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BP is lobbying to reduce compensation to those affected by 50%.

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posted on Feb, 22 2011 @ 08:45 AM

BP Says Spill Settlement Terms Are Too Generous

In the eight months since Kenneth R. Feinberg took over the $20 billion fund to compensate victims of the Gulf of Mexico oil spill, he has been attacked by many of those filing claims and by coastal state politicians who argue that the process is opaque, arbitrary and slow. Many of them have also argued that Mr. Feinberg’s recently published estimates of future damage to those in the gulf are too optimistic, and thus his offer of compensation in a final settlement is too low.

Now he is getting complaints from another quarter: BP.

The oil giant is arguing that if anything, Mr. Feinberg’s proposed settlements are too generous. The planned payments far exceed the extent of likely future damages because they overstate the potential for future losses, the company insists in a strongly worded 24-page document that was posted on the fund’s Web site Thursday morning.

Basing its estimates on much of the same data Mr. Feinberg used, the company concluded that there was “no credible support for adopting an artificially high future loss factor based purely on the inherent degree of uncertainty in predicting the future and on the mere possibility that future harm might occur.”

I presume that the only reason that this BS is allowed to happen is because BP is the ones with the money. It is they who are allowed to throw their weight around in their favour, at the expense of everyone else.

The price of BP stock is far too expensive because it overstates the potential for future profits.

(AP) Oil giant BP says it has spent more than $5 million a week on advertising since the Gulf Coast oil spill — more than three times the amount it spent on ads during the same period last year.

BP says it aired fewer TV spots from April to July than during a similar period last year, but a greater percentage were on national TV and for 60 seconds instead of 30 seconds.

Rep. Kathy Castor, D-Fla., who requested the report on BP's spending, said Wednesday she was disappointed that the oil company has spent more money "polishing the corporate image" than on helping Gulf Coast states recover from the April 20 explosion and oil spill. BP said it has spent $89.5 million in grants to four Gulf Coast states — Florida, Alabama, Mississippi, and Louisiana — to promote tourism in the wake of the oil spill.

It is obvious the long-term strategy needs to be to reduce oil consumption by going to alternatives. Oil, while very useful, is unsustainable, damaging to human health and damaging to the environment. We must demand that oil pays for the damages it causes.
edit on 22/2/11 by C0bzz because: (no reason given)

edit on 22/2/11 by C0bzz because: (no reason given)

posted on Feb, 22 2011 @ 08:57 AM
How can these bastards be so selfish after all they have done? Are they even human? Do they feel any guilt at all? I guess not.
I am just shocked. I have nothing more to add... sick bastards.

posted on Feb, 22 2011 @ 09:21 AM
what do we expect, its an oil company.... nothing more to say. they couldnt give 2 S**ts about the people or the wildlife thats been affected! all they care about is their own pockets. This is why the world is going down hill....
remeber the oil spill by exxon in Prince William Sound in Alaska.. they ended up dragging the payouts through courts for decades, because they had the money for the legal bills.... the people ended up getting about a 1/10th of the original sum (thats probably not accurate as i saw the documentary on it a few yrs back and my memorys abit hazy) The fishing industry there went bust and people couldnt work or live there anymore.

posted on Feb, 22 2011 @ 12:15 PM
I wish I could say something to change this, but this is how corporations act time and time again. They do not care about the full impact, just their bottom line. The courts fail to respond through all the BS thrown at them and the people pick up the tab. Some people may get something at the end of the day, but it is more of a game for the corporations. Perhaps we need to change the rules?

posted on Feb, 22 2011 @ 12:27 PM
reply to post by C0bzz

It's called corporatism and elitism, and until we get rid of the two we will continue to have these problems. Corporations are given far too much leeway, and until they are held accountable instead of given more and more leeway, things will get worse.

Harm None

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