BP spill fund chief vows to pay claims quickly

[cal04]

http://af.reuters.com/article/energyOilNews/idAFN2019577320100620

The independent administrator of the $20 billion fund set up by British energy giant BP Plc (BP.L: Quote) (BP.N: Quote) to compensate victims of the Gulf of Mexico oil spill vowed on Sunday to make sure every eligible claim is quickly paid.

Appearing on NBC's "Meet the Press," administrator Kenneth Feinberg also rejected Republican U.S. Representative Joe Barton's complaint last week that the fund amounts to a government "shakedown" of BP for the worst U.S. oil spill in history.

"I don't think it helps to politicize this program," Feinberg added."

[cwydro]

1. BP has lied since the beginning of this disaster.

I believe nothing, absolutely nothing, that they say.

[dipsydoodle]

2. The subject is the administrator - Kenneth Feinberg

He was not appointed by BP.

[cwydro]

3. I understand that.

Let me rephrase and say I don't believe that justice will be done in this catastrophe.

I don't care who is saying what - if it is about this tragedy, it is most likely a lie...an equivocation...a diversion...whatever.

I will be very happy to be proved wrong.

[Statistical]

4. Well "quickly" is all relative. Given the "$20B" fund only has $3 billion in it.

So the absolute fastest claims can be paid is ....
$3B immediately
$5B (total) by end of year
$7.5B by mid 2011
$10B by end of 2011
$12.5B by mid 2012
$15B by end of 2012
$17.5B by mid 2013
$20B by end of 2013

None of that is the fault of Kenneth Feinberg though. From what I here he is a straight shooter. Still even he can't pay more claims than the fund has money and BP has been given a very slow (3.5 years) funding schedule.

[KharmaTrain]

5. Hopefully Fineberg Doesn't Give A Rat's Ass What BP Says...

He just issues the checks and keeps telling BP to fork over more.

Sure...they say they will pay every claim, but they don't say how long it will take or how many hassles and obstacles will be put in the way to discourage those filing claims.

When I start hearing people from the Gulf region saying they're satisfied with their compensation...or that they're getting any, then I'll give the credit to Mr. Fineberg and the "shakedown".

[dipsydoodle]

6. He won't give a Rat's Ass

what anyone else says either - he's independant.

[Scurrilous]

7. K & R

:thumbsup: