Author Topic: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup  (Read 4376 times)

G_Thang

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Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« on: June 18, 2010, 04:27:17 PM »
i hope these rednecks down here appreciate this while they are over a BP office daily picking up those checks, because mc cain or bush damn sure wouldnt shake up an oil company with their personal oil assets at stake.  thoughts?




The numbers already astound. As much as 60,000 barrels of oil gush from the Gulf of Mexico’s floor each day. Some 1,300 miles of shoreline are threatened, more if currents carry runaway oil around Florida’s tip and up the Atlantic coast.

The livelihoods of shrimpers, fishermen, restaurateurs, hoteliers and small businesses are on hold for who knows how long. And then there are the waterfront property owners who now expect the white beaches and blue-green waters at their doorsteps will turn toxic.

So what’s to be thought of the $20 billion fund BP Plc was persuaded to set up?

Call it a pretty good start. A shakedown? Oh, please.

Texas Republican Joe Barton called it that at yesterday’s House Energy subcommittee hearing, one of the few moments that BP Chief Executive Officer Tony Hayward wasn’t the target of members’ wrath.

But how can it be a shakedown, when BP had already pledged to pay all legitimate claims? If that was a sincere offer, then the fund is simply an apparatus to insure that it keeps its promise and does so fairly and more quickly.

It gives BP’s word credibility, something sorely lacking as evidenced by the number of times the company has pledged to operate safely only to host a deadly refinery explosion, a major spill in Alaska and now this catastrophe in the Gulf.

Gushing Crude

The company still can’t say with certainty when the crude will stop gushing, where it will go or how much damage will have been done by then. But at least the folks suffering along the Gulf know now they will be compensated for what the company’s apparent recklessness took from them. That confidence won’t save an oil-drenched pelican, but it should at least ease some anxiety.

We don’t know what President Barack Obama or any other administration official said during the four-hour come-to-Jesus meeting in the White House with BP this week. Nor can we say how accepting BP was of the escrow account and new claims process. No allegations of waterboarding have surfaced.

There are reports that BP wanted to cap the escrow account and eventually caved. Well, good.

It would have been impossible to set a ceiling now, anyway, given that oil is still pouring out at a rate no one even knows.

Storm Surge

Then there are the too-horrific-to-contemplate consequences if a hurricane should blow through. Even a minor storm surge would wash the crude miles deeper into low-lying wetlands.

If the escrow fund had been capped, no one victimized by this disaster could have been certain they would be made whole.

The $20 billion dollar figure looks big but shrinks when viewed against the harm already done and the potential for far more.

Oil still lingers in Alaska from the 1989 Exxon Valdez spill, which now seems like a mere puddle compared to this.

Besides, the escrow account will pay for all sorts of claims beyond the ones submitted in a process headed by Kenneth Feinberg, who oversaw payouts from the Sept. 11 victim compensation fund. It will also cover judgments and settlements from lawsuits, which victims are still free to pursue. There are more than 230 of those pending, many of them aiming for class- action status.

Plus, the fund will pay for damages to natural resources as well as local and state response costs.

Drilling Moratorium

It doesn’t include the $100 million that BP is setting aside for oil workers laid off because of the administration’s moratorium on offshore drilling. Nor will it go toward the $500 million BP committed for a 10-year project to study the effects of oil and gas pollution.

Eventual fines or penalties, which are bound to be substantial, will have to come out of some other pocket, too.

For a shakedown, this one came with terms that aren’t especially difficult. It isn’t as if BP has to find $20 billion in cash by next Tuesday, or even within the next 12 months.

A mere $5 billion is required each year for the next four. That is less than the canceled dividends, projected at $7.5 billion for the last three quarters of this year.

In case the annual contributions run short, BP is setting aside $20 billion in U.S. assets initially.

This will turn out to be the best thing to happen to BP since the Deepwater Horizon exploded on April 20. Investors showed they like it by pushing the share price up in the wake of the announcement.

It is also the first credible piece of good news for the people and businesses of the G

Wiggs

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #1 on: June 18, 2010, 04:41:40 PM »
Good point Tre. Those fuckheads would just try and cut taxes for those affected to make up for it...That's their answer to everything.
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Coach is Back!

