Uh oh: BP stops paying the bills?

posted at 2:20 pm on July 8, 2010 by Ed Morrissey

Workers attempting to clean up the worst oil spill in American history have another disaster on their hands — an economic disaster.  According to TV station WDSU, crews expecting a monthly paycheck came up empty yesterday, as BP failed to meet its agreed payroll date.  The lawyer representing hundreds of the workers says BP won’t tell him when their money will come, either:

Hundreds of fishermen from Lake Charles to Moss Point, Miss., were supposed to get checks from BP on Wednesday but didn’t.  Wednesday night, their lawyer wanted answers.  Jeffrey Briet represents more than 500 fishermen, and he said the payment system he set up with BP required his clients to be paid every 30 days.

Now that process has suddenly changed without warning, Briet said.

“Not only did they spring it on us that the process has changed, but the people I’ve been dealing with for six weeks who’ve done a good job said, ‘We don’t know what the process is going to be. We’re not authorized to talk to you about it. Someone from BP will contact you,’” he said.

But Briet said he hasn’t heard from BP or its lawyers. He said the claims people have been given so much conflicting information about the process that they can’t provide answers.

Generally speaking, when a company fails to make payroll or meet its Accounts Payable on time, it’s a sign of potential collapse.  Sometimes, it’s just a simple issue of red tape within large corporations.  It’s hard to tell which is which, but with BP transferring $20 billion into a trust fund and spending a few billion more on the cleanup, it’s certainly not unreasonable to wonder about its cash flow and stability.

The workers doing the cleanup need to get paid.  They’re not wealthy; their regular incomes have been ruined by the spill and the response to it, and for many workers this is the only way they can make ends meet.  Most of them live paycheck to paycheck — and having to wait 30 days for those checks creates difficulties even when the checks come on time.

Update: In the comments, some are confusing this with the $20 billion trust fund.  The trust exists to pay damage claims from the spill, not to fund the clean-up.  That’s why it’s being kept in a separate trust, and out of BP’s hands (although the method chosen for that stinks on ice).  BP has to pay for the cost of the cleanup from its own accounts.

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Well, if B. Hussein Obama hadn’t stole 20 billion from them, they might be able to make payroll.

Blarg the Destroyer on July 8, 2010 at 2:23 PM

That’s ok. Obama is in charge. He has been since Day One.

Doughboy on July 8, 2010 at 2:23 PM

Everyone loses, except the lawyers.

rickyricardo on July 8, 2010 at 2:24 PM

Not too surprising. I feel for the Gulf Coast people but we all must remember that BP is a British company and if it goes under the UK is in for a world of hurt.

taney71 on July 8, 2010 at 2:24 PM

Not shocking at all, considering the circumstances.

The money is probably safe, and sound, as it’s probably been deposited in every Dems accounts, for their campaigning. It was a magnanomous gesture on the part of the clean up workers, to unselfishly donate a months pay, to ensure the re-elections of Dems, so they can continue the work of destroying the country.

capejasmine on July 8, 2010 at 2:24 PM

If BP, one of the largest Oil companies has a cash flow problem, the market will crash and market stability will crumble.

Stock up on Pork ‘n Beans and Spam folks.

portlandon on July 8, 2010 at 2:24 PM

Good to see that $20 Billion trust fund is being managed so well.

Tommy Christopher is an idiot as per usual.

tetriskid on July 8, 2010 at 2:25 PM

paging Feinberg. Get out the check book and start writing checks on that 20 billion Ken. BP is calling your bluff.

ted c on July 8, 2010 at 2:25 PM

Why so gullible?

These people are to be paid out of Obama’s escrow account now. BP pays the escrow. The escrow pays the small people.

Blame Obama.

faraway on July 8, 2010 at 2:26 PM

Tell me again, what was the stated purpose of the 20 billion fund? Was it not to make speedy claims settlements? If BP has to continue to make these payments what, again, is the purpose of that 20 billion?

