BP will set aside $20 billion to pay the victims of the massive oil spill in the Gulf. BP is acting under heavy White House pressure in dealing with the worst environmental disaster in U.S. history. The $20 billion is not a cap - if legitimate claims outstrip that amount, then BP will required to pay more. The eight-week disaster in the Gulf, with tens of thousands of gallons of oil still pouring from the broken well daily, is jeopardizing the environment as well as the livelihoods of tens of thousands of people across the coastal areas of Louisiana, Mississippi, Alabama and Florida. Those affected range from fishermen to restaurateurs to oil rig workers idled by Obama's temporary halt to new deep-sea oil drilling.
At $20 billion, the size of the fund is the same that was recommended by congressional Democrats. The meeting came the morning after Obama vowed in a TV address that "we will make BP pay for the damage their company has caused. Obama's forceful tone about BP's behavior shows how far matters have deteriorated.
How much of this money will get into the victims pockets? How much of this money will get into the politicians pockets? How much of this money will be used to clean up beaches and other areas of the environment? I don't believe the victims will see much of that money!
ReplyDeleteObama figures that by focusing on reparations to the victims of the oil spill, he will re-gain some of those lost votes. Wouldn't it be smarter to focus on stopping the leak FIRST?? Who cares what they set aside, they have massive insurance policies to cover this type of thing. Just more BS, like BHO is really doing anything. Just fix the fucking leak.
ReplyDeleteWHY are they dealing with blame and compensation right NOW? Get the MESS cleaned up NOW and then worry about who's at fault and compensation to the victims. They don't care about the environment and damage it is causing. They just want to BLAME someone and GET something from the BIG company.
ReplyDeleteLet me clarify the agreement:
ReplyDeleteAgreement was reached to create a $20bn claims fund over the next three and a half years on the following basis:
BP will initially make payments of $3bn in Q3 of 2010 and $2bn in Q4 of 2010. These will be followed by a payment of $1.25bn per quarter until a total of $20bn has been paid in.
While the fund is building, BP's commitments will be assured by the setting aside of U.S. assets with a value of $20bn. The intention is that this level of assets will decline as cash contributions are made to the fund.
The fund will be available to satisfy legitimate claims including natural resource damages and state and local response costs. Fines and penalties will be excluded from the fund and paid separately. Payments from the fund will be made as they are adjudicated, whether by the Independent Claims Facility (ICF) referred to below, or by a court, or as agreed by BP.
The ICF will be administered by Ken Feinberg. The ICF will adjudicate on all Oil Pollution Act and tort claims excluding all federal and state claims. Any money left in the fund once all legitimate claims have been resolved and paid will revert to BP.
Talking about a plan isnt helping all of the wildlife out there. If the government wants to intervene, they need to send out people to help the wildlife in the area. The marshland is one of our countries greatest treasures and we may loose it all in a matter of days. It seems like the government wants to make big news because it is "talking about the spill". Actions speak louder than words. I would like to see President Obama out there helping clean up the land and wildlife.
ReplyDeleteBP Oil Spill: Daily Dead Wildlife Tally
ReplyDeleteDays since spill: 59
dead birds
829 dead birds
358 sea turtles
44 dead mammals
oiled but alive
639 oiled but alive
75 oiled but alive
0
cleaned and released
42 cleaned and released
3 cleaned and released
0
data from the Fish & Wildlife Collection Report: June 17, 2010
BP has tons of insurance so they dont have to pay much out pocket money. Obama and his cronies are using this disaster to push thier crap and trade scam on us.
ReplyDeleteHave any of you been to Deer Crushers blog? He is shutting it down.
ReplyDeleteHayward will not be handling the gulf anymore. I wonder why???? ALL the BP execs should be walking the beaches cleaning up this crap. $20 billion dollars will not last 3 years. The US government has spent more than that to rebuild New Orleans and look at it, not even half of it has been rebuilt.
ReplyDelete