BP guy appointed by Obama : Not nearly enough money to pay it all

THE man appointed by US President Barack Obama to manage BP's oil spill disaster fund has warned that ''there's not enough money in the world'' to pay all claims, and suggested home owners with plunging property values could lose out.

Gee you think? The 20 billion escrow account? A stinking joke.

It's gonna cost at least half a trillion to clean it all...over years... in the low end...and that is IF the coast isn't evacuated... which many scientists say they should do... and it's gonna be more and more likely once a hurricane hits the oil directly. Then I don't know how much it would cost...but probably a few trillions.

- The jobs they have lost for YEARS (at least 24,000$/year for at least 5 years if not more)
- Their health (let's say 50,000$ for 5 years of medical insurance)
- The displacement cost (if they evacuate...even then some already left...depends on the duration...let's say 150$/day/family)
- Their house price crash (at least 50,000$)

So for a family of 4...
- 240,000$ for 2 parents at 24.000$/year for 5 years
- 50,000$ for the whole family in health coverage for 5 years
- Displacement cost depends on people
- 50,000$ at least for every house depends.

IMO paying people less than that is screwing them over. I mean, people get MILLIONS in frivolous lawsuits EVERY SINGLE DAY.

That means let's say 350,000$/family of 4 affected in payouts. With 20 billion, you can pay 57,142 families of four... or 228,571 people... Which is not a lot considering there's around 33 million people living in the gulf states... To pay them all what they are due, it would cost 2.887 trillion...

And that doesn't count if they evacuate the whole coast... and to pay for the wild life and restoration of the gulf.

So if you leave those in the gulf states unaffected and you add up the cleaning cost, IMO it amounts to basically the same.

EVEN if Obama seized BP, which he cannot do, BP is worth around 400 billion AT MOST.

But of course, do you really think those that must evacuate will be paid back for?

Of course not. The government and BP will screw the Gulf people over.

[edit on 2-7-2010 by Vitchilo]

Isn't there a cap on what they have to pay out as well? It is impossible to make up for the damage being done, and their attempt is pitiful at best.

-E-

I think this is the same story...here...