Skandia Recluse on July 8, 2010 at 2:27 PM

Obama wanted to own the problem and now he owns it. That means the taxpayer will almost inevitably end up stuck with the bill.

Drained Brain on July 8, 2010 at 2:29 PM

Skandia Recluse on July 8, 2010 at 2:27 PM

Who knows.

Just another political slush fund Obama can mess around with I guess.

tetriskid on July 8, 2010 at 2:29 PM

Hayward just met with some sheiks in the UAE to scrounge up liquidity. Sounds like BP is cash poor. But they don’t lack in assets.

Somehow most of that 20 billion goes to SEIU or ACORN and Fox reporting the fact will be the real scandal. Becoming the routine.

Beagle on July 8, 2010 at 2:31 PM

Why can’t the paid out of Obama’s 20 billion dollar stash?

rhombus on July 8, 2010 at 2:31 PM

I thought I heard a guest on Fox the other evening say that the $20B wasn’t paid yet. That it was to be $5B per year over the next 4 years, but that the first payment hadn’t even been made yet. Anybody else see this or have different info?

db on July 8, 2010 at 2:32 PM

I saw where the CEO of BP was in Dubai yesterday supposedly trying to talk them into a boatload of BP shares. Maybe they balked at the proposal. Or maybe, the check really is in the mail and that’s all there is to it.

fogw on July 8, 2010 at 2:33 PM

Aren’t volunteers being turned away, also?

BP should focus on a small radius around the well (for now), Uncle Sam should go back to DC (and tear up regulations as he leaves) and let the American people clean up the damn mess.

Unreal.

I’m sure folks will be sending BP a bill later (although Barry and comrades will probably let a good 5% of that escrow account actually find it’s way to the good citizens of the Gulf).

reaganaut on July 8, 2010 at 2:33 PM

Why can’t the paid out of Obama’s 20 billion dollar stash?

rhombus on July 8, 2010 at 2:31 PM

It is supposed to be. That’s why BP doesn’t know what to tell the fishermen. This is why the MSM is trying to blame BP, when it’s Obama’s fault.

faraway on July 8, 2010 at 2:33 PM

Maybe they should stop with the reassuring commercials promising they will clean up the mess and pay their obligations.

Those commercials can’t be cheap.

Disturb the Universe on July 8, 2010 at 2:34 PM

How many here think we actual taxpayers will get the bill on this? Any business in their right mind would not give this bho and team one dime, no telling where it will go. My heart hurts for the gulf states dealing with this gosh horrible wh.
L

letget on July 8, 2010 at 2:34 PM

Maybe BP has figured out that no matter what they do, the fix is in, they’ll be put out of business after they’ve been shaken down for every penny to fund the liberal agenda that puts them out.

Plugging the hole and filing bankruptcy has to be high on the board’s discussion menu.

Speakup on July 8, 2010 at 2:35 PM

I thought Obama was focusing “laser like” on the problem.

GarandFan on July 8, 2010 at 2:36 PM

MEME ALERT

OBAMA’S ESCROW IS REQUIRED TO PAY THESE PEOPLE (NOT BP)

/ back to you, Katie

faraway on July 8, 2010 at 2:38 PM

I can’t wait for Obamacare to kick in.

pain train on July 8, 2010 at 2:39 PM

I have no doubt that cpt kickass will get to the bottom of this…

SHARPTOOTH on July 8, 2010 at 2:39 PM

I thought Obama was focusing “laser like” on the problem.

GarandFan on July 8, 2010 at 2:36 PM

Uh no, I think he was talking about his new laser yardage finder.

fogw on July 8, 2010 at 2:39 PM

Maybe the workers are not doing a good enough job cleaning to get paid?

tommer74 on July 8, 2010 at 2:40 PM

BP isn’t in charge anymore. President Kickass put his Oil Spill Czar in charge. ‘member?

ramrants on July 8, 2010 at 2:41 PM

Energy Secretary Chu Claimed BP will Help Save World

With the gubment in charge, expect a boondoggle.
Let the red tape take over.

seven on July 8, 2010 at 2:42 PM

No one is confusing anything, Ed. B. Hussein Obama extorted 20 billion dollars from BP. Now BP has no money. Nothing to get confused about.

