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View Diary: White House plans to force BP to set aside money to pay damages (272 comments)

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  •  If Obama asserts no legal authority over BP (2+ / 0-)
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    slinkerwink, Cottagerose

    then he can't get BP to Do What's Necessary

    The Administration has not used legal authority to order BP to do a thing, because it hasn’t asserted any legal authority.

    Meanwhile, the White House backed off its suggestion earlier in the week that it could stop BP from paying a giant dividend to its shareholders. That suggestion had caused BP shares to plummet and pressure to build on Britain’s new Prime Minister David Cameron. 12 percent of dividends paid to pensioners in the UK come from BP. Cameron and Obama had a friendly chat Saturday, assuring one another BP is important to both countries.

    You see where all this is heading. At some point there’s likely to be a direct conflict. Like any big corporation, BP has legal duties to repay its creditors and to maximize the share prices of its stockholders. Its duties to the United States are still vague and unknown. The Oil Pollution Act of 1990 can be interpreted in various ways. So far, the Administration hasn’t tried.

    Yet BP is still in control of what’s happening in Gulf to stop the worst environmental disaster in U.S. history.

    Why the United States Still Can't Get BP to Do What's Necessary
    http://www.salon.com/...
    BY ROBERT REICH

    Come on Obama more than escrow or eat crow !

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