- BP and President Obama At War
President Obama is proposing that BP establish a superfund containing some one billion dollars while Senate Majority Leader would like it to contain $20 billion. This fund would be independent of BP’s decision making authority and allow for reimbursement to victims of the Gulf oil spill. In plain English, BP would lose its ability to determine compensation for victims who if unhappy would then have the courts to resort to.
This is crazy. Would you in any shape, way or form, want the government involved in spending your money. They do it now. The government has a call on all individual income in this country amounting to about 40% of what every one of us makes. They have the same call on corporations amounting to 35%. We call it taxes. Everything earned by individuals and corporations are taxed.
Do you think the government does a good job with that revenue stream? If the people in government were in corporations they would all be fired for negligence? If I were BP I wouldn’t let the government control a dollar’s worth of my money. BP has the lawyers, and I believe they will fight Obama to the hilt of their power, which is considerable.
It is my understanding from maritime lawyers that BP has very little liability in terms of this problem. It may max out at $75 million, and one thing I do know, is that Obama and the Congress cannot change the law ex post facto. That is written right into the Constitution for every American to read and honor.
If this Administration and previous Administrations were dumb enough to allow anyone to drill in deep water without the necessary emergency plans to deal with a crisis, than unfortunately the American taxpayer is going to take it on the chin. So what else is new?
Richard Stoyeck
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