Blarg the Destroyer on July 8, 2010 at 2:42 PM

Stock up on Pork ‘n Beans and Spam folks.

portlandon on July 8, 2010 at 2:24 PM

I have been stocking up on freeze-dried and dehydrated food as well as MRE’s for some time now.

Bring it on!

VibrioCocci on July 8, 2010 at 2:46 PM

I thought Obama was focusing “laser like” on the problem.

GarandFan on July 8, 2010 at 2:36 PM

He did. The target has been painted. Now it’s up to someone else to do the real work.

Electrongod on July 8, 2010 at 2:46 PM

Update: In the comments, some are confusing this with the $20 billion trust fund.

They’re not confusing anything. They’d just rather blame the President for the mess that BP caused (no matter how poorly the government has responded, this is still BP’s fault).

YYZ on July 8, 2010 at 2:48 PM

Are these folks making claims against BP for their ruined businesses or are they the ones BP hired as temporary workers (come on, didn’t we all suspect that was just a pr plan)?

Perhaps the problem is they are now employees and as such are not able to be paid from the escrow account.

BP and the Obama administration haven’t told the truth since day one… why are we surprised that these folks aren’t getting paid?

Time to start loading up trucks with food and other necessities to help these people out.

itsacookbook on July 8, 2010 at 2:48 PM

Update: In the comments, some are confusing this with the $20 billion trust fund. The trust exists to pay damage claims from the spill, not to fund the clean-up. That’s why it’s being kept in a separate trust, and out of BP’s hands (although the method chosen for that stinks on ice). BP has to pay for the cost of the cleanup from its own accounts.

damn. The 9.8 reading grade level must’ve been exceeded once again. My bad, as we say on the basketball court….

ted c on July 8, 2010 at 2:49 PM

db on July 8, 2010 at 2:32 PM

Here’s something from The Money Times

To begin with, BP will infuse an initial payment of $3 billion in the third quarter of this year, followed by another $2 billion in the fourth quarter. Thereafter by quarterly payments of $1.25 billion would be made into the account.

db on July 8, 2010 at 2:50 PM

Update: BP has to pay for the cost of the cleanup from its own accounts.

Ed, these are fishermen. They are not cleaning up. Please pay attention.

faraway on July 8, 2010 at 2:51 PM

They’d just rather blame the President for the mess that BP caused (no matter how poorly the government has responded, this is still BP’s fault).

YYZ on July 8, 2010 at 2:48 PM

Sort of like blaming Bush for Hurricane Katrina.

What goes around, comes around.

fogw on July 8, 2010 at 2:54 PM

Those BP donations to Obama’s campaign are beginning to pay now.

jukin on July 8, 2010 at 2:55 PM

Sort of like blaming Bush for Hurricane Katrina.

What goes around, comes around.

fogw on July 8, 2010 at 2:54 PM

troll lecture on “two wrongs don’t make a right” in 3…2….1……

ted c on July 8, 2010 at 2:56 PM

They’re not confusing anything. They’d just rather blame the President for the mess that BP caused (no matter how poorly the government has responded, this is still BP’s fault).

YYZ on July 8, 2010 at 2:48 PM

Thanks for admitting that Obama has responded poorly.

fossten on July 8, 2010 at 2:57 PM

Energy Secretary Chu Claimed BP will Help Save World

seven on July 8, 2010 at 2:42 PM

Are you aware that Chu won a Nobel Prize in Physics?

pain train on July 8, 2010 at 2:57 PM

… BP is a British company and if it goes under the UK is in for a world of hurt.

taney71 on July 8, 2010 at 2:24 PM

Øbama may be enjoying this more than he enjoyed returning the Churchill bust.

petefrt on July 8, 2010 at 2:58 PM

Question – Has BP deposited 20 Billion in the Trust Fund, yet?

