"I'm Shocked. Shocked..."
Posted on 07/01/2010 5:46:15 AM PDT by Oldeconomybuyer
NEW ORLEANS, Louisiana (AFP) – The Obama appointee managing BP's oil spill disaster fund said there's "not enough money in the world" to pay all claims and suggested home owners with plunging property values could lose out.
The warning from prominent US lawyer Kenneth Feinberg came as Hurricane Alex disrupted clean-up operations in the Gulf of Mexico and pushed oil deeper into fragile coastal wetlands and once-pristine beaches.
Feinberg, who Obama named to administer the 20-billion-dollar claims fund, insisted that BP will "pay every eligible claim," but cautioned that many perceived damages may not qualify.
"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,'" Feinberg told the House of Representatives Committee on Small Business on Wednesday.
"Well, no law is going to recognize that claim."
Feinberg said he was still sorting out how to deal with indirect claims like hotels that lose bookings because tourists think the beaches are covered in oil, or people who see their property values decline but live several blocks away from an oiled beach.
"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.
"There's not enough money in the world to pay everybody who'd like to have money," he said.
(Excerpt) Read more at news.yahoo.com ...
That's been obvious for weeks, to anyone half able to think this situation through. No way any corporation has the assets to pay all the claims that will result from this. And Obama again showed what a know-nothing he is by constantly carping that "BP will pay for everything".
“not enough money in the world” However if you give us your company we’ll call it even.
At least the IRS has first call on BP money. The Chicago gang of Lawyers will try and make the $19,999,999,998 work for them!
LOL...sounds like the government is going to be more stingy in paying up than BP was going to be...who is surprised? Zero needs that money for his own private slush fund. It sure didn’t take long for this truth to rise to the surface.
BP was paying up faster than the government. Go figure...(eye roll)
They are just setting up to steal the money. Very little of this money will be delivered to the people really hurt by this. Most of it will go to buy rat votes.
I think that there should be a class action suit to make Obama pay personally for the damages his inaction caused.
Not tax payer money - but Obama's money!!
He has some responsibility & I think a good team of lawyers could prove his negligence in court.
He was not elected to continue traveling, campaigning, partying & playing golf.
Oh yes, now wait for the respiratory ailment claims to materialise. Cough,cough ahem.
What a crock, since home prices are going down and have been going down, what part is due to the oil. When you live on the sea cost you take a risk, live with it.
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Harsh words but VERY TRUE. We live in Florida and you absolutely need to consider every aspect that faces you and your home value.
Folks in Destin, Florida were lamenting about their decline in value two days after the rig blew.
Unfortunately, the winds of public opinion will change towards some of the opportunist along the Coast.
Prayers with the ones that were truly hurt in this disaster. Those that will lose their jobs, their businesses and their communities.
Yeah. And what about the claims from the REST of us who have to listen to the DBM’s coverage of this story every day??
What about those of us who know how badly zero screwed up the federal response and have to listen to zero try to push the blme on BP??
There HAS to be some bucks for the rest of us in that!!
(I need some vacation cash and BP has money)
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Guess these folks never experienced the Red Tide.
I am certain there will be legit claims on this health hazard but there will be many, many claims made and many of them will come from folks inland, in prisons and those that know how to work the system.
JMHO
Has there ever been a written agreement on the BP Fund disclosed? Most prudent businesses would have had a signed agreement before putting up this amount of cash.
Next thing we will see is a tax on seafood, hotel rooms, air fares and anything else considered a luxury to fund the claims.
Actually, I saw some ding bat real estate broad on TV whining about rentals, first she needs to prove she could have rented anything in this economy.
I don’t think that any written agreement(if any) has been made public and likely never will. So much for ‘transparency’...(eye roll). You are probably correct about the tax increases. Obama is out to destroy this country and our economy. There can be no doubt left about it at this point. The man should be impeached or forced to resign.
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