BP Agrees to $20 Billion Fund

I have seen a lot of backlash against Mr. Obama concerning this disaster. I think he is doing a pretty good job handling BP executives.

Source

After intense negotiations, BP on Thursday bowed to President Barack Obama's demand for a $20 billion fund to compensate victims of the disastrous oil spill in the Gulf of Mexico. The humbled chairman of the giant British company apologized to the American people for the horrendous accident.

He also announced the company had agreed to set up a separate $100 million fund to compensate oil rig workers laid off as a result of his six-month moratorium on deepwater drilling.

This money is not a cap but a fund set aside for any claims made. BP has no choice but to pay even if the bill was more.

BP is suspending its dividends to shareholders for the rest of this year to help pay for the costs, said chairman Carl-Henric Svanberg.

Will be go under? Heck no. There are other big companies that have sharing interest in that rig.

BP has taken the brunt of criticism because it was the owner of the well and was leasing the Deepwater Horizon rig that sunk. But when the day of reckoning finally comes, BP may not be the only one having to pay up. That's because Swiss-based Transocean Ltd. owned a majority interest in the rig. Anadarko Petroleum, based in The Woodlands, Texas, has a 25 percent non-operating interest in the well.

uhhhh 20 billion?

maybe they don't get it,

it's 'their' mess, and 'they' need to pay for it, continuously until the problem is solved

why stop at 20 billion

that said, i did see obama's address on the issue the other day

i think he did an adequate job potraying the emotions and the importance of the issue that we 'gulf livers' are feeling right now... i'm no obama fan, but i was impressed that he finally used his grand powers of speech and pursuasion in the efforts to get the rest of america on the same level of awareness in the case of the oil spill, i am certainly not happy that anyone would ever feel that bp could cause such a catastrophic mess and then be only liable for a Finite amount of fixing it financially, especially seing the economical and enviromental impact this mess will have on us all, but as far as obama following through with his statement he made "we will make bp pay" it seems he is on the right track now

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[edit on 6/16/2010 by indigothefish]

[edit on 6/16/2010 by indigothefish]

I made a thread about this earlier if you'd like to contribute; $20 Billion Escrow Fund

It supposedly supposed to be given to the people with claims within a 4 year period.

We're so Sorry..... let that ring in everyone's ear's going forward.
Glad those at the start of this were paid out on their stock/share holder options. To say now nouthing will be paid out until this crisis is over, it's a joke. It was already paid out to them a week after this disaters started.
No worries, got my Billion!

Like to see the names that got cashed out on this one!

Sir A$$holes.. the title would start with.

Man, I go White hot this.

Sorry, it will be Trillions to make this right, and that may not be enough!

Jessemole

Okay, it has gotten to be about 2 Cents per $, of what BP will pay, as well as what has been realized per cost thus far, not even close!

This is their small token! 20 billion?
Please!

Must be the" Bean Counters " are in control as always..

Sad! @$$holes in control again!

We live amoung Born again Idoit's!

Who will pick up the rest of the Bill on this??

It's there to be seen!

Meanwhile... do you smell the stench?

While those that go about their happy, happy life's
with their greed, others will loose!
I trust their safe haven will crumble as well!

Integrity... it might be to late... I was not in the Loop so they say!
That statement will be heard again!
At our cost!!!!!!!!!!!!!!

Jesse.

We have a pool going in one of the other topics as to how much this will actually cost the American taxpayer in the end. So far, bets range from $500 billion to $1.5 trillion. I think it may be the topic where this money is tax deductible for BP. Just saying.

Lucidity,

I'm of the opinion, numbers mention, will not cover it!
Of course taking into account, this posion will spread over our land,
Start subtracting those numbers after the first Topical front enters the Gulf.
Monies will become a word that will not matter, or may I correct myself, for some it will matter..

Hence, this has always been their goal!
Supid is, what stupid does!
I heard that insight somewhere.. it made sense!

I hope they can eat their Greed to survive!
Alot of us will not as a result of their choice. Put a price on that Ocean... Can't afford it regardless who you are!

The panic is in their pockets now!!! Wait and see the real results!

A$$*^&)'s

Bad Choice I'd say!

Jeesemole!

BP is a multinational company! I'm from the uk and i'm sick to the back teeth of Brit bashing conjecture. BP is not only a Brittish company it's also owned by other nationals including U.S investors. I think there is a U.S led conspiracy to take over B.P and that this oil spill has been created by the U.S government. U.S gains control of B.P and promotes itself as a bastion of enviromental change. Obama doesn't care about the clean up!

I would like to know why CNN's Larry King is hosting a show soliciting donations from citizen's to help those in the Gulf when BP is supposed to pay for everything.

There is 20 Billion Dollars that is supposed to do this!

What CNN needs to do is at least act like a news organization and do some investigative journalism and find out why BP is not paying people what they need yet.


This is pure BS designed to slowly get Americans used to the idea that it is us who are going to pay for it in the end.