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Old 06-17-2010, 10:37 PM   #11
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Default RE: Joe Barton calls BP 20 mil fund a shakedown!

Net income is typically the appropriate figure. If BP remains a viable entity generating $200 billion per year for the next 10 years then suddenly the one time $20 billion guarantee is insulting to the Gulf region. Why not $20 billion per year for the next 5 or 10 years?
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Old 06-17-2010, 11:05 PM   #12
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Default RE: Joe Barton calls BP 20 mil fund a shakedown!

Amazing how big money turns tricks. Got to take care of the hands that feed you.

We need to bring back Public Hangings on Saturdays.

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Old 06-17-2010, 11:09 PM   #13
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Default RE: Joe Barton calls BP 20 mil fund a shakedown!

Quote:
FLWhaler (17/06/2010)Net income is typically the appropriate figure. If BP remains a viable entity generating $200 billion per year for the next 10 years then suddenly the one time $20 billion guarantee is insulting to the Gulf region. Why not $20 billion per year for the next 5 or 10 years?
Their first quarter 2010 earnings are $5.6B. They have only $12B in readily <span id="ctl00_ctlContentPlaceHolder_ctl00_ctlTopic_ctl PanelBar_ctlTopicsRepeater_ctl10_lblFullMessage">a ccessible assests. They have a total net worth of $81B. I don't think there is any way they can pay $20B for 5 or 10 years. I was just wondering where you came up with the $200B figure.
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Old 06-17-2010, 11:10 PM   #14
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Default RE: Joe Barton calls BP 20 mil fund a shakedown!

I generally consider myself a Republican (altho I have voted for Dems as well), but this doesn't make me feel very proud.
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Old 06-17-2010, 11:40 PM   #15
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Default RE: Joe Barton calls BP 20 mil fund a shakedown!

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Buckyt (17/06/2010)I generally consider myself a Republican (altho I have voted for Dems as well), but this doesn't make me feel very proud.
Don't feel bad, there's not a lot to feel proud about on either side. As a confirmed independent, I continually shake my head in disbelief at the hubris and partisanship of both parties. It's more about scoring points and $$$$ than about working for the voters who hired and pay them. The few good ones are bullied and pressured by their party to tow the line. I wonder if we wouldn't be better off without parties alltogether? Of course the lobbyists would still be there...I think we would could live without them as well.
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Old 06-18-2010, 01:21 AM   #16
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Default RE: Joe Barton calls BP 20 mil fund a shakedown!

BP generated from March 2009 - March 2010? Roughly $265 billion.So 20 billion is slightly less than 10% of BP annual revenue. I bet the fishermen and shimpers wish this spill was costing them only 10% of their seafood revenue.

Facts = <a href="http://www.bp.com/extendedsectiongenericarticle.do?categoryId=902122 9&amp;contentId=7039276">http://www.bp.com/extendedsectiongenericarticle.do?categoryId=902122 9&amp;contentId=7039276</a>
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Old 06-18-2010, 02:10 AM   #17
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Default RE: Joe Barton calls BP 20 mil fund a shakedown!

Quote:
FLWhaler (17/06/2010)BP generated from March 2009 - March 2010? Roughly $265 billion.So 20 billion is slightly less than 10% of BP annual revenue. I bet the fishermen and shimpers wish this spill was costing them only 10% of their seafood revenue.

Facts = <a href="http://www.bp.com/extendedsectiongenericarticle.do?categoryId=902122 9&amp;contentId=7039276">http://www.bp.com/extendedsectiongenericarticle.do?categoryId=902122 9&amp;contentId=7039276</a>
They also have 4 years to kick int he 20 Billion so it's really only 2.5%.
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Old 06-18-2010, 05:12 AM   #18
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Default RE: Joe Barton calls BP 20 mil fund a shakedown!

He said avery stupid thing, but I don't mind criticism of the 20 billion going to a slush fund watched over by Obama and the federal government. I would have gone straight to the governors of the primary states and set some type of joint fund. That is the best hope for that money to ever get to the people who need it.

The longer it stays with the feds the more likely they'll divert it. It's like having a gambling addict watch over your money.A year from now would anyone here be surprized to hear the feds say that "the oil spill costs jobs, which increased the government's burden to provide under current social programs, and therefore, we are going to take X dollars from the $20,000,000 and pump it into Obamacare"?

Call it tin-foil hat talk, but there are better ways than this to handle payment for damages. In the end I'd rather they be forced to pay for their actions in a more public way than through a backroom deal with the president.
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Old 06-18-2010, 05:33 AM   #19
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Default RE: Joe Barton calls BP 20 mil fund a shakedown!

~80% will go to lawyers in Memphis, Atlanta, New York, etc

~10% will go to "disadvantaged groups" who have suffered disproportionately due to the impact on the local economy

~5% will go to frivolous claims, and

whatever is left <span style="text-decoration: underline;">may get to those who have a legitimate need.
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Old 06-18-2010, 08:02 AM   #20
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Default RE: Joe Barton calls BP 20 mil fund a shakedown!

Heck it IS a SHAKEDOWN! In the finest Chicago tradition

The government cannot demand $$$ from a public company, though they can certainly apply regulatory pressure.

But now we are hearing BP was going to give the government the $20B plus continuing $$$ anyway, but Obama stole the headlines. SURE... they were gonna give it up, but waited for Obama to pursuade them that yesterday was the right day to announce it.

I don't care where the credit is due... There is now $20B on hand for claims and a promise for more.

That's a good thing.

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