You are herecontent / Uh Huh - So It IS A Liability-Limiting Thing

Uh Huh - So It IS A Liability-Limiting Thing


Uh Huh - So It IS A Liability-Limiting Thing
Posted by Karl Denninger | Market-Ticker

If you're wondering why BP "agreed" to the $20 billion escrow fund, wonder no more....

In the end, one aim of the fund—and a prime reason BP agreed to it—will be to minimize lawsuits against the company. To do that, Mr. Feinberg will offer big lump-sum payments to workers and businesses as an enticement to stay out of court.

"At some point, I will have to make an offer—'You take this amount in full satisfaction of your claim, but only if you waive your right to future litigation,'" Mr. Feinberg said. "And if I package it right, people will see that it makes no sense to fight it out in court."

Ding ding ding ding.

Now there's the reason for it folks.

There was never a reason for BP to agree to this fund unless they got something in return. Now we know what it was - a means to cap off liability claims against the company, which could otherwise bankrupt them.

If you remember, on the 15th BP's head said he had "no intention" of establishing an escrow account - under oath in Congressional testimony.

So what "changed his mind?" Read more.

Speaking Events

2016

War Is A Lie: Second Edition
Book Tour

May 19, Sarasota, FL, 7:00 p.m. Fogartyville Community Media and Arts Center 525 Kumquat Court, Sarasota, FL

May 20, Jacksonville, FL, 7:00 p.m., Florida Christian Center Auditorium, 1115 Edgewood Ave S, Jacksonville, FL 32205, (904) 381-4800.

May 21, Gainesville, FL
7:00 p.m.
Unitarian Universalist Fellowship of Gainesville, Florida
4225 NW 34th St, Gainesville, FL 32605
(352) 377-1669
Sign up on FB.


May 28, San Francisco, CA
11 a.m. to 1 p.m., David Swanson interviewed by Daniel Ellsberg, at San Francisco Main Public Library, 100 Larkin Street.
Sign up on FB.

May 28, Marin County, CA
4 to 6 p.m., David Swanson in conversation with Norman Solomon, at Book Passage, 51 Tamal Vista Blvd., Corte Madera, CA
Sign up on FB.

May 29, Oakland, CA
3 to 4 p.m., David Swanson interviewed by Cindy Sheehan, at Diesel: A Bookstore, 5433 College Avenue at Kales (near Manila), Oakland, CA
Sign up on FB.

May 29, Berkeley, CA
7:30 to 9 p.m., David Swanson and Cindy Sheehan at Berkeley Fellowship of Unitarian Universalists, sponsored by the Social Justice Committee and Cynthia Papermaster, 1606 Bonita Ave. (at Cedar), Berkeley, CA
Sign up on FB.

May 30, Fresno, CA
2 to 4 p.m., David Swanson and Cindy Sheehan at a Peace Fresno event
Community United Church of Christ
5550 N. Fresno Street
Fresno, CA 93710


June 11 St. Paul, MN, 6 p.m. at Macalester Plymouth Church Social Hall 1658 Lincoln, St. Paul, MN.
Sign up on FB.

June 12 Minneapolis, MN, 9 and 11 a.m. at St. Joan's 4533 3rd Ave So, Minneapolis, MN, plus peace pole dedication at 2 p.m.
Sign up on FB.


Other Events Here.

CHOOSE LANGUAGE

Support This Site

Donate.

Get free books and gear when you become a supporter.

 

Sponsors:

Speaking Truth to Empire

***

Families United

***

Ray McGovern

***

Financial supporters of this site can choose to be listed here.

Buy Books

Get Gear

The log-in box below is only for bloggers. Nobody else will be able to log in because we have not figured out how to stop voluminous spam ruining the site. If you would like us to have the resources to figure that out please donate. If you would like to receive occasional emails please sign up. If you would like to be a blogger here please send your resume.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.