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Not Enough $ In World To Pay BP Claims

From a gob-smacked Agence France-Pressee (AFP):

Manager of BP oil fund says not all claimants will be paid

June 30, 2010

WASHINGTON — The prominent US lawyer managing BP’s 20-billion-dollar oil disaster fund said Wednesday not all claimants will be paid, especially some of those seeking compensation for falling houses prices.

"There’s not enough money in the world to pay every single small business that claims injury no matter where or when," Kenneth Feinberg told the House of Representatives Committee on Small Business.

"You’ve got to decide in a principled way… and work out some definition in that regard," he said, while stating his determination to "pay every eligible claim."

"I use that famous example of a restaurant in Boston that says, ‘I can’t get shrimp from Louisiana, and my menu suffers and my business is off.’" Well, no law is going to recognize that claim."

In another example, Feinberg said the fund was not meant to pay out to all home owners whose properties had declined in value.

"There’s no question that the property value has diminished as a result of the spill. That doesn’t mean that every property is entitled to compensation," he said, adding: "There’s not enough money in the world to pay everybody who’d like to have money."

This is quite a new tune to be hearing from an Obama Czar. Imagine telling one of Mr. Obama’s constituents that they are not entitled to any and all compensation.

Just imagine if someone in the Bush administration had uttered such a thought after Katrina.

Can’t BP just print more money? That’s how Mr. Obama would solve the problem.

This article was posted by Steve on Thursday, July 1st, 2010. Comments are currently closed.

One Response to “Not Enough $ In World To Pay BP Claims”

  1. NoNeoCommies says:

    Never saw this one coming.

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