Concerns on this $20B "Fund" from BP...

[12secGT]

Anyone worried that this $20B fund in escrow BP has bent over and agreed to like a white man in Jail will end up in the hands of ACORN type groups?? Used for campaign issues?? Used as a slush fund going to Obama-regime cronies??
I also wonder if anyone making $250k/year will get any assistance from this?? I mean, they are too rich right? So, then who is left??

[kcballer]

I don't think it will end up with ACORN.  Probably with some companies that have ties with the administration, but this is nothing unusual in American politics.  You gotta know where your bread is buttered.  Other than that i doubt we'll see any gross misuse of the funds.  Of course there will be some expenses that some will deem unnecessary or wasteful, there always is. 

[SAMSON123]

Anyone worried that this $20B fund in escrow BP has bent over and agreed to like a white man in Jail will end up in the hands of ACORN type groups?? Used for campaign issues?? Used as a slush fund going to Obama-regime cronies??
I also wonder if anyone making $250k/year will get any assistance from this?? I mean, they are too rich right? So, then who is left??

You know the corruption game that will b played. Remember 350 Billion of americas 700+ Billion stimulus money disappeared immediately after being approved and no one till this day has said where the money has gone...Sooooooooo...


BTW "Bent over and agreed to like a white man in jail"...are we talking about BP or Queen Mimnaugh?

[SAMSON123]

Obama: BP agrees to $20B fund for spill victims
AP

   

House panel raps oil company heads Play Video AP  – House panel raps oil company heads

   
Barack Obama AP – President Barack Obama makes a statement in the State Dining Room of the White House in Washington, Wednesday, …

By BEN FELLER, Associated Press Writer Ben Feller, Associated Press Writer – 11 mins ago

WASHINGTON – After meeting with top BP officials, President Barack Obama announced on Wednesday that the oil giant has agreed to set aside an initial $20 billion to pay the victims of the oil spill in the Gulf of Mexico, calling it "an important step toward making the people of the Gulf Coast whole again."

Obama, speaking alone in the State Dining Room of the White House, also announced that BP had voluntarily agreed to establish a $100 million fund to compensate laid-off oil right workers affected by his six-month drilling moratorium.

Obama said the independent fund will be directed by lawyer Kenneth Feinberg, who oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks. There will be a three-member panel to adjudicate claims that are turned down.

"This is about accountability. At the end of the day, that's what every American wants and expects," Obama said after a meeting that stretched more than four hours, with Obama darting in and out of the room.

Obama and top advisers met with a group of BP officials, including board chairman Carl-Henric Svanberg and CEO Tony Hayward. Svanberg, speaking with reporters later, announced the company would suspend its dividend for the rest of the year.

He expressed sorrow for victims of the spill. "This tragic accident ... should have never happened," he said, and he also used the occasion to "apologize to the American people."

Obama said the $20 billion fund was "not a cap."

"The people of the Gulf have my commitment that BP will meet its obligations to them," Obama said. "This $20 billion amount will provide substantial assurance that the claims people and businesses have will be honored."

The claims system sets up a formal process to be run by a specialist with a proven record. Instead of vague promises by BP, there will be a White House-blessed structure with substantial money and the pledge that more will be provided if needed. The news was applauded in the Gulf — a rare positive development in a region that has been hurt so badly.

"Every effort will be made to expedite claims," Obama said.

[Soul Crusher]

I wonder if BP got General Releases and waivers of lawsuits from suits or something in return.  There is no way they did this without getting something in return. 

[pro nitrousADRL]

you guys just wait until bp stops paying out to its share holders, like bp said it was going to do.  when the share holders pull out bp will file bankrupcy, then guess who foots this entire bill

[kcballer]

you guys just wait until bp stops paying out to its share holders, like bp said it was going to do.  when the share holders pull out bp will file bankrupcy, then guess who foots this entire bill

you're joking right?  Suspending a dividend isn't declaring bankruptcy at all.  I imagine the share price will drop slightly but as of right now it's up 1% today.  So please stop the nonsense and educate yourself about the situation.  You'll scare 333 and have him out buying 'supplies' at all hours of the night now 

 

[pro nitrousADRL]

I DIDNT SAY THEY ARE THE SAME, SHOW ME WHERE I SAID THAT PLEASE?? HOW EVER ONE IS THE RESULT OF THE OTHER

[12secGT]

I don't think it will end up with ACORN.  Probably with some companies that have ties with the administration, but this is nothing unusual in American politics.  You gotta know where your bread is buttered.  Other than that i doubt we'll see any gross misuse of the funds.  Of course there will be some expenses that some will deem unnecessary or wasteful, there always is. 

kc -  Come on... I thought you were smarter than that. No gross misuse?? Like the stim package wasn't chock full of fraud?? Pork projects?? I bet a good 30% or so will go to admin linked orgs like ACORN.

[12secGT]

I wonder if BP got General Releases and waivers of lawsuits from suits or something in return.  There is no way they did this without getting something in return. 

