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BP Makes First $3 Billion Payment to Oil Spill Compensation Account
By Christopher Weber - Politics DailyBP has made its first payment to the $20-billion fund that will compensate victims of the disastrous oil spill in the Gulf of Mexico. Bloomberg reported that BP deposited $3 billion Monday into the escrow account set up in June after executives of the oil giant met with President Obama at the White House. BP had promised to make the initial deposit by Sept. 30. The fact that payments are "ahead of schedule" is a sign of the company's commitment to "making it right in the Gulf," said Robert Dudley, who takes over as BP's CEO Oct. 1. BP agreed to put $5 billion into the account every year ...
Conservatives Call BP Fund an Obama 'Shakedown'
By Steve Pendlebury - AOL News(June 17) -- Some conservatives who've complained that President Barack Obama isn't doing enough about the oil disaster in the Gulf of Mexico now say he's gone too far. They're criticizing the $20 billion fund Obama just squeezed out of BP. After meeting with the oil company's leaders at the White House Wednesday, the president announced that the escrow account will "provide substantial assurance that the claims people and businesses have will be honored" and said $20 billion "is not a cap." Kenneth Feinberg, who oversaw payments to 9/11 victims, will decide who gets the money from BP. The ...
Obama Scores $20 Billion for Oil Spill Claims and an Apology From BP
By Alex Wagner - Politics DailyAs the five BP executives filed out of the West Wing of the White House following their meeting with President Obama on Wednesday, someone in the press corps began (softly) humming Darth Vader's Imperial Death March theme from "Star Wars." If BP CEO Tony Hayward -- in his first visit to 1600 Pennsylvania Ave.-- was Vader (BP Chairman Carl-Henric Svanberg was perhaps more an Emperor Palpatine?), then the hero of the hour -- the Skywalker of this Deepwater Horizon saga -- was clearly Barack Obama. During a meeting that was scheduled to last only 20 minutes but ended up running nearly two ...
Obama Wants Independent Party to Administer Oil Claims
By not in system - AOL NewsWASHINGTON (June 13) - President Barack Obama will demand that BP create a special account with "substantial" reserves to pay Gulf oil claims and is readying aid packages for the region, his top political adviser said Sunday. Obama, set to visit the Gulf Coast on Monday and Tuesday, also plans an Oval Office address Tuesday night after his return to Washington. He meets at the White House with BP executives, including the oil company's chairman, on Wednesday. "This is an ongoing crisis, much like an epidemic," David Axelrod told NBC's "Meet the Press." Visit msnbc.com for breaking news, ...
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