"BP Hands Over The Cash" Bob Cesca

[Cha]

"BP has agreed to place about $20 billion in an escrow account to be used to pay damage claims resulting from the Gulf Coast oil spill, The New York Times is reporting.
CNN and the AP have also confirmed the deal.

The Times is also reporting that the fund will be overseen by Kenneth Feinberg -- the pay czar charged with overseeing top Wall Street salaries under TARP. Feinberg also oversaw the 9/11 victims compensation fund.

A week or two ago, BP agreed to donate all profits from the oil they're collecting from the leak to a wildlife fund. I'd like to see this money added to an escrow fund and distributed independently as well. BP simply can't be trusted."`

http://www.bobcesca.com/

[quiet.american]

1. Obama keeping his word - excellent. nt

[Cha]

4. And, there's a story in LBN that BP is

Cancelling their dividends.

GULF COAST, U.S. (TheStreet) -- BP(BP) "Chairman Carl-Henric Svanberg announced shortly after his meeting with President Obama that BP will pay no more dividends this year. The recently announced BP dividend payment due next week on June 21 will also be canceled."

http://www.thestreet.com/story/10770971/1/bp-oil-spill-update-bp-says-no-further-2010-dividends.html?cm_ven=GOOGLEN

[goclark]

2. Outstanding!

[grantcart]

3. Quoting the VP "a fucking big deal"