BREAKING: BP agrees to put $20 billion in ESCROW!

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Wednesday June 16, 2010 · 9:13 AM PDT

2010/06/16 · 09:13

NYT is breaking the story that BP agreed to put $20 billion in ESCROW.

http://www.nytimes.com/...

The White House and BP tentatively agreed that the oil giant will create a $20 billion fund to pay claims for the worst oil spill in American history, to be independently run by the mediator who oversaw the 9/11 victims compensation fund, Kenneth Feinberg, according to two people familiar with the deliberations.

MSNBC is saying that this will NOT be the ceiling.

Also, people will still be able to sue BP.

This is EXCELLENT for the Gulf citizens impacted (as well as President Obama).

The devil of course will be in the details.

President Obama will be giving a statement shortly.

The preliminary report:

The agreement was not final and was still being negotiated when President Obama and his top advisers met this morning with BP’s top executives and lawyers. Its preliminary terms would give BP several years to deposit the full amount into the fund so it could better manage cash flow, maintain its financial viability and not scare off investors.

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