Obama wants BP to set up escrow account for claims (AP)

[jefferson_dem]

Obama wants BP to set up escrow account for claims

WASHINGTON – President Barack Obama will demand that BP create a special account with "substantial" reserves to pay Gulf oil claims and is readying aid packages for the region, his top political adviser said Sunday.

Obama, set to visit the Gulf Coast on Monday and Tuesday, also plans an Oval Office address Tuesday night after his return to Washington. He meets at the White House with BP executives, including the oil company's chairman, on Wednesday.

"This is an ongoing crisis, much like an epidemic," David Axelrod told NBC's "Meet the Press."

BP's board was to meet on Monday to discuss deferring its second-quarter dividend and putting the money into escrow until the company's liabilities from the spill are known.

"Our mission is to hold them accountable in every appropriate way," Axelrod said.

The White House wants an independent, third party to administer the escrow account and compensate those with "legitimate" claims for damages, he said. The amount of money set aside will be part of the White House discussions, but Axelrod said it should be "substantial."

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http://news.yahoo.com/s/ap/20100613/ap_on_go_pr_wh/us_gulf_oil_spill_obama

[jody]

1. Good idea. Iraq & Afghanistan should also demand the US set up an escrow account for claims caused

by the US's immoral, unjustified invasion that wrecked their nations' economies and killed/mangled millions.