BP Agrees to $20 Billion Claims Fund; Amount Not a Liability Cap

June 16, 2010

  • June 17, 2010 at 7:28 am
    Bob says:
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    Bingo Baxter.

    Most the silliness with Obama is not that he’s not “tough enough” on the big bad oil company (Which I’d argue a plurality of independant voters are clueless on the bad effects of trying to be tough on BP during this. You don’t kick or beat someone you want to work with to fix an “accident” they did NOT do this intentionally. It was an accident, and they DO NOT deserve to be kicked, rather worked with.)

    It’s that his actions whether tough or not have been idiotic.

    He’s encouraging polarizing views (not surprising of a democrat) to anihilate any non democrat, increased government intervention, points of view. It’s called creating a need for the big brother to “protect you” when in fact he’s beating the hell out of your ability to live your own life. Your brother can’t live and learn life’s lessons for you.

  • June 17, 2010 at 8:34 am
    Know a scam when I see one says:
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    Tea Partiers just took it in the shorts. Obama has now bought and paid for the Nov election with BP’s money.

    Hard to believe BP was stupid enough to fall for this classic bare-knuckle Chicago shakedown. (Until now, topping Jesse Jackson in that dept. was thought to be impossible.)

    Anyone who thinks this will amount to more than a political slush fund to finance re-election of Friends of the Prez better check their Kool-Aid consumption.

  • June 17, 2010 at 12:56 pm
    matt says:
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    Glad to see BP step up here. Exxon Valdez is sadly still being litigated 21 years later.

    http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_uk_english/incident_response/STAGING/local_assets/html/Skandi_ROV1.html

  • June 17, 2010 at 1:49 am
    Serge Strong says:
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    “BP Plc Wednesday agreed to a demand by U.S. President Barack Obama to pay $20 billion into a special fund to handle claims.” RIGHT!

    BP wants the government to handle the claims so they do not have to be held accountable and Government is never held accountable for their handling of money. Author forgets to mention all claims are to be legitimate! In Louisana you can look at the judges orders to pay flood claims under the Statefarm Homeowners policy after Katrina to get your new definition of legitimate claims.

    If you need a good example of how Government doles out money, just look to the Stimulas package of 786 Billion that no one really can track and no one really knows where it has gone. I didnt notice any of it yet, have you?

  • June 17, 2010 at 2:18 am
    DUMB says:
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    JUST LIKE THE STIMULUS $$$, THE $20 M TO MOVE PALESTIANS TO AMERICA, THE BILLIONS TO PAY FOR “ILLEGAL ALIENS” FOR WELFARE, MEDICAL COSTS, UNEMPLOYMENT AND SOCIAL SEURITY–ALL ARE TO BANKRUPT THE GREATEST COUNTY THROWING MORE MONEY AT A PROBLEM WILL NOT CURE IT.
    ONE OF MY OLDER CUSTOMERS GET SS$$ OF $1,000 A MONTH AFTER PAYING IN 45 YEARS. HE HAD A MINIMUM WAGE JOB. THEN HERE COMES AN “ILLEGAL ALIEN” THAT HAS NOT PAID ANYTHING INTO SS AND HE GETS $1200 MINIMUM PER MONTH, FREE SUBSIDIZED HOUSEING, FOOD STAMPS, MEDICAL, ETC AND ETC……..
    CHANGE—-HOW ARE YOU LIKING IT NOW??????

  • June 17, 2010 at 2:33 am
    Roger says:
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    Why has Obama only blamed BP for this disaster? The Rig was being operated by a US contractor and, it seems, the failed pressure valves were manufactured by Halliburton, also, a US company – yet, these facts barely get a mention and I don’t see that these companies have been asked to contribute anything to the fund!

  • June 17, 2010 at 2:38 am
    Reed says:
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    This catastrophe of epic proportions will never be over in our lifetime. No matter how much gets cleaned up, the damage to the fishing/crabbing/recreation industries will be here for a long time. If anyone thinks BP will make reparations for business interruption until things get “back to normal” they’re delusional. In addition, what a waste of a limited, precious resource that will never be salvaged. This dumbasses hit the motherload of oil and pissed it away.

  • June 17, 2010 at 2:56 am
    Stephen Tallinghasternathy says:
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    I take it that DUMB is a member of the Tea Party. Somebody on these boards pointed out yesterday how you can tell the Tea Partiers by their insane posts, and he/she was dead right.

    This fund was the first right move by Obama in this Gulf of Mexico fiasco. Looks like we did learn at least something from the Exxon spill. Do not let reparation sit in litigation limbo.

  • June 17, 2010 at 3:08 am
    Wally says:
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    Just curious–why is it that if someone is not happy with the President’s leadership during this crisis, he/she is automatically a member of the Tea Party?

  • June 17, 2010 at 3:09 am
    EPAK says:
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    My state (Kansas) has used stimulus dollars to pay for infrastructure works on roads and bridges so helps our employment picture. I wrote a very nice size manufacturing account based in Florida the qualified for stimulus dollars. They used the money to buy the company back from a foreign parent company. Many states including Texas, Oregon, Louisana and Ohio offer information on how stimulus dollars are spent. http://www.window.state.tx.us/recovery/transparency/tracking.php and http://www.auditor.state.oh.us/recovery/.
    There are many stimulus tracking organizations.

    As an underwriter we know that when there is a claim the insured will be held responsible for the work that subcontractors performs on their behalf. So this is not unusual to see this occur in our line of business.



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