MSNBC: BP puts $20B in an escrow account to be managed

[Skidmore]

by the guy that oversees the TARP funds. Forgot his name.

[babylonsister]

1. Yay! Now will all those people who said it'd never happen fess up?

Prolly not. Great news for a lot of people who need the $!

[WeDidIt]

16. They're already complaining in the other threads

As if you couldn't see that coming a mile away.

[Catshrink]

2. Is that enough?

[Skidmore]

3. I think that, at this point, it is hard to determine final costs since that will be dictated

by the duration of the disaster. It is my understanding that there is no legal obligation or mechanism to force this type of action from BP at the present time so this would seem to be a major accomplishment.

[Autumn]

4. Not nearly enough, but it's a start. n/t

[MineralMan]

5. No, it's not. But it may well be as much as is available from BP

right now. More will be required, but you can't get money from a bankrupt company. It's a start, and will help pay for the money lost by many in this BP-caused disaster.

[Karenina]

24. I'm an old lady. I've said many things thoughout the decades

like unregulated capitalism is a cancer. What is NOT to get here, MM? :argh: There is NO amount of money that can restore what has already been lost. Is BP still poisoning EVERYTHING with that mf dispersant? I'm delighted Obama has been such a wonk on establishing financial responsibility and don't think he's been given enough credit for that in these environs.

BP is indeed one of those TBTF entities. That theory may be tested again soon.

[Donnachaidh]

6. call me a skeptic - b ut if they are so willing to put 20B in an account

Kind of makes you wonder what they REALLY think the costs of the cleanup will be?

They should have asked for 50B...

[EOTE]

11. Good point.

That 20B might end up being a proverbial drop in the bucket. I've already made up my mind that BP is not going to come close to paying for what they did.

[jotsy]

7. Is it Neil Barofsky?

[sabrina 1]

10. I don't think he manages the TARP funds does he? He is

the Special Investigator into how the funds have been spent as far as I know.

[Ichingcarpenter]

12. Kenneth Feinberg

He worked for five years as an administrative assistant and chief of staff for U.S. Senator Ted Kennedy and as a prosecutor for the U.S. Attorney General.

Feinberg was also one of three arbitrators who determined the fair market value of the Zapruder film of the Kennedy assassination and was one of two arbitrators who determined the allocation of legal fees in the Holocaust slave labor litigation. He is a former Lecturer-in-Law at a number of U.S. law schools.

http://en.wikipedia.org/wiki/Kenneth_Feinberg

[Catshrink]

13. Lecturer-in-Law

I did a double take on that one. In my family that's my freeper Brother-in-Law.

[dgibby]

8. Looks like we posted at the same time.

I'm ok with the mods combining the threads if you are.:hi:

[Skidmore]

9. Not a problem for me.

They may combine away.

[Are_grits_groceries]

14. Its preliminary terms would give BP several years to deposit the full amount into the fund

<snip>
The agreement was not final and was still being negotiated when President Obama and his top advisers met this morning with BP’s top executives and lawyers. Its preliminary terms would give BP several years to deposit the full amount into the fund so it could better manage cash flow, maintain its financial viability and not scare off investors.
<snip>
http://www.nytimes.com/2010/06/17/us/politics/17obama.html?hp

fine print...

[Skidmore]

17. I believe it has been finalize after the meeting.

At least, it was reported so on MSNBC a few minutes ago.

[Are_grits_groceries]

18. Is it in the finalized version?

Several years???

[Skidmore]

21. I meant finalized as

in the agreement has been confirmed that the account will be set up. The terms I cannot address.

[Are_grits_groceries]

23. Thanks. nt

[Scurrilous]

15. K & R

:thumbsup:

[uponit7771]

19. NOT ENOUGH!! Obama didn't save Bambi!!! /sarcasm

[mkultra]

20. Its a good start. Im glad to see some financial action from them

[mvd]

22. Agree; good start

It helps assure BP will pay for everything.

[Barack_America]

25. I'm waiting for the check to clear. nt

[NM_hemilover]

26. It's in the mail.