Barton's 100% correct on all counts. BP was already doing a lot more than they're legally required to do in terms of remedial actions. They could take the stand that any claims have to go through the courts, but they were "willingly" paying out lots of money to the victims of the oil spill. They never made any claims that they were out of cash and couldn't pay claims. The fund does nothing other than let Obama decide who to hand the money to.
Now they've given Obama a slush fund to play with so he can play favorites and claim, "Look at all this money Obama has given you." Never mind that the money came from BP, who was already willingly paying out claims.
The legal process is for BP to have the opportunity to offer restitution to those who have claims. Those who aren't satisfied with the process have the right to contest the offers in court.
This $20 billion fund, controlled by an Obama political hack means the funds will go to where it gets the most political mileage for Obama, not to those who have legitimate claims. BP pays out the money the way they've been doing all along, but Obama gets the credit.
So, many of the people who would have gotten the money from BP anyway now get it from the "independent" administrator. They'll probably include a little flier in the envelope with the check. Want to bet that the flier has a picture of a smiling Obama in it, claiming credit for how he got the money for them? And the check won't have the BP logo on it? Want to bet that fraud won't be rampant? After all, the "independent" administrator isn't spending its own money. Think it will be handled as well as they handled the Katrina relief efforts?
It's going to be like the TARP funds which were supposed to buy troubled mortgages but went to banks, AIG, bankrupt car companies and the UMW. Or Katrina relief funds that went to SBA loans for people living in Kansas to start a barber shop.
And before someone says that it's an "independent" administrator, wake up. Ken Feinberg has been handed plum jobs by the government handling lots of lawsuit money since the 1970's. He knows who his bosses are. He gives the illusion of independence, but he knows that he has to please the party in power or he won't get his hands on the next slush fund that comes down the pike.
The person administering the fund is not an Obama hack. He (Kenneth Feinberg) also administered the fund to reimburse those who suffered losses due to the 9/11 attack. So if he is a hack, he is a Bush - Republican hack.
You should get your facts straight before you start spouting.
He's a hack for whatever group is in power. The government lets him play with other people's money. If he spends the money in a way that pleases the the government, they let him play with the next slush fund they get their hands on.
Suppose Feinberg handles the BP slush fund in a way that doesn't please the administration. He knows that he won't be given the next slush fund to administer.
And yes, he has been a hack for Bush and several other administrations. He's an equal opportunity financial political hack for hire.
Thanks so much for your reply. These people say Obama is not on this and when he gets on it they run him down. If he had not checked things out at first he would have been pushed down by not looking at the situtation. Why can't we as Americans look for some good that he has done.
Thanks for your reply. The problem is that most of us like to say what should be done or could be done, but have no stamina to get in that and even make it for ourselves. Our families sometimes are in shambles, the towns are in shambles so what do we expect from our hired officials-democrates or republicans. If a republican is in I will make it --if a democrate is in I will make it OR I will go down trying. Mr. Barton probably made it will the help of his oil friends and that is great but he needs to now help the folks of Louisiana and not BP. Do you really think that BP would give to the people of Louisiana? I cannot imagine the CEO of BP not being in the loop so why should we let him put the money up or oversee the money. That is why we need oversite. It is expensive for the taxpayers but what would we have if there wasn't any.
I can read the bold print better than the regular print. As you age you go through phases in the mental process or at least I have. I voted for Jimmy Carter. I doubt I would vote for Carter today. In fact I voted for Ron Paul this last election for President.
I don't think that BP will survive this disaster. The 20 billion will not last long and in my opinion the money will need to go to the most deserving. Who will choose these most deserving?
GD, I'll drink to the idea that BP's days ARE numbered. They're too stupid to live and are a danger to the industry as a whole, so say nothing of our economy, our lives, and our environment.
I wonder if Transocean (RIG) and other companies might start getting reluctant to lease deepwater rigs to BP. It's not farfetched at all to imagine RIG getting robbed by the politicians and courts because BP did something bad with a rig leased from RIG.
I'm thinking that RIG may have made a really smart move when they moved their incorporation to Switzerland a few years back.
As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More