"There is no $20 billion in any fund anywhere in the world," says Mike Papantonio of the supposed BP fund to compensate victims of the oil disaster in the Gulf. He notes that while BP says everything is OK, it is also meeting with bankruptcy lawyers--and in bankruptcy court, they won't owe anyone anything at all.
Papantonio is representing Gulf residents in their lawsuit against the oil giant, and he joins us via Skype from the Gulf Coast to fill us in on the latest developments--and the appointment of Kenneth Feinberg to administer the relief money to Gulf residents. Will they get their fair share from the destruction of their homes and livelihoods?
BP along with many of the banks have no cash on-hand…that´s the short of it. Along with debt crises in America where these people in DC, in that secret location, are selling our debt for ready cash. The cash on hand are really in the accounts of bankers, elitist and Wall Street pockets. Are there more lawyers like Mike Papantonio?
By davidperi on July 24th, 2010 at 1:07 am
Here’s another part of the problem that nobody’s talking about.
We all know about the endless concessions that the govt has given (and continues) to give the oil companies (in exchange for campaign money). Yet despite all of this, nobody’s pressing Obama to do more.
Why? Because the hardcore Obama supporters will always say, back off. He’s doing his best and so on. Correct me if I’m wrong. But when the rest of us start a new job, does your boss give you a two-year training period? The Iraqi and armies get endless training. But the President doesn’t get the luxury.
Yes, it’s a battle of money and power. Just like climate change, big business will buy various scientists (w/funding for research and other things). In return, they can market them thru the MSM to essentially try and imtimidate the public. Who can out snowjob the public with lots of impressive sounding titles and techincal information that (in their view) the pubic has no idea about.
And as great as the Obamaites think their man is, the truth is he’s not. And, nobody seems to care.
By Tom on July 25th, 2010 at 12:22 pm
I was waiting for the other S H O E to drop when it comes/came time to pay up for the spill.. I have been saying all along that we (our gouvernment) to seize ALL assets of BP that are in the USA. Just for the reason Papantonio is stating BANKRUPTCY–THIS LEAVES THEM OPEN TO PAY NOTHING TO USA for the spill and the clean-up. tthanks for the info on the company. Allan
By Allan on July 26th, 2010 at 6:36 pm