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Friday, September 10, 2010

How's That BP Oil Spill Fund Going? (Part II)

On June 17, when Obama "informed" BP how much money it would have to set aside in a claims fund, I cautioned as follows:
If the Constitution means nothing to you, and all you want is retribution, you will be left very unsatisfied.

The claims procedures apparently have not yet been worked out in detail. But if the 9/11 claims process is any indication, the process will not be fast. And claimants will be limited to compensation for economic losses, which will require that individuals give up whatever other claims they may have.

End result is that I would be surprised to see much money put in anyone's hands this calendar year.
Yesterday it was reported (h/t @MichelleMalkin) as follows:
Gulf compensation chief retreats from promises to speed claims process 
Just over two weeks ago, Kenneth Feinberg took over the process for handling damage claims from the Gulf oil spill, pledging to cut down the response time from BP’s widely criticized system to two days for individuals and seven days for businesses that file fully documented claims.
After a rocky start in which claimants have reported chronic delays and confusion, Feinberg is now retreating from his targets and acknowledging that the process will take longer than he had pledged.
The money handed out so far has been relatively small, as reported by ProPublica.

As I made clear in my prior posts, the claims process as initiated by BP and now controlled by Feinberg may be right for many people because it is faster than court.  But the relative speed comes at the cost of having to opt out of the court process without necessarily understanding one's rights and long-term damages, and submitting to the near-absolute discretion of the claims administrator.

Related Posts:
How's That BP Oil Spill Fund Going?
The Bully's Pulpit

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  1. Off topic, but here is my analysis of the DADT ruling. http://allergic2bull.blogspot.com/2010/09/permission-to-speak-freely-or-full.html

    I apologize in advance for any typos, etc. i recently had my appendix out and am pretty heavily medicated right now.

  2. If this is any indication, what do think the reimbursement process will be like for doctors and hospitals...under Government Run Healthcare?

  3. The Worst Oil Spill in U.S. History in the Gulf of Mexico, off the coast of Louisiana started April 20th.

    From The Times-Picayune

    'From April 1 to June 29, the number of fishers getting a commercial license in Louisiana was 5,756, a 5 percent increase from the same period last year. The number of charter guide licenses issued this calendar year so far is 671, up by 45 from the same period in 2009'

    It went on to say individual fishers licenses were down 51%. That 51% may have thought they should wait until it was cleaned up to go fishing.

    But the 5% increase and 45 new charter guides, felt differently.

  4. If it's anything like the 9-11 claims process, Elena Kagan will toss out the lawsuits.