Senate Dems to BP: $20 billion escrow fund NOWAs you know, President Obama is ratcheting up the pressure on BP by demanding that BP create an independently-monitored escrow fund to handle claims by people and businesses affected by the Gulf disaster. The White House hasn't named a specific figure, beyond saying it wants a "substantial" sum put in the account.
What's getting less attention is that virtually the entire Senate Dem caucus has thrown its weight behind this demand, and has named a figure: $20 billion.
Senate Dems have sent a harshly-worded letter to BP execs demanding the money, and note the barb directed at BP over its public relations push:
In order to ensure BP fully and quickly covers the costs of this disaster, we are calling on BP to immediately establish a special account of $20 billion, administered by an independent trustee, to be used for payment of economic damages and clean-up costs. Establishment of this account would serve as an act of good faith and as a first step towards ensuring that there will be no delay in payments or attempt to evade responsibility for damages. Although creating this account at this level in no way limits BP's liability, we believe it will do more to improve BP's public image than the costly public relations campaign your company has launched.
We appreciate your interest in fully and quickly reimbursing those who have been injured by your actions. We believe the establishment of the $20 billion account to compensate victims and provide for clean-up is a useful first step for demonstrating that BP intends to meet its commitments. In light of the urgency of this matter we ask the courtesy of your response no later than June 18, 2010.The letter is signed by virtually the entire Dem caucus. It's a sign that Dems -- perhaps belatedly -- are displaying some real anger here and are keeping the spotlight on BP and the need to hold it accountable.
The House GOP leadership has now endorsed lifting the liability cap, but Republicans have repeatedly blocked efforts to lift it in the Senate. Dem Senate leaders, it seems, recognize they have a winning issue on their hands and intend to press the point.
http://voices.washingtonpost.com/plum-line/2010/06/senate_dems_to_bp_20_million_e.html 
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