Here’s why. The $20 billion fund will be overseen by Kenneth Feinberg who has done such a wonderfully effective job of overseeing bankster salaries under TARP. Yeah, I bet BP is just shaking in their boots over this. (At last report Feinberg was still “reviewing” Wall Street salaries.)
It gets worse. BP doesn’t have to put all the money into escrow now. Why they can take several years if they want, so as “not to scare off investors.”
I was wondering why BP’s stock price went from 5% down to 5% up when the news was announced. Now we know.