Joe Barton won't be happy about this (BP deposits $3 billion into escrow account)

[ProSense]

Joe Barton won't be happy about this

by Jed Lewison

A little less than two months after agreeing to fund a $20 billion escrow account for economic damage claims flowing from its massive oil spill in the Gulf of Mexico, BP has deposited its first installment into the fund.

Washington (CNN) -- The Justice Department announced Monday that the details have been completed for establishing a $20 billion escrow account that BP has promised to fund. The money will pay for claims to those who suffered from the effects of the Gulf oil spill.

After BP announced it had made a $3 billion dollar deposit into the account, Associate Attorney General Tom Perrelli issued a statement confirming the action.

"We are pleased that BP made an initial contribution and has taken an important step toward honoring its commitment to the President and the residents and business owners in the Gulf region," Perrelli said.

According to the initial deal, BP was to deposit $3 billion initially followed up by another $2 billion in two quarters. It agreed to deposit $5 billion in each of the following three fiscal years, bringing the total to $20 billion.

Kenneth Feinberg, who administered the 9/11 victims fund, will administer the claims fund.

BP had been dragging its feet on paying claims while the final details of the escrow account were negotiated, but with the fund now in place, Gulf Coast residents will have a way of obtaining compensation for their economic losses. As the Washington Post reports, that compensation is more critical now than ever, especially for fisherman:

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[ProSense]

1. No comment? n/t

[FrenchieCat]

2. Too many busy being thinned-skinned.

no.room.for.anything.else.

[davidpdx]

3. I have $20 that says BP never puts the full $20 million in

I think they are going to go back on their word and make people sue them.

[impik]

4. As you can see by the no-comments, not only barton isn't happy

[vaberella]

5. How the fuck was this unrec'd? Damn, some of these DUers.

That's some really fucked up shit. This is great news and it gets an unrec. Fuck.

[Rosa Luxemburg]

6. did they pay what they were supposed to?

[Exilednight]

7. Not yet, but I am glad that Obama put the framework in place ..................

Let's just hope he has the spine to keep it in place. I don;t want to hear some half ass excuse in six months from now as to why this was never fully carried through.