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Thread: White House turns up heat on BP with flurry of new demands

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    White House turns up heat on BP with flurry of new demands

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    White House turns up heat on BP with flurry of new demands - Americas, World - The Independent

    Quote(President Barack Obama is demanding that the oil giant immediately puts billions of dollars into a reserve account
    and submit to an independent panel that will hand out compensation payments to those in the Gulf region who have lost their livelihoods.)

    Setting up such an account is all very well, just imagine who is going to look after all the money.

    Obama must think his payday has arrived.

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    Re: White House turns up heat on BP with flurry of new demands

    You don't think they should pay the coast of the clean up process? Face palms

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    Re: White House turns up heat on BP with flurry of new demands

    Setting funds aside in an escrow account is actually a good idea. Consider this:

    There's bound to be hundreds if not thousands of businessman, families and maybe even the Gulf Coast states along w/the fed filing law suits against BP for this mess. BP will likely attempt to hold each claimant to a maximum claims benefit which likely will come in the form of a class action suit if they don't try to file for bankruptcy beforehand. By placing X-amount of funds in an escrow account, it allows BP to continue doing business while also setting aside funds that would draw interest over time. How long that will be is anyone's guess, but it's a smart move on the government's part to ensure that BP never goes bankrupt as far as their financial liability in this disaster is concerned.

    Having a third-party oversee the account is also a good idea because it would allow an impartial party to review claims and disburse funds accordingly.
    Last edited by Objective Voice; 06-13-10 at 09:50 PM.

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    Re: White House turns up heat on BP with flurry of new demands

    Quote Originally Posted by RyrineaHaruno View Post
    You don't think they should pay the coast of the clean up process? Face palms
    Read the OP more carefully. Nothing about this thread has anything to do with clean up costs.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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