BP's Incentive: To <em>Not</em> Capture All the Oil

BP only has to pay out $75 million under the law. That hasn‘t been changed, nor is Congress changing the law, eliminating or raising the $75 million cap that currently exists. The side deal that Obama made with BP is extralegal, outside the law, and has no binding legal power. That $20 billion isn't in an escrow account, and is just talk at this point. And word out today is that BP is refusing to pay fishermen's claims. http://money.cnn.com/2010/07/08/smallbusiness/bp_claims_process/



In a meeting in New York last week with the people who are in charge of trying to distribute this money, it was learned that the $20 billion deal has not been escrowed. There hasn‘t been money escrowed at this point at all. Nor would it be securitized. If BP were to move to bankruptcy tomorrow, there‘s no security interest that the US government has in that money. That's what BP told lawyers from eight major law firms that are involved in the litigation last week.



http://www.youtube.com/watch?v=7OPXHEZX3Eg



http://www.msnbc.msn.com/id/38126678/ns/msnbc_tv-hardball_with_chris_matthews/
About Gulf Oil Spill
Read the Article at HuffingtonPost