BP Agrees to $20 Billion Escrow Fund

Tuesday night, Obama offered an address to the nation about the BP oil spill disaster. What we learned is that there would be a fund set aside by BP and that it wouldn’t be controlled by the administration, but that it would be controlled by a non-biased independent third party. Sounds great, right?

Well, today we learned that BP, after spending hours talking with Obama, had agreed to set up a $20 billion escrow fund. Obama also included large references to what he said in last nights address as filler. After all, it wouldn’t be enough to just stick to the point and get back to work on one of the nations worst disasters.

His main talking point for today was about the escrow fund and its workings. He also said, again, that it would be controlled by a non-biased independent third party. But who would have guessed that the person in charge of this fund would be found within the administration? Only the Amatuer-in-Chief would not look to the private sector for managing these funds.

Kenneth Fienberg, who was once the ‘Pay Czar’, is now the ‘Oil Spill Payout Czar.’ How great is that! But didn’t Obama say he would choose a non-biased independent third party? Who would have ever guessed that anyone who was a part of the administration was non-biased?

Michelle Bachmann had this to say:

“The president just called for creating a fund that would be administered by outsiders which would be more of a redistribution-of-wealth fund, and now it appears we’re going to be looking at yet one more gateway for more government control, more money to government,” she said. “If there’s a disaster, why is it that government is the one who always seems to benefit after a disaster?”

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