Obama: BP Has Agreed To Set Aside $20 Billion For Oil Disaster Claims
June 16, 2010
Obama: BP Has Agreed To Set Aside $20 Billion For Oil Disaster Claims
President Obama says the $20 billion BP has committed to is not a "cap."
"BP will meet their obligations" to the people of the gulf, he said.
"Another important element is that this $20 billion fund will not be controlled by BP or the government." Obama said the escrow account will be executed by an impartial third party. Ken Feinberg will run the BP escrow account.
UPDATE (@ 3:34:19 PM ET): It should be noted that Ken Feinberg is not an "impartial" third party. He has previously worked for the Obama administration in the Treasury department. His job was to oversee the compensation of top executives at companies which have received federal bailout assistance.
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