Obama wants BP to establish spill escrow account

[240 is Back]

He wants to make them put an assload of $$$ into an account - preventing them from spending all their $ in cash-front-heavy bonuses and dividends to empty the piggy bank before fines are assessed to pay for all the damages.

A good idea?


Obama wants BP to establish spill escrow account
 Source: Reuters

Louisiana (Reuters) - President Barack Obama will press BP executives this week to set up an escrow account to pay damage claims by individuals and businesses hurt by the Gulf of Mexico oil spill disaster.

U.S. | Green Business | Gulf Oil Spill

The move comes as Obama, who will address the nation about the spill on Tuesday night, faces questions on his handling of the disaster, which has now dragged on for 55 days. Millions of gallons of oil have poured into the Gulf since an April 20 offshore rig blast killed 11 workers and blew out the BP well.

A U.S. official told Reuters on Sunday that Obama also will call for an independent panel to administer the payments when he meets Chairman Carl-Henric Svanberg and other BP officials at the White House on Wednesday.

The Politico newspaper, which first reported that Obama would discuss the escrow account, quoted an official as saying the president would "make clear that he expects, and that if necessary will exercise his full legal authority to ensure, that BP sets aside the funds required to pay individuals and businesses damaged by this massive spill."

[Soul Crusher]

I guess it depends on how you view Obamas' intentions here. 

[pro nitrousADRL]

there is an account with the government that all oil industries are mandated to pay into , it was started in the mid 80s,  and was intended for this type of accident,  but obama will not access it.

[Soul Crusher]

there is an account with the government that all oil industries are mandated to pay into , it was started in the mid 80s,  and was intended for this type of accident,  but obama will not access it.

Obama's actions so far as classic Cloward & Piven tactics. 

[pro nitrousADRL]

yea but people just dont want to believe that , or they do and it is what they support .  too bad more people will not read that book,  I guess many people believed obama when he said that info is a distraction.

[Soul Crusher]

You should see some of the facebook wars I get in with people who otherwise seem like reasonably well informed citizens.  NOT! 
One moron is still claiming Obama is an esteemed constitutional law scholar.  I asked what law review articles he ever wrote, what cases he argued, what textbooks he edited or authored, like any constitutional law scholar is usually required to do and I got the nastiest crap back at me. 

Like Bill Clinton said of Obama - he is a fairy tale at best.     

[pro nitrousADRL]

all over the country all the people i have ever talked politics too they hate him, think he is a liar, and many say that they believe he wants the down fall of traditional america,  I told a woman once that i dont know where all his supporters are , she said( go to the welfare office, jail, county hospital, and social security office)   it was fucking hilarious

[Soul Crusher]

I work elections every 4 years for vote fraud, etc and have been to the Bronx, Brooklyn, Jacksnoville, FL, Pittsburgh PA, Westcher NY, etc etc. 

You have no idea the zombies that are out in full force on election day canceling out your vote.  Its awful. 

2000 was the worst though since i was in the South Bronx when Hillary ran for Senate.  I went home and wanted to cry seeing the vermin out there in full force for Al Gore.

Lines and lines of people:

1.  People who didnt know a word of English
2.  Nursing home people drooling on themselves
3.  AFL CIO - "Street Teams" everywhere with whistels, street jackets, etc. 
4.  Endless lines of welfare bums screaming about racist republicans. 

All canceling out the votes of hard working taxpayers.   

[pro nitrousADRL]

that doesnt surprise me , nothing does from these progressive scumbags

[pedro01]

Yup - BP - just stick $13 trillion in this account for us....

Nice try Oby

[240 is Back]

there is an account with the government that all oil industries are mandated to pay into , it was started in the mid 80s,  and was intended for this type of accident,  but obama will not access it.

that fund should be a LAST CASE scenario.

i'd much rather empty BP's coffers first, before we start digging into emergency rainy day funds.  Chances are, when this thing destroys the entire eastern seaboard industries for a decade, the bill will exceed their total anyway

[pro nitrousADRL]

its not a rainy day fund , it is for exactly this situation!!! it could be being used to keep the small businesses afloat while bp gets the spill taken care of, then when its all done send bp the bill, but in the mean time stop distracting bp with all this political bullshit and let them take care of the spill

[240 is Back]

its not a rainy day fund , it is for exactly this situation!!! it could be being used to keep the small businesses afloat while bp gets the spill taken care of, then when its all done send bp the bill, but in the mean time stop distracting bp with all this political bullshit and let them take care of the spill

Sooo you are okay with BP paying their CEo bonuses BEFORE they are handed the Gulf bill?