SC.Charlie on July 8, 2010 at 2:59 PM

More than half of all BP workers are Americans.

SC.Charlie on July 8, 2010 at 3:00 PM

If these people were cleaning up, they would likely be paid different amounts (likely weekly not monthly) based on hours worked, number of crew, etc.

If they were being paid for being out of work, they would get paid a fixed amount each month. (They are being paid monthly – obviously as a group)

faraway on July 8, 2010 at 3:00 PM

… BP is a British company and if it goes under the UK is in for a world of hurt.

taney71 on July 8, 2010 at 2:24 PM

apparently, that’s a misnomer. British in name only. Apparently ~40% of it’s shareholders are british and ~40% are American and BP arose after British Petroleum merged with AMOCO >10yrs ago. There is dual representation on its board with Americans and Brits (approx equal proportions) and so, if it’s British, it ain’t much more British than it is American…IIRC.

ted c on July 8, 2010 at 3:01 PM

Ok, I see the problem :

Workers attempting to clean up the worst oil spill in American history

suddenly, and unexpectedly became :

Hundreds of fishermen from Lake Charles to Moss Point, Miss., were supposed to get checks from BP on Wednesday but didn’t.

So I mistakenly presumed that fishermen who would presumably be filing claims for lost income were not getting their settlement checks, when in fact, those ‘fisherman’ were employed as clean up crew.

Thanks for the clarification. My Bad.

Skandia Recluse on July 8, 2010 at 3:02 PM

SC.Charlie on July 8, 2010 at 2:59 PM

No. See my previous posts.

db on July 8, 2010 at 3:03 PM

when in fact, those ‘fisherman’ were employed as clean up crew.

Thanks for the clarification. My Bad.

Skandia Recluse on July 8, 2010 at 3:02 PM

I missed that part in the article. Can you point it out?

faraway on July 8, 2010 at 3:04 PM

Jeffrey Briet represents more than 500 fishermen, and he said the payment system he set up with BP required his clients to be paid every 30 days.

Why would a cleanup crew need a lawyer?

faraway on July 8, 2010 at 3:06 PM

They’re not confusing anything. They’d just rather blame the President for the mess that BP caused (no matter how poorly the government has responded, this is still BP’s fault). – YYZ on July 8, 2010 at 2:48 PM

I don’t think that anyone is arguing that BP is not at fault for the screw-up at the well. What angers myself is the poor preparedness of both the government and the oil industry to handle what has happened. Our Federal government response of not cutting through bureaucratic red tape is horrible.

SC.Charlie on July 8, 2010 at 3:07 PM

The linked article only mentions “clean-up workers” briefly in context of a previous conflicting story from BP. This is NOT money for cleanup that is being delayed.
`
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Compensation for fishermen out of work due to the spill should be coming from the settlement fund.
`
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Ed obviously has developed reading comprehension problems, no doubt from drinking after Allah at the office water fountain.

Adjoran on July 8, 2010 at 3:07 PM

ruh roh

cmsinaz on July 8, 2010 at 3:09 PM

They’re not confusing anything. They’d just rather blame the President for the mess that BP Hurricane Katrina caused (no matter how poorly the government has responded, this is still BPKatrina’s fault).

YYZ on July 8, 2010 at 2:48 PM

look familiar? didn’t think so

Ditkaca on July 8, 2010 at 3:12 PM

Slightly OT–Does anybody know if the A-Whale has passed the EPA’s inspection?

txhsmom on July 8, 2010 at 3:16 PM

YYZ on July 8, 2010 at 2:48 PM

How much money did Bush extort from, um, Mother Nature because of Katrina? Troll harder.

Blarg the Destroyer on July 8, 2010 at 3:25 PM

I read an article today that said The Whale wasn’t working as well as expected because of the rough seas in the Gulf. The slits cut in the hull need calmer water to function as designed.

