Alabama AG blasts proposal for Gulf spill fund

[Robbien]

Source: AP

MONTGOMERY, Ala. (AP) - Alabama's attorney general says a proposal for administering the Gulf oil spill compensation fund is an illegal attempt to limit BP's liability and an effort to usurp the power of the states.

Attorney General Troy King received draft 9 of the protocol from administrator Kenneth Feinberg. King says he was shocked the federal government and BP worked on that many drafts before contacting Gulf states for input.

King has sent a letter to the president saying the draft protocol is needlessly complicated and would limit the ability of Gulf coast residents to recover their losses. King is urging the president to make Feinberg scrap the draft and replace it with one that puts Gulf states' citizens first.

Read more: http://www.wsfa.com/Global/story.asp?S=12801666

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The other Gulf states attorneys should jump on this issue also.

[dipsydoodle]

1. Is there something he cannot grasp

about Fienberg being independant.

[jody]

3. Is there something you don't grasp about powers reserved to the states under Amendment 10? n/t

[dipsydoodle]

4. Why would I have clue

about your Amendments - I'm english.

If it were to become clear that Fineberg was not acting independantly then you could maybe write off the escrow fund which is volantary arrangement based on an independant controller. Which would you prefer ?

[jody]

6. Thanks for the explanation. Behind media reports is the belief by Gulf Coast businesses & residents

that as with past environmental disasters in the region they will only receive a few dimes for each dollar in damages.

In this case my relatives and friends who live along the Gulf Coast from Key West FL to Brownsville TX expect government will shield BP from paying for the damages they have received caused by BP's oil spill.

I agree with them because IMO the direct and indirect damages could far exceed BP's assets even if the corporate veil was pierced and individual wealth of stockholders were made vulnerable.

[dipsydoodle]

7. I would seriously expect

the whole lot to go to the Gulf - eventually.

As far as I'm aware liability of stockholders, if any , would be restricted to balance sheet share value which is actually 25 cents / share.

[DatManFromNawlins]

9. Yeah....

... you definitely aren't an American if you believe that. These funds rarely pay out more than a percentage of the money to the victims they're meant for. Politicians love control of money, and they'll do whatever they can to retain control of it once they have it.

[dipsydoodle]

10. Slight diference here

BP plc is UK registered and it's auditors will want general oversight to ensure funds were used as prescribed - not to make valued judgements of usage by merit but simply to ensure the sort of hanky panky you describe did not occur. If Fineberg were to protest in any way then inflow to the escrow account could cease up. As a public company BP would be obliged to ensure propriety in this matter on behalf of their shareholders under company law if nothing elase.

[Robbien]

5. Fienberg is not independent

Anyone thinking so is clueless. Fienberg is a politician who was the administration "Pay Czar" for banksters. As you may note, under Fienberg's protection, no bankster received one penny less than was received prior to the crash. Most are better off today.

Fienberg is very very pro-corporate.

The first statement out of Fienberg's mouth when taking the BP fund position was "It is in no one's best interest to see BP hurt".

Fienberg is very pro-corporate and the opposite of independent.

[Frank Booth]

8. You're right. Feinberg's scum.

This is the guy who decided the "value" of 9/11 victims' lives. Being that he's scum, he awarded vastly more to the families of rich people than those of laborers. Because the lives of rich people are so much more valuable.

Feinberg fits right in with the pattern of Rahm, Geithner, Summers . . .

[okieinpain]

12. well damn what does that say about president obama. n/t.

[jody]

2. BP's liability cannot be determined until all the damage has been determined both direct & indirect

Our Constitution does not give any government agency authority to limit the damages for which a person or corporation is liable.

The only limitation for a defendant is her/his/its wealth.

[Nuclear Unicorn]

11. My fiance was laughing about that the night the fund was announced

He blurted out "Suckers!" to the TV when the fund was announced.

I love my fiance dearly but...DAMMIT I hate it when he's right.