Just how big is this rainy day fund you mention?

[pro nitrousADRL]

if bp cant opperate and has no stock holders and no money how are they going to clean the spill, how they going to stop the spill, how they going to start paying claims if the stock holders pull out and they file bankrupcy??     as for the size of the fund i have heard from multiple members of congress that ranged from 2b to 5.12b  but i dont want to say a certain number for sure without knowing for fact,  but i do know that this is the worst oil spill in american history and this fund was started for situations just like this

[240 is Back]

if bp cant opperate and has no stock holders and no money how are they going to clean the spill, how they going to stop the spill, how they going to start paying claims if the stock holders pull out and they file bankrupcy??     as for the size of the fund i have heard from multiple members of congress that ranged from 2b to 5.12b  but i dont want to say a certain number for sure without knowing for fact,  but i do know that this is the worst oil spill in american history and this fund was started for situations just like this

Gotcha.  Personally, I'm okay with the govt taking that bitch over, if they decide they can't pay their bills.  Not, "let's use federal funds and leave BP alone".  That's just me though.

[Soul Crusher]

Gotcha.  Personally, I'm okay with the govt taking that bitch over, if they decide they can't pay their bills.  Not, "let's use federal funds and leave BP alone".  That's just me though.

240 - what do you think about Obama turning down the skimmers from the Dutch?

[pro nitrousADRL]

i never said leave bp alone, however  let them concentrate on cleaning and stopping the spill first,  they cant do that if their stock holders all pull out   .  Every oil company that operates in or off american coasts pays into this account   so its not like it isnt part of bps money anyway

[240 is Back]

240 - what do you think about Obama turning down the skimmers from the Dutch?

a complete dumbass move.  he should have skimmers from anyone that offers!

[BM OUT]

Gotcha.  Personally, I'm okay with the govt taking that bitch over, if they decide they can't pay their bills.  Not, "let's use federal funds and leave BP alone".  That's just me though.

THATS why your a communist.Perhaps you could show me in the constitution where we give the government the right to seize companies.

[240 is Back]

THATS why your a communist.Perhaps you could show me in the constitution where we give the government the right to seize companies.

I'm for accountability!

If a company costs americans $50 billion in damages - they should have to pay it.

IMO, letting them get away without paying = socialism at its worst.  If they can't pay their bill - then fuccck them! 

[pro nitrousADRL]

what the gov dont realize is that the onset of all these suits and threats and everything else, it scares bp share holders. if the share holders pull out then bp has no money to stop or clean the spill, then guess what,  we the tax payer foot the bill for another private company hired by our gov to do what bp should do.   So let bp stop and clean the spill,  use the money out of this account that all oil companies pay into to keep the small business in La, Al and Fl operating, then once bp has stopped the leak and cleaned as much as possible, then start with the law suits and threats and blaming and all the political bureaucratic shit, and if bp stock holders pull out then fine.

[Soul Crusher]

I'm for accountability!

If a company costs americans $50 billion in damages - they should have to pay it.

IMO, letting them get away without paying = socialism at its worst.  If they can't pay their bill - then fuccck them! 

But what if the Govt drastically exacerbated the situation and damages by refusing help from the Dutch? 

[240 is Back]

But what if the Govt drastically exacerbated the situation and damages by refusing help from the Dutch? 

For the second time, not accepting help is a dumbass move. 

However, in terms of liability, those BP bitches would probably just blame the dutch interference for their inability to clean shit up.  "We could have fixed it quickly - but Obama interfered and allowed foreign boats to block us".

Rush would be all over it, talking about how obama is using foreign labor, and preventing BP from hiring american fisherman to clean this up.  its all politics baby!

[BM OUT]

I'm for accountability!

If a company costs americans $50 billion in damages - they should have to pay it.

IMO, letting them get away without paying = socialism at its worst.  If they can't pay their bill - then fuccck them! 

YOUR for accountability?You supported and defend the stimulus bill which cost us a trillion dollars.Where is the accountability there?Is Obama and the dems going to pay a price for thatr?Go to jail,pay it back?Anything?

[240 is Back]

YOUR for accountability?You supported and defend the stimulus bill which cost us a trillion dollars.Where is the accountability there?Is Obama and the dems going to pay a price for thatr?Go to jail,pay it back?Anything?

dude, I think the CEOs should have gone to jail long before any stim bill.  Mccain/palin convinced me that it's necessary to bail out the banks.  The Stim was simply bailout II dude.