SC.Charlie on July 8, 2010 at 3:29 PM

Whatever, if they were cleaning up or if they were fisherman doesn’t matter. When you tell someone they’re going to be paid on a certain day you make g#@d@#ned sure it happens. It’s their income for crying out loud. And they deserve to be told if not now, WHEN. This is despicable.

scalleywag on July 8, 2010 at 3:29 PM

Slightly OT–Does anybody know if the A-Whale has passed the EPA’s inspection?

txhsmom on July 8, 2010 at 3:16 PM

Or if Kostner’s devices have been deployed? I know there are a lot of companies in the gulf working hard to contain this mess, but obviously we need much, much more. Thank God we have a strong leader in charge to put a boot on people’s neck to get it done. /s

scalleywag on July 8, 2010 at 3:32 PM

This is despicable.

scalleywag on July 8, 2010 at 3:29 PM

I agree, ask Obama why he hasn’t paid them.

faraway on July 8, 2010 at 3:33 PM

I agree, ask Obama why he hasn’t paid them.

faraway on July 8, 2010 at 3:33 PM

God help them if he’s in charge.

scalleywag on July 8, 2010 at 3:34 PM

They’re not confusing anything. They’d just rather blame the President for the mess that BP caused (no matter how poorly the government has responded, this is still BP’s fault).

YYZ on July 8, 2010 at 2:48 PM

Hey…if that’s what you gotta tell yourself to sleep at night…more power to ya. The rest of us know better. ;)

capejasmine on July 8, 2010 at 3:36 PM

I don’t think that anyone is arguing that BP is not at fault for the screw-up at the well. What angers myself is the poor preparedness of both the government and the oil industry to handle what has happened. Our Federal government response of not cutting through bureaucratic red tape is horrible.

Agreed completely. But the government’s ineffective response doesn’t have much to do with BP not paying fishermen.

YYZ on July 8, 2010 at 3:39 PM

How much money did Bush extort from, um, Mother Nature because of Katrina? Troll harder.

Make sense harder.

YYZ on July 8, 2010 at 3:40 PM

When even HotAir is so gullible as to believe this obvious propaganda, how will the poor independents ever be convinced about Obama?

God help us all.

faraway on July 8, 2010 at 3:47 PM

BP needs to pull that tv ad where the guy says he’s going to be there til everything is ok and all claims are paid. It’s another ‘You lie’ situation.

Kissmygrits on July 8, 2010 at 3:50 PM

Agreed completely. But the government’s ineffective response doesn’t have much to do with BP not paying fishermen.

YYZ on July 8, 2010 at 3:39 PM

Try this on.

To cover for their ineffective response the Obama administration determined they would be super-duper clever to shakedown BP, getting billions of dollars for the victims of the oil spill while at the same time diverting attention from their lame response.

Now BP has missed a payroll, and Barry has given them an excuse to miss it. True or not, they can play that angle.

It’s all politics. And all politics is dirty.

fogw on July 8, 2010 at 3:53 PM

Since the WH is in charge, it’s the WH’s fault the checks aren’t available.

And who is in charge? He couldn’t be reached for comment; it seems you “can’t hear me now” on the 12th fairway.

BobMbx on July 8, 2010 at 3:56 PM

More than half of all BP workers are Americans.

SC.Charlie on July 8, 2010 at 3:00 PM

Yup, so for Øbama it’s a twofer.

petefrt on July 8, 2010 at 3:56 PM

The Bush administration is holding the money…. J/K

workingforpigs on July 8, 2010 at 3:58 PM

Written in oil: SLUSH FUND

maverick muse on July 8, 2010 at 4:13 PM

Energy Secretary Chu Claimed BP will Help Save World
seven on July 8, 2010 at 2:42 PM

That’s Nobel-Prize-Winning Energy Secretary Chu to you, bub! (And don’t you forget it…..)

