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
