Bottomline: BP-WH meeting

June 16, 2010

Day 58

BP posts

LIVE feed

—

POTUS remarks (text/video)

Even though BP Chairman Svanberg’s “small people” comment (his clarification) is getting all the news, some important steps were taken yesterday.

1-BP Board – no further dividends this year

2-BP set aside $20B escrow fund for claims – even though there is a $75 million cap in place

3-Will be managed by 3rd party: Ken Feinberg (oversaw 9-11 funds)

4-Three-person panel to adjudicate claims that are turned down

5-The fund does not supersede either individuals’/states’ rights to sue

6-BP set aside $100M to compensate unemployed oil rig workers affected by the closure of the other deepwater rigs

7-BP will remain liable for environmental clean up and containment