Thanks for adding your cerebral commentary. I must say that your sardonic comments failed to advance the debate and don’t contribute to evaluating whose opinion has intellectual weight and whose may not. Personal attacks lower the debate to a grade school food fight and reflect poorly on the instigator.
As an adjuster working BP oil claims for the last week I have really had my eyes opened by the process. As everyone knows, there are two sides to every story! I don’t deny the severity of the financial and emotional hardships this oil disaster has caused the good people of the gulf coast. It also goes without saying that BP is 100 percent responsible for these hardships. However, part of the problem with the slowness of the claim process is the fact that many of the people harmed by this disaster have been used to using accounting methods abandoned in the 1950’s by the rest of the nation! No offense but really, I’m shocked at he number of business’s involved in the fishing industry that lack the most rudimentary levels of basic accounting principles for running a business. THey also don’t want to provide us with all the financial documents we need to make an educated evaluation of what their true income loss may be several reasons. Not the least of which is the large amount of good ole boy, one hand greases the other, dealing in cash to avoid paying taxes! I can tell you my eyes have been opened with the way business is conducted in the gulf fishing regions!! I don’t like paying taxes anymore than anyone else but these folks have a unique system of doing business that is way short on accountability and very heavy on the exchange of cash from hand to hand… It’s good for them until a situation like this occurs and then, based on their past practices, the books don’t balance too well if you get my drift… All I’m saying is more money would go out faster to more people if they would have more financial records on which to value their business accurately and cooperate with providing what they do have in a timely manner when requested. I’ll possibly be here for a long time processing these claims but I probably won’t any change in the way these people conduct their business affairs.. I hope they can all get the compensation they deserve based on the true loss to their business’s. But this must be done by reasoned, time proven methods of accounting, not by merely giving people money because they say they lost this much or that much without the documentation to prove it.
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Thanks for adding your cerebral commentary. I must say that your sardonic comments failed to advance the debate and don’t contribute to evaluating whose opinion has intellectual weight and whose may not. Personal attacks lower the debate to a grade school food fight and reflect poorly on the instigator.
As an adjuster working BP oil claims for the last week I have really had my eyes opened by the process. As everyone knows, there are two sides to every story! I don’t deny the severity of the financial and emotional hardships this oil disaster has caused the good people of the gulf coast. It also goes without saying that BP is 100 percent responsible for these hardships. However, part of the problem with the slowness of the claim process is the fact that many of the people harmed by this disaster have been used to using accounting methods abandoned in the 1950’s by the rest of the nation! No offense but really, I’m shocked at he number of business’s involved in the fishing industry that lack the most rudimentary levels of basic accounting principles for running a business. THey also don’t want to provide us with all the financial documents we need to make an educated evaluation of what their true income loss may be several reasons. Not the least of which is the large amount of good ole boy, one hand greases the other, dealing in cash to avoid paying taxes! I can tell you my eyes have been opened with the way business is conducted in the gulf fishing regions!! I don’t like paying taxes anymore than anyone else but these folks have a unique system of doing business that is way short on accountability and very heavy on the exchange of cash from hand to hand… It’s good for them until a situation like this occurs and then, based on their past practices, the books don’t balance too well if you get my drift… All I’m saying is more money would go out faster to more people if they would have more financial records on which to value their business accurately and cooperate with providing what they do have in a timely manner when requested. I’ll possibly be here for a long time processing these claims but I probably won’t any change in the way these people conduct their business affairs.. I hope they can all get the compensation they deserve based on the true loss to their business’s. But this must be done by reasoned, time proven methods of accounting, not by merely giving people money because they say they lost this much or that much without the documentation to prove it.
The following perspective on the BP Oil Spill Victim Compensation Fund may be of interest:
http://donovanlawgroup.wordpress.com/2010/07/29/is-the-bp-oil-spill-victim-compensation-fund-legitimate/