TeresainFortWorth on July 8, 2010 at 4:15 PM

How many times do you think the Dems and the media will tie the apology around the other side’s neck?

Time magazine did a great panorama of blame for the spill and managed to put BUSH AND CHENEY very close to the middle but numbered below BP. (The device was a range of figures posed left to right — like a friendly version of a police line up.) They even included The One in the illustration. But managed to neglect to mention his campaign contributions or other facts I could list.

Their analysis descends to the quality level of a community college newspaper on a lot of subjects and I suspect, by reading closely, that they do have the facts.

They just can’t handle reality, nor can most of their readers.

IlikedAUH2O on July 8, 2010 at 4:29 PM

Our Federal government response of not cutting through bureaucratic red tape is horrible.

Agreed completely. But the government’s ineffective response doesn’t have much to do with BP not paying fishermen.

YYZ on July 8, 2010 at 3:39 PM

Our government is responsible for the red tape. We have a couple dozen agencies down there each with scores of lifelong bureaucrats protecting their careers. Cleaning up the mess is secondary to their government paychecks and their government jobs. They probably get paid extra for being down there so why hurry and do your job? You’ll just have to leave the party sooner.

The plain fact is that nobody in a government job has any interest whatsoever in fixing the problem. The only exception is the local people, public or private sector, who are being terribly hurt by this man-made catastrophe.

Mojave Mark on July 8, 2010 at 4:45 PM

Update: In the comments, some are confusing this with the $20 billion trust fund. The trust exists to pay damage claims from the spill, not to fund the clean-up. That’s why it’s being kept in a separate trust, and out of BP’s hands (although the method chosen for that stinks on ice). BP has to pay for the cost of the cleanup from its own accounts.

1) The $20 billion is money from their “own accounts”.

2) This story is about damage claims and so my first thought when reading the story via Drudge earlier today was isn’t this exactly the type of payment the Obama demanded fund was supposed to take over.

KittyLowrey on July 8, 2010 at 4:48 PM

It’s a part of the culture in the oil business not to pay in 30 days even if the terms are for Net 30. The bigger the company, the more high-handed they are about this. 90-120 days is very common for Net 30 terms, even for vendors in good standing, for a profitable project, in the best of times.

O. Krell on July 8, 2010 at 4:54 PM

The workers doing the cleanup need to get paid. They’re not wealthy; their regular incomes have been ruined by the spill and the response to it, and for many workers this is the only way they can make ends meet.

You’re confusing the “reparation fund” with the cleanup funds. If the fishermen have had their incomes disrupted – then they should seek reparation through the 20B reparation account. If they’re cleaning up – that’s another pot of money but they certainly aren’t entitled to be paid from it unless they’ve actually been cleaning up.

Riddle me this … a fisherman who normally made $10,000 per month from his fishing efforts now can’t make any money due to the oil spill – but BP hires him on at 10K per month to clean up oil.

Is the guy then STILL entitled to another $10K per month from the “reparation fund”??

This is all completely half-cocked. I predict that BP will get killed financially while widespread waste, fraud, and abuse depletes the fund and keeps the $$ from going to the people really affected.

I have an acquaintance who own’s a computer consulting firm on the Mississippi Gulf Coast who, yesterday, filed a claim for reparations with BP. WTF? He business hasn’t been affected at all but he wants to “see” if he can get some cash from this catastrophe.

I bet he’s successful

HondaV65 on July 8, 2010 at 4:55 PM

This is where all of the side deals are going to fall apart.

If BP has hired a fisherman to work on the cleanup effort, then what damages in lost wages are due to that fisherman for not being able to fish?

Now, with the federal government running a slush fund for some of those payments, how can BP avoid paying twice?

Looks to me like the damage requests will need to be litigated by BP. And then BP can point to the federal govt and blame them. Meanwhile Obama has his new stash lined up for the election.

Freddy on July 8, 2010 at 5:02 PM

HondaV65 on July 8, 2010 at 4:55 PM

WAIT!

