BY setting up a 20 Billion fund they have essentially given away control to a 3rd party. Since Obama is seeking re-election expect that 20 Billion to be given away to those who file a claim against BP; just or unjust. Wish I lived in the gulf so I could claim my house dropped in value be 20% because of the spill....they eseentially opened a giant money vacuum. As now it is up to Obama to control the 20 billion....paying oil workers from off shore drilling freeze, loss in property values.....etc could run into the 100 Billion range quite easily!!!! Since XOM and CVX were so unimpressive if they decide to stretch the off shore ban is BP liable for loss of company profits as well by the offshore drillers???? Maybe!!!!!!
They are Fin idiots. You are giving your money to the Chicago crime syndcate. Money for all worker effected by no drill rule from Obama. Another example. The money will be pis*ed away in weeks and hand in cup back to BP. Over and over forever. Remember big bad oil. I would like to see Obama get of his fin a*s and make something productive vs the distruction of the country. Oh ya he feels my pain.
BP had no choice. If they had opposed Obama they risked much worse consequences. All Obama has to do is declare BP a threat to national security or the health of our people and BP's assets would be seized and the company shutdown.
BP new going into the meeting with Obama that what he says goes. BP was negligent and didn't follow their own safety guidelines.
The BP execs are looking for some wiggle room and are finding damn little of it. They had to agree or they were toast. OK, now they agreed, the PPS will rise and BP will do it's damndest to stall claims. You guys are talking about paying drillers for lost time? That is a joke, of course. There is no way BP would agree to that. The crews? Likely so. the companies? Not only no but H E L L N O.
There is no ceiling guys....Obama said BP will pay for ALL DAMAGES....not some damages upto a cap. If you give someone 20 Billion dollars expect them to come back for another 20 billion!!!! Seriously if Obama decides to pay all the offshore drillers (workers, and companies) for the 6 month ban; the 20 billion is already gone. Calulate all the lost revenue by all the OFF SHORE DRILLERS for 6 month!!!
They'll ONLY do it (escrow)if a CEILING is agreed to with the White House.
White House knows they can't get more in the courts (remember Exxon Valdez?) and BP can always walk away and "divest" itself of BP Holdings North America via bankrupty resulting in loss of 50,000 american jobs and REDUCED US tax revenues (bankrupty tax deductions).
This is a TREATY --- trumps all other laws.