Good thought. Won't doubt it. They are culpable. Sue they asses... 

[pro nitrousADRL]

KC  THE NEWS IS ON RIGHT NOW AND THEY ARE DISCUSSING SHARE HOLDERS PULLING OUT, AND STATING THAT AMERICA SHOULD PREPARE FOR BP FILING BANKRUPCY DUE TO THAT,  BUT I NEED TO GET EDUCATED??

[12secGT]

you're joking right?  Suspending a dividend isn't declaring bankruptcy at all.  I imagine the share price will drop slightly but as of right now it's up 1% today.  So please stop the nonsense and educate yourself about the situation.  You'll scare 333 and have him out buying 'supplies' at all hours of the night now 

 

Actually, wall street is hedging that BP will fall to $20 by July. People are placing "Put" wagers in with this as we speak. If the street thinks this... Wow. The stock was over $60 a share two months ago. Time to BUY BUY BUY...

[kcballer]

KC  THE NEWS IS ON RIGHT NOW AND THEY ARE DISCUSSING SHARE HOLDERS PULLING OUT, AND STATING THAT AMERICA SHOULD PREPARE FOR BP FILING BANKRUPCY DUE TO THAT,  BUT I NEED TO GET EDUCATED??

hahaha yes the news says so, it must be true 

Face it you made a stupid statement with absolutely no merit.  This is BP one of the biggest oil companies in the world.  There is no chance this will bankrupt them.  ZERO.

I wouldn't be adverse to buying BP stock right now (some of my friends have) but i would rather wait another month before buying to see a better picture of the full cost ahead.   

[kcballer]

Oh here is an analyst rating of BP -

It also removes some uncertainty surrounding the stock. Indeed, the shares traded higher in New York on Wednesday afternoon, soon after the dividend announcement was made, suggesting that many investors had already written off the dividend anyway.

[12secGT]

hahaha yes the news says so, it must be true 

Face it you made a stupid statement with absolutely no merit.  This is BP one of the biggest oil companies in the world.  There is no chance this will bankrupt them.  ZERO.

I wouldn't be adverse to buying BP stock right now (some of my friends have) but i would rather wait another month before buying to see a better picture of the full cost ahead.   

I agree up to your last statement. BUY THEIR STOCK. AS MUCH AS YOU CAN!! Seriously. Warren Buffet is buying up on market value and is hedging. It's in the news right now. All purchases are public and what does that tell you when one of the richest men in the world is stocking up on BP shares??

[pro nitrousADRL]

i was saying that 4 or 5 days ago before  the news ever mentioned it , check my postings if you dont believe me , i read for myself kc, just about everything that comes from this admin i have spoke about before it was twisted around on the news.  appearently you have not read anything i have posted before

[12secGT]

Oh here is an analyst rating of BP -

It also removes some uncertainty surrounding the stock. Indeed, the shares traded higher in New York on Wednesday afternoon, soon after the dividend announcement was made, suggesting that many investors had already written off the dividend anyway.

I think that ivestors see opportunity here. BP is taking a huge stock hit. They will be undervalued for the next 12 to 18 months. But BP is large enough to overcome this. This stock will be a 60$ stock again in a year or so. This aint no ENRON here.

[kcballer]

saying what exactly?  You made a bullsh*t statement with ZERO truth to it and i called you on it.  Now you're saying you knew it 3-4 days ago?  What an idiot you are. 

[pro nitrousADRL]

u made the comment that i must think its true if the news said so.  i commented back that i mentioned this days ago,   based on what i read.  are you that stupid you couldnt depict that i was commenting on your comment?  as for what i said about bankrupcy i never said it was GOING TO happen, tell me where i said it was going to happen. please show me,  i said it could,  so you my friend are the idoit for assuming.

[pro nitrousADRL]

and if you think what u did is supposedly calling someone out on something, you just keep tooting your horn there lil guy, if it makes you feel better, but thats hardly calling anyone on anything.

[kcballer]

u made the comment that i must think its true if the news said so.  i commented back that i mentioned this days ago,   based on what i read.  are you that stupid you couldnt depict that i was commenting on your comment?  as for what i said about bankrupcy i never said it was GOING TO happen, tell me where i said it was going to happen. please show me,  i said it could,  so you my friend are the idoit for assuming.

This is where you said it doofus - when the share holders pull out bp will file bankrupcy, then guess who foots this entire bill

You said that.  You said it WILL happen.  Not it may happen but it WILL happen. 

[kcballer]

you guys just wait until bp stops paying out to its share holders, like bp said it was going to do.  when the share holders pull out bp will file bankrupcy, then guess who foots this entire bill

Just so you don't change it little b*tch.

[kcballer]

bump for the little bunny hahaha

[Soul Crusher]

bump for the little bunny hahaha

KC - did you read my thread on BP's lobbying and ties to Obama? 

If you dont think the fix is already in on this, you are really naive. 

BP owns this admn, as does Goldman Sachs, and others. 

This slush fund is a joke and I'm sure they got HUGE concessions in the forms of liability to agree to this.