Kenneth Feinberg, administrator of the $20 billion escrow fund provided by BP (NYSE:BP) for victims of the Gulf of Mexico oil spill, is now under fire from BP for being "too generous" with how he is figuring out what the final payment will be for many claims.
At issue from BP's perspective is Feinberg's assumption of what future losses will be. BP says there are no facts supporting the future losses assumed by Feinberg.
BP notes Feinberg allows for 70 percent in losses for 2011 and 30 percent for 2012, as measured against 2010 losses. It says there are no facts supporting this and the numbers are being inflated.
On the other side of the spectrum, those wishing to make claims or being rejected for claims they made, have accused Feinberg of not giving his reasoning or the process being too slow.
He has said more than once that a major reason for the pace of the process is the people and businesses attempting to game the system, and the large amount of claimants applying for relief.
While there have been a few cases of the government prosecuting those making fraudulent claims, you would think they would be more aggressive in that pursuit, rather than trying to twist the arm of BP and Feinberg to pay out more than they actually owe.
Friday, February 18, 2011
BP (BP) Says Feinberg Paying Too Much for Claims Victims
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1 comment:
I think I understand now as I did not previously realize this was a comedy blog. That would help explain the asinine statements that keep appearing asking for pity for poor BP who was knowingly and willingly operating a well known to have serious problems that eventually led to the death of several people and an unknown amount of oil gushing into the Gulf of Mexico.
It would also explain why this blog seems to not promote capitalism which relies on a fair playing field, but instead worships at the feet of any large corporation.
The bottom line is that thousands upon thousands of people that submitted certified accounting documents showing clear losses due to BP's willing illegal actions languish for months waiting on what any objective person would conclude they obviously deserve. Yet here is the Everything Gold blog painting those people as the bad guys and BP as victims. It would be comical if people weren't losing their homes and livelihoods every day because of it.
Some people feel contempt for people like you; for me, it is much closer to pity on account of what must me an immeasurable amount of pure unadulterated ignorance. The only alternative, that you actually know the truth and choose to ignore it would be so evil as to be inconceivable to me.
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