By my reading of this now … this is not CLEANUP money – it’s actually reparation money that is to be paid to fisherman for not being able to fish.

And … I bet I know why BP has stopped the payments …

It’s because the administration has said that all reparation payments to fishermen thus far are coming from BP and are NOT a part of the $20B account that Obama demanded. That account hasn’t been set up yet – the rules for reimbursements haven’t been set so Obama expects for BP to keep paying out of their pockets until he’s ready to distribute from the $20B account.

Which means there’s no real hurry for the administration to set up the procedures for the $20B fund – BP just keeps paying out to the fisherman from funds that aren’t a part of the fund – which means BP will end up paying WAY MORE than just the $20B.

If I were BP I’d halt the payments also – and tell the fishermen to go to Obama’s $20B fund. Obama demanded it – now he needs to get the money out there.

HondaV65 on July 8, 2010 at 5:03 PM

BP stops paying the bills?

Why did anyone expect BP to continue paying?

To do so would be extremely irresponsible on their part, and would invite a shareholder revolt.

The $20 Billion was pure theft by a lawless administrator who thinks he was elected to be a Dictator like his hero Chavez. In return, BP gets nothing except the promise of more theft.

Remember the story of the fox and the rabbit. The rabbit let the fox on a long chase until both of them were winded. While pausing to catch his breath, the fox asked the rabbit “How can you run so fast?”. The rabbit replied “For you the chase is just about dinner. For me, it is about my life!”.

So it is that the tighter Obama turns the screws on BP, the more tight-fisted BP will become: it’s a matter of survival for them, and merely the political ploy of the day for Obama.

Responsible corporate governance requires that BP must force this matter out of the hands of Obama and into court where the settlement will be according to law instead of the arbitrary whim of Obama. And the longer Obama continues to play his lawless games, the longer it will be before anybody gets a check.

The matter would be solved much more quickly if the administration would grow up and treat BP as a partner instead of an evil adversary in mitigating the effects of an ACCIDENT which nobody wanted.

High-handed political tactics just impede all solutions and make the effects of the accident much, much worse for everyone.

landlines on July 8, 2010 at 5:07 PM

HondaV65 on July 8, 2010 at 5:03 PM

Yup.

KittyLowrey on July 8, 2010 at 5:24 PM

Ed, are you sure this isn’t now being paid by the Feds and that is why the process changed?

LifeTrek on July 8, 2010 at 6:01 PM

Jeffrey Briet is on MSNBC right now. He says the fisherman are being paid for loss of income. So, Obama should have paid these people out of the escrow money.

Can we please stop being fooled by propaganda?

faraway on July 8, 2010 at 6:11 PM

” “””O Bama Stash “” That’s the Ticket “‘

wheels on July 8, 2010 at 7:00 PM

I’d say it’s part of Obama claiming to take it over.

Let him pay the bills, via his new czar.

AnninCA on July 8, 2010 at 10:03 PM

Hmmmmm.

BP looking at open ended commitment + half-assed regulatory nonsense by federal agencies making the spill even worse = washing their hands of it all and claiming force majeure.

Or in Obama’s White House: farce majeure.

Expect BP to also grab back the $20b and threaten bankruptcy or reorganize with the liabilities in one company and the worthwhile assets in another.

Guess who will be left holding the bag.

Well when the President of the United States of America calls you “evil”, I think that has some weight in the courts. Then there’s the threat by the DOJ on criminal charges. etc etc etc.

memomachine on July 8, 2010 at 10:08 PM

To be fair, even the democrats running Illinois have “stopped paying the bills” for running the state (except, of course, the democratic governor’s staff who are getting massive pay raises).

rmgraha on July 8, 2010 at 11:00 PM

It’s Bush’s fault

the Coondawg on July 8, 2010 at 11:18 PM

BP as a failed company is going to rock the financial world and bank balance sheets much more severely than what happened in 2008.

Kermit on July 9, 2010 at 3:44 PM