The T
George S. Patton Party
[SNIP]
Yesterday, history repeated itself. This time it was the executives of BP who were summoned directly to the White House to have a little chat with the President and Attorney General Eric Holder (who has threatened BP with criminal prosecution). The exact conversation may never be known, and by the end of their no-nonsense business meeting BP emerged from the Roosevelt Room to announce that they would voluntarily place $20 billion into an escrow account to begin covering claims associated with the Deepwater Horizon oil disaster and contribute another $100 million to a foundation that will support oil workers made unemployed by President Barack Obamas indefinite ban on offshore oil drilling.
Dont buy for a second any of the mainstream medias line about this being good for BP. The White House made clear yesterday that the $20 billion was just a down payment and in no way represented a cap on BPs liability. In fact, the President explicitly said that the fund would not preclude individuals or states from pressing claims in court, and that it would remain separate from BPs liability for the damages to the environment. And these damages may include the costs of cleanup for damage far beyond what BP caused. The Washington Post today reports that a gulf restoration plan of the sort promised by President Obama could cost as much as $30 billion. Thats $50 billion in damages so far. And that does not include any future money, on top of the existing $100 million donation, the White House may press BP to pay to cover the unemployment caused by President Obamas offshore drilling ban.
[/SNIP]
SOURCE<Read More
(Image: EIB )
Barton was correct the first time.
Yesterday, history repeated itself. This time it was the executives of BP who were summoned directly to the White House to have a little chat with the President and Attorney General Eric Holder (who has threatened BP with criminal prosecution). The exact conversation may never be known, and by the end of their no-nonsense business meeting BP emerged from the Roosevelt Room to announce that they would voluntarily place $20 billion into an escrow account to begin covering claims associated with the Deepwater Horizon oil disaster and contribute another $100 million to a foundation that will support oil workers made unemployed by President Barack Obamas indefinite ban on offshore oil drilling.
Dont buy for a second any of the mainstream medias line about this being good for BP. The White House made clear yesterday that the $20 billion was just a down payment and in no way represented a cap on BPs liability. In fact, the President explicitly said that the fund would not preclude individuals or states from pressing claims in court, and that it would remain separate from BPs liability for the damages to the environment. And these damages may include the costs of cleanup for damage far beyond what BP caused. The Washington Post today reports that a gulf restoration plan of the sort promised by President Obama could cost as much as $30 billion. Thats $50 billion in damages so far. And that does not include any future money, on top of the existing $100 million donation, the White House may press BP to pay to cover the unemployment caused by President Obamas offshore drilling ban.
[/SNIP]
SOURCE<Read More
(Image: EIB )
Barton was correct the first time.
