BP hack Feinberg should be fired!

In light of the just posted article on this site referencing the ‘death of the Gulf of Mexico’, Feinberg’s comment that 1/2 of the BP will cover all claims is just ludicrous. Feinberg is working for BP to administer the fund, so of course he would say this.

I certainly hope the government doesn’t allow those funds to be returned. It is far too early yet to even think that 20 billion is sufficient to cover all the loses. I am thinking that BP is testing the waters to see if enough time has passed and the incident well enough out of mind to begin their PR campaign to get their dough back!

Feinberg Says Half of $20 Billion Fund May Cover BP Claims

By Jim Snyder and Carol Massar – Dec 31, 2010 1:52 PM MT

Kenneth Feinberg, administrator of the $20 billion compensation fund for victims of BP Plc’s Gulf of Mexico oil spill, said he anticipates half that amount will be sufficient to cover claims for economic losses.

The fund, established by BP after negotiations with the Obama administration, also pays clean-up costs. While Feinberg told Bloomberg Television today that it is too early to project how much will go to individuals and businesses, he estimated $10 billion may be enough to compensate victims.

“It remains to be seen, but I would hope that half that money would be more than enough to pay all the claims,” Feinberg said.

The Gulf Coast Claims Facility has paid about $2.7 billion to more than 170,000 claimants, mostly in temporary, emergency payments. The facility has received more than 468,000 claims, according to its website. Feinberg said many claims lacked sufficient documentation to warrant payment.

“We’ll bend over backwards to pay claims,” he said.

To contact the reporter on this story: Jim Snyder in Washington at jsnyder24@bloomberg.net

To contact the editor responsible for this story: Steve Geimann at sgeimann@bloomberg.net

I would start talking this up to your ‘elected official’ before these guys get a head of steam.