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Dear every business owner/CEO; Got chills up your spine yet?
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Now, BP has agreed to set up this fund voluntarily. Mr. Feinberg, more recently the pay czar (another dubious constitutional power), would be in charge of analyzing claims and then administering a fair payment out of the fund. It’s important to note that receiving payment from this fund doesn’t mean than an individual or entity can’t sue BP in other places.
2 comments
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Gus Wed, Jun 16, 2010 3:41:36pm |
Kenneth Feinberg is acting as administrator to the escrow fund. He was also acting administrator for the following funds:
September 11 Victim Compensation Fund
Appointed by Attorney General John Ashcroft to be Special Master of the fund, Feinberg worked for 33 months entirely pro bono. He developed the regulations governing the administration of the fund and administered all aspects of the program, including evaluating applications, determining appropriate compensation and disseminating awards.
Hokie Spirit Memorial Fund
On July 5, 2007, it was announced that Feinberg would work pro bono as the chief administrator to the Hokie Spirit Memorial Fund (HSMF). The HSMF was set up by the Virginia Tech Foundation in the aftermath of the events of April 16, 2007, on the Virginia Tech Campus. Feinberg and the university plan to disseminate a set of proposals for comment about distributions to the families in mid-July. The victims or families will have options on the ultimate uses of the funds. Payments would be completed sometime during the fall.
As you can see he was appointed by then Attorney General Ashcroft for the 911.
The agreement was made with BP and the White House. It will be done outside of BP and the government so there is no Constitutional question here.
Following a meeting with the President of the United States, the BP Board announces an agreed package of measures to meet its obligations as a responsible party arising from the Deepwater Horizon spill.
Agreement was reached to create a $20bn claims fund over the next three and a half years on the following basis:
* BP will initially make payments of $3bn in Q3 of 2010 and $2bn in Q4 of 2010. These will be followed by a payment of $1.25bn per quarter until a total of $20bn has been paid in.
* While the fund is building, BP’s commitments will be assured by the setting aside of U.S. assets with a value of $20bn. The intention is that this level of assets will decline as cash contributions are made to the fund.
* The fund will be available to satisfy legitimate claims including natural resource damages and state and local response costs. Fines and penalties will be excluded from the fund and paid separately. Payments from the fund will be made as they are adjudicated, whether by the Independent Claims Facility (ICF) referred to below, or by a court, or as agreed by BP.
* The ICF will be administered by Ken Feinberg. The ICF will adjudicate on all Oil Pollution Act and tort claims excluding all federal and state claims.
* Any money left in the fund once all legitimate claims have been resolved and paid will revert to BP.
I anything this will prove beneficial to BP both financially and as it accepts its own personal responsibility.
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Curt Wed, Jun 16, 2010 4:51:49pm |
The die has been cast. Anything viewed as a man made disaster (I mean real ones, not the attacks by terrorists being called “man made disasters”) now will be subject to this sort of pressure.
So what if they did it between themselves? The President has at his command a variety of regulatory agencies he can send out to make life difficult for any company, under these circumstances, that may have declined the suggested approach. Actually, BP had already said they would cover this. So, that being the case, why did the President feel inclined to step in, and appoint (using his power as the elected leader of the nation), and make this happen? Makes him look like he’s solving the problem?
Also, if you give him a pass on this, what else is fair game for the President to bring someone into his office of the people and “suggest” what they do? That’s the bigger picture.
So do we now discard the complete legal system, both civil and criminal, because things aren’t being handled fast enough?
Bottom line: It’s here now. Mark my words, it will become a “solution” (and this is not a solution, it’s a feel good maneuver) of choice for any case where there is judged to be economic impact.
Quite honestly? Making the effort to send the best and the brightest of those in the Government, and to hire in the rest of the experts and get the real issue under control: The oil….which causes all the reason for claims. every effort not directed at stopping the flow is detracting from mitigating the damage being caused. Let the lawyers and insurance people do the paperwork. The President has technical resources to help, that no one else does. It’s foolish to do what others are to do, and not bring the capabilities to bear.
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