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June 19, 2013
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 Obama Will Demand a BP Escrow Fund for VictimsPosted on Jun 13, 2010
President Barack Obama finally might be digging in his executive heels over the Gulf oil blowout. The White House has announced the president will address the nation Tuesday night about the spill and is expected to outline a plan that would force BP to create a multibillion-dollar escrow account to compensate those affected. —JCL
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By Fat Freddy, June 14, 2010 at 4:03 am Link to this comment
This is not unreasonable. In fact, this should have been done the day that BP decided to self-insure. Insurance companies are required to have capital reserves, so should private businesses that self insure.
There’s also the issue of clean-up workers not getting paid on time. I don’t want to make excuses for BP, but let’s not forget, they are in the process of drilling two relief wells that were not planned. That has to be taking up a lot of company resources, other than just capital. Perhaps they could just cut Jindal a check, and let his people issue the checks to the workers. It can all be settled up at a later date. Paying clean-up workers, and settling liability lawsuits are two different things.
Report thisBy Mike, June 13, 2010 at 11:15 am Link to this comment
(Unregistered commenter)
I’ll believe it when I see it. The president has a knack for saying one thing and working behind the scenes to do the opposite, like he did with the public option.
It looks like the fund would need at least tens of billions of dollars to compensate those affected from Louisiana to Florida and probably up the east coast as the spill is nowhere near contained.
Obama could actually be doing BP a favor by “demanding” for far less than what is needed. BP could claim that they paid into the fund and would not pay any more as the cost of the spill rises, and take a hardline approach to future settlements which they will probably do anyway.
Obama needs to make sure that BP’s contribution to the fund is not a one shot deal, that is if this isn’t a scam to save BP and its shareholders
money and pass the expense on to the American taxpayer.
I shouldn’t be so cynical but this administration and BP don’t inspire my confidence.
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