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #2 on: June 18, 2010, 04:51:22 PM »
On another note, Obama PROMISED Gov. Jan Brewer that he would have an answer for her about the Arizona borders within 2 weeks.....2 weeks have came and gone and not a word from him. He lied (as usual). He is not only a traitor but a coward with NO integrity what so ever to protection of the country. Oh, I'm sorry, he did respond....by bringing a lawsuit to Az. F**king loser!

bigdumbbell

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #3 on: June 18, 2010, 04:55:05 PM »
oh da poor oil companies     ::)

Wiggs

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #4 on: June 18, 2010, 04:59:46 PM »
On another note, Obama PROMISED Gov. Jan Brewer that he would have an answer for her about the Arizona borders within 2 weeks.....2 weeks have came and gone and not a word from him. He lied (as usual). He is not only a traitor but a coward with NO integrity what so ever to protection of the country. Oh, I'm sorry, he did respond....by bringing a lawsuit to Az. F**king loser!

LOL...Is that the best you have?.....Hahahahahahhahaha! You're a fuckin' idiot Cooch.
Cooch you forgot that he didn't give his daughters goodnight kisses on Thursday and that he left the toilet seat up so add bad father and asshole to the list ::)
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bigdumbbell

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #5 on: June 18, 2010, 05:01:30 PM »
LOL...Is that the best you have?.....Hahahahahahhahaha! You're a fuckin' idiot Cooch.
haha  yeah   he's the Orly Tates of Getbig    LOL

ToxicAvenger

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #6 on: June 18, 2010, 05:02:46 PM »
if you drive a gasoline powered car...and u r pissed/complaining about a gas spill...

then u r a hypocrite...

next time u have to travel a 1000 plus miles overseas...

SWIM!  :-\



you sound like a buncha alcoholics expounding upon the evils of alcohol
carpe` vaginum!

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #7 on: June 18, 2010, 05:06:24 PM »
LOL...Is that the best you have?.....Hahahahahahhahaha! You're a fuckin' idiot Cooch.

Great fucking answer lib....is that YOUR best response? never did meet a lib that could debate!

Wiggs

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #8 on: June 18, 2010, 05:12:18 PM »
Great fucking answer lib....is that YOUR best response? never did meet a lib that could debate!

I've never met a conservative that makes sense....BTW I'm not a lib. I've stated many times I'm independent (but support President Obama)...I'd run your ignorant ass into the ground.  It'd be best if you got someone else to debate on your behalf.  Go back to weight room meathead and leave the academics and thinking to me and just vote for whomever is the Republican like a good little sheep.
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ToxicAvenger

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #9 on: June 18, 2010, 05:13:37 PM »
Great fucking answer lib....is that YOUR best response? never did meet a lib that could debate!

what do you call a social mooch thats hates rich successful people cause of his lacking IQ



... a liberal!
carpe` vaginum!

bigdumbbell

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #10 on: June 18, 2010, 05:14:46 PM »
what do you call a social mooch thats hates rich successful people cause of his lacking IQ



... a liberal!
enough of the cartoon humor junior ::)

tbombz

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #11 on: June 18, 2010, 05:18:17 PM »
if you drive a gasoline powered car...and u r pissed/complaining about a gas spill...

then u r a hypocrite...

next time u have to travel a 1000 plus miles overseas...

SWIM!  :-\



you sound like a buncha alcoholics expounding upon the evils of alcohol
sadly, your right! but your ipmlying that the oil spill isnt a big deal. when in reality you should be implying that the entire planet should be forced to stop all fossil fuel combustion.

Coach is Back!

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #12 on: June 18, 2010, 05:23:03 PM »
I've never met a conservative that makes sense....BTW I'm not a lib. I've stated many times I'm independent (but support President Obama)...I'd run your ignorant ass into the ground. It'd be best if you got someone else to debate on your behalf.  Go back to weight room meathead and leave the academics and thinking to me and just vote for whomever is the Republican like a good little sheep.

