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View Diary: White House plans to force BP to set aside money to pay damages (272 comments)

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  •  If I ran BP I know how I'd handle this... (1+ / 0-)
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    We were going to set up an escrow account and appoint an arbitrator to make awards this week.

    Unfortunately, now that the USG is suggesting that it will order us to create an escrow fund of unknown size under unknown rules based on unknown legal authority we just can't do that because we don't know if we'll have enough money left over after setting up our own escrow fund to also set up any fund the government demands.

    At this point we are waiting for the Obama administration to clarify the legal authority under which they plan to order us to set up an escrow fund, the amount they intend to demand, and the rules they expect it to operate under.

    We will make no further move to set up our own escrow fund until this is clear.

    Since our funds are not currently impaired and since we face a threat to them of unknown size and legality we will be taking prudent action on behalf of our shareholders and paying our normal dividend.

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