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Mr. Cable TV...

BP will set aside $20 billion to pay the victims of the massive oil spill in the Gulf, senior administration officials said Wednesday, a move made under pressure by the White House as the company copes with causing the worst environmental disaster in U.S. history. The independent fund will be led by lawyer Kenneth Feinberg, who oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks. In his current role, Feinberg is known as Obama's "pay czar," setting salary limits for companies getting the most aid from a $700 billion government bailout fund.

WASHINGTON — President Obama prepared on Wednesday to meet at the White House with top executives of BP, the company responsible for the catastrophic oil spill in the Gulf of Mexico, to demand that they set aside billions of dollars agree to pay claims stemming from the disaster in independently administered escrow account. The chairman of BP’s board, Carl-Henric Svanberg, will be told at the meeting “that he is to set aside whatever resources are required to compensate the workers and business owners who have been harmed as a result of his company’s recklessness,” the president said in a televised...