well . . . and the customers of BP, they financed the operation . . . and the US government, they regulated the whole process . . . . and the White House, they financed his camnpaign too . . . .
[quote]Bambi wrote:
Where are Transocean? Surely they should be liable as well?[/quote]
They claim they are only liable for spilled diesel, not oil. Apparently none has been found. Also, BP is footing the entire bill to begin with to make sure it gets done, and then the companies will decide who is responsible for which portion after the investigations into the situation are complete.
Does anyone else find it baffling how hundreds of engineers from all involved companies as well as the government, many probably with Phd’s (and no doubt well paid)still have failed to find a solution even after 2 months?
BP also claims to still have no idea what caused the rig to explode.
[quote]Cprimero wrote:
Does anyone else find it baffling how hundreds of engineers from all involved companies as well as the government, many probably with Phd’s (and no doubt well paid)still have failed to find a solution even after 2 months?
BP also claims to still have no idea what caused the rig to explode.[/quote]
Baffling as in you think there’s a possible conspiracy theory? Or you just assumed that intelligent professionals would be able to figure something out?
If they were simply building a bridge or dealing with a static situation (e.g. not influenced by climate), you might have a point. I don’t think it’s baffling at all.
But $20 billion is chump change compared to the long term economic impact on the coastal communities whose economies may have historically relied on the Gulf ecosystem.
Even if BP just continued to handle claims, there’s no way to easily assess the long term financial damage. You can’t easily put a claim amount on such an assessment.
[quote]John S. wrote:
It seems that BP has done everything they have been asked to do so far, why are people still demonizing them?[/quote]
you actually think 20 bil. will cover all the damage they have created?
you either don’t actually know how big the spill really is or have no clue.[/quote]
Or maybe just maybe I realize that it is a step in the rgiht direction, and already putting up 20 billion just may show they are honest about saying they will pay for it all.
I am sure more then 20 billion will be spent, but 20 billion up front to get the people who are down there the money they need right now is a very good thing.
We can all be sure that the people that need the money the most will get it in a timely and efficient manner now that Obama will be doling it out.[/quote]
Obama WON’T be doling it out. It will be administered by a third party, the man who was in charge to the 9/11 funds for victims. I haven’t heard of any corruption from that fund administration, have you?
Who else should be in charge of this fund?[/quote]
Ok guys I will take one for the Team. I will be more than happy to take on this heavy burden of $20 billion and talk to each individual and cut them a check as I see fit. I will put the $20 billion in an interest bearing account. The interest will be my pay. I will expect BP to pay for my traveling expenses, room, and food while doing the business of the people. I expect the people to have extreme patience because I am only one man, and it will take a long time for me to get to everyone.
If this is not acceptable, I will be more than happy to fly a helicopter over the area, and drop 1,000,000,000 $20 bills from the sky.