'Reckless' BP Blamed by Partner for Oil Spill
THE TELEGRAPH: Oil giant BP came under further pressure on Saturday after one of its partners said the company's "gross negligence or wilful misconduct" were to blame for the disastrous oil spill in the Gulf of Mexico.

Anadarko Petroleum, which owns a quarter of the ruptured Deepwater Horizon well, has refused to accept any blame for the explosion that killed 11 workers and sparked America's worst environmental disaster.

The company's chairman and chief executive Jim Hackett insisted in a statement that BP should foot the entire bill for the environmental and economic damage caused by the blow out.

Mr Hackett said: "Frankly, we are shocked. BP's behaviour and actions likely represent gross negligence or wilful misconduct."

He said that "mounting evidence clearly demonstrates" that the disaster that led to the explosion and sinking of a drilling rig and the deaths of 11 workers "was preventable and the direct result of BP's reckless decisions and actions." >>> Patrick Sawer | Saturday, June 19, 2010

BP Agrees to $20 Billion Escrow Fund; Cancels Dividends
President Obama, Vice President Joe Biden, Attorney General Eric Holder and Homeland Security Secretary Janet Napolitano, right, meet with BP executives at the White House. BP has agreed to put $20 billion into an escrow account for reimbursing oil spill damages. Photograph: Los Angeles Times
LOS ANGELES TIMES: Reporting from Washington -- The Obama administration has reached a preliminary agreement with BP executives that would see the oil company pay $20 billion over several years into an independently controlled escrow account to be established to compensate Gulf of Mexico residents affected by the disastrous oil spill, and BP's board of directors has eliminated the company's stock dividend, at least temporarily.

The agreement on the escrow was negotiated in a meeting at the White House on Wednesday morning, the first face-to-face gathering between President Obama and senior BP leadership. A White House official said that, under the terms of the deal, the fund would be administered by attorney Kenneth Feinberg, currently serving as the special master for executive pay under the Troubled Asset Relief Program. Feinberg ran a fund that compensated victims of the terrorist attacks of Sept. 11, 2001.

Immediately after the meeting, BP Chairman Carl-Henric Svanberg said that the oil company's board of directors has decided not to pay any more dividends this year. >>> Mike Memoli and Peter Nicholas | Wednesday, June 16, 2010

BP to Set Aside $20 Billion for Oil Spill Claims


BP Promises to Repair Damages to Gulf Region

Barack Obama Vows to Make BP Pay for Oil Spill 'Recklessness'
THE TELEGRAPH: President Barack Obama has vowed to "make BP pay" for not only the multi-billion dollar clean-up of the Gulf of Mexico but also the restoration of the region's economy, undertaking to force the British oil giant to set aside the money he believes it owes as "a result of [its] recklessness."



The US President, in his fiercest rebuke against the company in the 58 days since the Deepwater Horizon rig explosion 40 miles off the coast of Louisiana causing the catastrophic oil spill in the Gulf, promised to get tough with BP and to ensure that it meets all costs he believes it should pay.

In a direct attack on the company's dividend policy, Mr Obama said that BP must place the money needed to cover the as-yet unquantifiable costs in an independent "escrow" account to be run by a third party.

The staunch words – which came in Mr Obama's first national address from the historic Oval Office in the 18 months since he took office – came ahead of his crucial meeting with Carl-Henric Svanberg, BP's chairman, and Tony Hayward, its chief executive, at the White House later today.

"We will make BP pay for the damage their company has caused", he promised the millions of Americans who were expected to watch the televised prime-time address.

"I will meet with the chairman of BP and inform him that he is to set aside whatever resources are required to compensate the workers and business owners who have been harmed as a result of his company's recklessness," he continued.

"This fund will not be controlled by BP. In order to ensure that all legitimate claims are paid out in a fair and timely manner, the account must and will be administered by an independent, third party." >>> James Quinn, US Business Editor | Wednesday, June 16, 2010

For Christ’s Sake, Spare Us, the US, and BP from the Bliar*! BP Oil Spill: Tony Blair Is the Right Man to Be BP Chairman
THE TELEGRAPH: It's not a sinecure after all, being chairman of an international oil company. Nobody blames Carl-Henric Svanberg for taking the job at BP – it was an honour to be asked, and lack of experience in the oil business did not prevent his predecessor, Peter Sutherland, coping with his own crisis well enough.

Unfortunately, Svanberg's crisis is of a different order. The fall of chief executive John Browne when Sutherland was chairman was awkward for BP; the gusher in the gulf is potentially life-threatening.

Svanberg has failed to provide leadership and public support for his CEO, Tony Hayward. He will have to go. There seems little prospect of Hayward keeping his job, either.

The BP directors have dithered about the dividend so long that they have lost control; the fate of the payout is now effectively in the hands of the US president. Read on and comment >>> Neil Collins, Reuters Breakingviews | Wednesday, June 16, 2010

*It seems to be a case of, tell lies, will rise! The unrelenting rise of the Bliar! I have an alternative suggestion: Put the man out to graze? He’s past his sell-by date. – © Mark