Dude, I don't care if you're a Rhodes Scholar, the fact you even still support him proves your ignorance and the fact you haven't added anything even in the way of a logical defense for this marxist pig leaves much to desire about your academics AND your thinking. Are you still in school? serious question.

You're an "independent" that leans drastically to the left........whats the difference ::)?

tbombz

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #13 on: June 18, 2010, 05:39:29 PM »
"marxist pig"  ;D

Coach, are you familiar with the origin of capitalism? 




ThaRealist

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #14 on: June 18, 2010, 05:55:59 PM »
if you drive a gasoline powered car...and u r pissed/complaining about a gas spill...

then u r a hypocrite...

next time u have to travel a 1000 plus miles overseas...

SWIM!  :-\



you sound like a buncha alcoholics expounding upon the evils of alcohol


Why dont you say that to the thousands that are losing their jobs and having to close their businesses due to the spill
You Can't Do It!!!

Coach is Back!

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #15 on: June 18, 2010, 05:59:43 PM »
"marxist pig"  ;D

Coach, are you familiar with the origin of capitalism? 







The Book? if thats what you're referring to, I've read parts of it a few years ago.

225for70

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #16 on: June 18, 2010, 06:07:40 PM »
The Book? if thats what you're referring to, I've read parts of it a few years ago.

You didn't get out of high school your liar..

tbombz

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #17 on: June 18, 2010, 06:14:43 PM »
The Book? if thats what you're referring to, I've read parts of it a few years ago.
ok yes its a book. its called "____   of ______" By ____ ______.  :)

right now its not so important that you know the name or who wrote it..

do you know what evidence was provided to support the claim the capitalism would work? what studies did the author cite?

surely capitalism must have been based off of some kind of proper education in economics and also real world experience of the markets, free trade, and some examples of it working as well.

do you know if that book contained any of those things?

or was it simply a philosophical work done by a man with no experience in economics??


do you know the author of that book was also best friends with one of the most famous and influential atheist thinkers of all time (david hume) ???





Coach is Back!

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #18 on: June 18, 2010, 06:15:56 PM »
You didn't get out of high school your liar..

Hahahaha, gimmicks run muck on getbig....no wonder why no one has respect for this place...LOL!

ToxicAvenger

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #19 on: June 18, 2010, 06:19:38 PM »

Why dont you say that to the thousands that are losing their jobs and having to close their businesses due to the spill

you forget the millions that GOT jobs and lived lifetimes CAUSE OF THE OIL  ;)
carpe` vaginum!

ToxicAvenger

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #20 on: June 18, 2010, 06:20:29 PM »
enough of the cartoon humor junior ::)

i gather u r pro welfare?
carpe` vaginum!

tbombz

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #21 on: June 18, 2010, 06:21:58 PM »
you forget the millions that GOT jobs and lived lifetimes CAUSE OF THE OIL  ;)
a few generations with the luxuries of technology, or an eternity of generations without.

hard choice  ::)

225for70

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #22 on: June 18, 2010, 06:22:32 PM »
Hahahaha, gimmicks run muck on getbig....no wonder why no one has respect for this place...LOL!

No gimmick here. Long time lurker first time poster.

that's why you have like 50000 posts here..Mr. Intenseone, Joe Local, The Coach...

Everyone knows about you, moosejay, Pearl, etc...

ToxicAvenger

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #23 on: June 18, 2010, 06:23:03 PM »
sadly, your right! but your implying that the oil spill isnt a big deal. when in reality you should be implying that the entire planet should be forced to stop all fossil fuel combustion.

1) not gonna happen...not viable...if you talk in shoulds...thenlets draw up a laundry list of Utopian shoulds... :-\

2) complete stopping of fossil fuels is equivalent of the mothers against driving that wanna give people that drive after 1 beer the death penalty....overkill at best
carpe` vaginum!

ToxicAvenger

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Re: Obama’s $20 Billion BP ‘Shakedown’ Is a Shakeup
« Reply #24 on: June 18, 2010, 06:23:55 PM »
a few generations with the luxuries of technology, or an eternity of generations without.



fine...the generation AFTER ME can choose to suffer...  :-*

deal?
carpe` vaginum!