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Go Florida! Florida wants BP to transfer $2.5 billion to an account in the state's name.

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010)

Statistical

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Thu Jun-10-10 03:03 PM
Original message

Go Florida! Florida wants BP to transfer $2.5 billion to an account in the state's name.

Edited on Thu Jun-10-10 03:10 PM by Statistical

Florida Attorney General McCollum today sent a letter to BP (NYSE: BP) asking the company to deposit no less than $2.5 billion into an interest-earning escrow account so Florida can be assured of its availability to the state and its citizens and businesses over the long-term recovery period.

"Based on recent estimates from an economist, Florida could ultimately see losses as great as $2.2 billion, as well as a sharp decline in employment in the industries directly impacted by the Deepwater Horizon oil spill," wrote the Attorney General. "As Florida braces for what will likely be a staggering blow to its economy with significant impacts to our state�s workforce and the revenues of the state and local governments, it is essential that BP establish immediately a dedicated escrow account solely for the purpose of paying claims and damages to Florida and its citizens."

http://www.streetinsider.com/Corporate+News/Florida+Wants+At+Least+$2.5+Billion+from+BP/5720690.html

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PBS Poll-435

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Thu Jun-10-10 03:06 PM
Response to Original message

1. Got It!

Edited on Thu Jun-10-10 03:10 PM by PBS Poll-435

:woohoo:

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PBS Poll-435

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Thu Jun-10-10 03:07 PM
Response to Reply #1

2. .

Edited on Thu Jun-10-10 03:11 PM by PBS Poll-435

:)

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mikelgb

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Thu Jun-10-10 03:11 PM
Response to Original message

3. good luck Florida

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Lerkfish

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Thu Jun-10-10 03:13 PM
Response to Original message

4. they "asked" them.

I will go out on a limb and say BP does not honor the request.

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Statistical

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Thu Jun-10-10 03:15 PM
Response to Reply #4

5. My guess is that is the first step in filing a suit.

Requesting judge order funds to be placed in escrow to ensure BP can make good on all future obligations.

It is a long shot but at least they are trying something.

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yowzayowzayowza

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Thu Jun-10-10 03:20 PM
Response to Reply #5

7. Yep, esp given BPs public comments regardind responsibility. n/t

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PBS Poll-435

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Thu Jun-10-10 03:20 PM
Response to Reply #5

8. I am pretty sure that you are right. It is a formality that sets into motion the process of setting

Up the the trust account.

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Vincardog

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Thu Jun-10-10 03:17 PM
Response to Original message

6. Obama needs to "act presidential" and seize all BP's assets to be deposited into an interest-earning

escrow account so WE all can be paid claims and damages

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O is 44

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Thu Jun-10-10 03:25 PM
Response to Reply #6

10. Sounds good, but our laws are set up to favor corporations

I would love to know what current law supports this idea.

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lib2DaBone

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Thu Jun-10-10 05:32 PM
Response to Reply #10

16. The Defense Production Act of 1950 would allow Obama to Seize BP Assets..

Edited on Thu Jun-10-10 05:33 PM by lib2DaBone

http://en.wikipedia.org/wiki/Defense_Production_Act

However, Rahm Emanuel will never let Obama do it... because it would benefit the victims...

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Ezlivin

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Thu Jun-10-10 03:23 PM
Response to Original message

9. Hell, just make the Cayman Islands part of the Florida Keys

That's where BP offshores its money anyway.

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marions ghost

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Thu Jun-10-10 04:14 PM
Response to Original message

11. If they did that

they'd have to do it for at least 4 other states...:shrug:

But what it does do--it demonstrates to citizens:

1. the amount of damage they expect (minimum)
2. that BP should not get away with years of litigation before anybody gets money
3. that they're "doing what they can"

------------------------

Some of the local govts who are trying to deal with this--proudly, but on their own (ie."we're not waiting for BP, we've got our own people on protection and clean-up)." OK fine, yes everybody who can help should. I was in a major hurricane and this is what happened afterward.

But in this ongoing disaster, I wonder how long before the local efforts are just completely overwhelmed....

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Gregin Orlando

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Thu Jun-10-10 04:36 PM
Response to Original message

12. BP couldn't begin to cover the real cost of this to FL

BP, and their corporate-owned media whores have lied about this from day one. There are three leaks at the Deepwater Horizon site, as well as two other leaks at different sites. Furthermore, this will not only affect beaches and marine life, it could have a drastic economic impact that goes beyond that. Power plants could be shut down and desalization plants that produce drinking water through reverse osmosis along the Gulf coast could be shut down if oil fouls their intakes. That would cause an economic disaster of epic proportions for not only Florida, but the entire Gulf coast. For more info., check out this article: http://www.examiner.com/x-38220-Orlando-Independent-Examiner~y2010m6d9-Satellite-imagery-shows-up-to-three-oil-leaks-in-Gulf-FL-power-and-water-supplies-may-be-at-risk

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NightWatcher

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Thu Jun-10-10 04:37 PM
Response to Original message

13. get it in cash before BP goes under (or gets seized)

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TexasObserver

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Thu Jun-10-10 04:40 PM
Response to Original message

14. recommend

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MrCoffee

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Thu Jun-10-10 04:42 PM
Response to Original message

15. I can't think of any group less able to handle those funds than the Florida Legislature

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Dappleganger

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Thu Jun-10-10 05:34 PM
Response to Original message

17. Every drilling company should first put up a huge bond into an account

so that when any disaster occurs the money is right there to pay for it and there's no fighting over when it will get paid (I think that Thom Hartmann made that suggestion once).

McCollum is a complete tool but he's right about this one act.

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