Friday, July 16, 2010

Feinberg Promises to Spend BP's (NYSE:BP) Money Very Generously

BP (NYSE:BP) escrow fund czar Kenneth Feinberg again shows why it wasn't wise for the oil giant to cave to pressure to commit $20 billion to pay for claims against them, as Feinberg today promised the fund would be more “more generous and more beneficial” to the claimants than if they were to go to court.

Who is he to make these decisions? Nobody. He's simply an extension of the Obama administration and their practice of doing whatever they want no matter what the laws or constitution says.

The point isn't whether or not BP should pay claims or not, it's taking advantage of the public anger against BP to place this type of authority with one man that is wrong.

To announce he's going to distribute BP's money in a way that is more advantageous than going to court is to raise himself above the courts and the law, to do whatever he feels like doing. That's wrong no matter what the reasoning behind it.

“I am determined to come up with a system more generous and more beneficial than if you file a lawsuit,” Feinberg asserted.

For those receiving emergency payments, they could still file a lawsuit against BP, but for those accepting lump-sum payments, they must waive the right to sue in order to receive it.

Feinberg said Thursday in meetings across Louisiana, that there should be a facility up and running sometime in the next two or three weeks to handle the claims.

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