View Full Version : The betrayal of America continues II.

04-20-2011, 03:49 AM
So ... the thugocracy extorts the money and then refuses to pay it to the very people it swore were the victims deserving of the money.

Nearly half the payouts have went to state/;ocal gubmints to prevent union layoffs.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">NEW YORK (CNNMoney) -- The fund established to compensate Gulf Coast residents in the aftermath of last year's massive BP oil spill said Monday it has paid out $3.8 billion so far.

The Gulf Coast Claims Facility, established last August with $20 billion in seed money from BP (BP), said it has approved 300,000 claims from businesses and individuals hurt by the spill, out of approximately 857,000 claims submitted.

The update comes two days before the one-anniversary of the BP disaster, which claimed 11 lives and spewed over 200 million gallons of oil into the Gulf -- the worst oil spill in U.S. history.

In the press release, the fund tried to defuse criticism that it has rejected too many applicants and that the awards have been far less than people hoped for.

"Amounts requested by claimants very often bear no reasonable relationship to the damages actually proven," the statement said, noting that one applicant tried to get all $20 billion.

<span style='font-size: 11pt'>It also noted that in the 574 cases where claimants disputed the fund's decision, the Coast Guard, the agency that arbitrates claim disputes, did not overturn even one decision.</span>

One year after the BP spill, this family business is still reeling

The fund employs 3,200 people in five states and has 35 offices. <span style='font-size: 11pt'>It is independently administered by Ken Feinberg, a lawyer who helped distribute claims related to the Sept., 11 2001 attacks.</span>

It will continue to pay claims until August 2013.

While it seems like the $20 billion may not be exhausted by 2013, <span style='font-size: 11pt'>analysts don't foresee BP getting any of that money back.</span>

"It's like the tobacco money," said Douglas Youngson, an oil analyst at Arbuthnot Securities, a London-based investment bank. "It's now one big pot of cash, and it will get spent."

<span style='font-size: 11pt'>A BP spokesman said the company has actually paid out $5.6 billion in damages so far, including the money paid to local and state governments.</span>

BP took a $40 billion charge to its balance sheet in 2010 to deal with the spill, a number that includes the $20 billion claim fund as well as clean up costs and any foreseeable fines resulting from the disaster.

The charge resulted in the company reporting a net loss of $3.7 billion in 2010, compared to profits of around $20 billion a year for each of the last few years.

BP's share price was halved in 2010, going from over $60 to under $30 a share, and the company eliminated its dividend. Talk even swirled that the firm, the world's fourth largest, could become a takeover target.

But the company's shares have since rebounded from last summer's lows and now trading around $45. The dividend has been partially reinstated.

Analysts expect the company to return to near-normal profitability in 2011, and have a median share target price of over $55. </div></div>

OH DEAR (http://money.cnn.com/2011/04/18/news/companies/bp_spill_claims/?section=money_latest)

04-20-2011, 06:22 AM
Let's see here. 3.8 billion in the first year, which one would expect would have inluded the most and largest payouts. So even if they maintain that rate, they will only pay out about 10 billion. That leaves another 10 billion for the latest government slush fund. Add that to the unpaid TARP money, and the unpaid "stimulus" money, and it looks like this administration is making more profits than even the evil corporations!


04-20-2011, 11:29 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"><span style='font-size: 11pt'>"It's good to be King"</span>
-Louis XIV-</div></div>