Reply #4: If there was a statute that limited a persons liability it would be the same.

[Statistical]

Liability can be limited by statute and in this case it is.

There are various statutes in various states that limit liability of individuals for various actions also. Tort reform or malpractice reform are examples of limited liability protection. In some states if you lawfully defend yourself from a criminal you have immunity from financial liability (lawsuits from criminal and/or family). So limited liability isn't exactly a unique concept.

What makes this law so bad is the massive scope of the projection and the tiny (essentially $0.00) share carried by BP.

Doesn't make it right, doesn't make it fair it simply is how it stands.
The giant loophole of this stupid law is glaringly obvious to Congress now. Of course hindsight doesn't do us much good.