Say, What’s The Deal With The $20 Billion BP Slush Fund?

by William Teach | April 20, 2011 8:37 pm

Something I have been wondering about all day, after listening to the news reports about people still suffering, their businesses still closed or business vastly reduced, people out of work, on this 1 year anniversary of the BP blowout. Remember this[1]

Mr. Obama said the fund would be run by Kenneth Feinberg – the administration’s Wall Street “pay czar” who also administered payments to the families of 9/11 victims – and does not represent a cap, nor does it mean those affected in the region cannot pursue claims in court.

“The people of the Gulf have my commitment that BP will meet its obligations to them,” he told reporters Wednesday after meeting with BP CEO Tony Hayward, Chairman Carl-Henric Svanberg and other top executives.

How’s that working out[2]?

The fund established to compensate Gulf Coast residents in the aftermath of last year’s massive BP oil spill said Monday it has paid out $3.8 billion so far.

The Gulf Coast Claims Facility[3], established last August with $20 billion in seed money from BP (BP[4]), said it has approved 300,000 claims from businesses and individuals hurt by the spill, out of approximately 857,000 claims submitted.

Now, had it been President Bush at the helm on this first anniversary, the media would be screaming this from the rafters. With Obama, it is relegated to “eh.” Good thing that[5]

“We continue to hold BP and other responsible parties fully accountable for the damage they’ve done and the painful losses that they’ve caused.”

Then he flew to San Francisco[6] for a campaign event disguised as a town hall, followed by two DNC events this evening.

Crossed at Pirate’s Cove[7]. Follow me on Twitter @WilliamTeach[8].