Wednesday, June 30, 2010

BP (NYSE:BP) Fund to Pay Six Months Out to Begin With

Kenneth Feinberg, who is administering the $20 billion escrow fund of BP (NYSE:BP), said he has a goal of paying out six months worth of reimbursement to those impacted by the oil spill in the Gulf of Mexico.

This is in response to representatives from the area saying the month-to-month payments aren't doing the job of helping companies remain in business.

Feinberg reiterated that today in talking to the House Small Business Committee today.

One good move suggested by Feinberg was to request the Justice Department to oversee the program in order to make sure the money is being given to those who are actually victims, and in order to keep false claims from clogging up the system, which he's trying to streamline.

Feinberg hopes to have the facility operational within 30 days in order begin the negotiation process for final payments to those affected by the oil spill.

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