Don't know what went on behind closed doors in the White House, but once again Obama used his muscle to get what he wanted. BP obviously blinked.
BP agreed to fund a $20 billion escrow account. The action was expected, din't know the amount.
Here's the part where BP lost it. They gave in and allowed Obama to set the terms. Kenneth Feinberg, the "Pay Csar," will administer the fund and decide what gets paid.
So much for impartiality. So much for the third-party adminstrator. So much for arm's length. So much for compensating the "legitimate" claims.
Now, the feds have a blank check from BP.
In an earlier post, I said that BP should have said "no." Clearly they didn't.
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Maybe that is the CAP as in CAP and TAX......I suspect BP has a backup buyer in the wings~!!!!
Wallace,
It's not the fund, it's Feinberg being allowed to run it. Obama retains control of a BP funded slush fund. :)
Steve
Come on Steve, you knew this was going to happen. Even though the media said he could not make those kind of demands Obama is smart enough to know the deal was done before he took the stage. There never was going to be an independent third party.
Lois,
And BP seems okey-dookey with this whole thing. I don't get it. :)
Steve
It will be interesting to find out where the money really ends up! Then again, I'm sure we won't be able to find out where the "transparency regime"(LOL) spends any of it.
What do you want to bet the money ends up used for ads for Dems in the fall?
Jon,
Wanna bet the unions get some? :)
Steve
Jay,
No bet. How about the unions? :)
Steve
Now Obama can claim that HEis the one that is the provider of all that is good and whole... And spend BP's money while doing it. And probably wasting a dollar for every good dollar spent.
Lane,
Bingo! :)
Steve
I would love to see when this is all said and done how many campaign contributes get checks.
The unions got theirs, Steve, when the Jones Act was not suspended.
Todd,
What a political windfall. :)
Steve
Jay,
And they are set to get even more after this funding. :)
Steve