BP Has Agreed To $20 Billion Escrow

Apparently BP has agreed to set up a $20 billion fund for compensation for the current oil disaster, as reported by CNN. This comes after repeated attempts to plug the massive oil leak in the Gulf Coast. There is also a $100 million fund put in place for the oil workers that are out of work due to the disaster.

This announcement came after President Obama met with his personal response team and BP chairmen. According to President Obama he told BP Chairman Carl-Henric Svanberg that for the people involved it wasn't a matter of money, it was a matter of accountability. Which is very true, and in some ways a welcomed view from President Obama; BP is to be held accountable for their actions which caused this disaster.

The fund will not be controlled by BP but by an independent third-party. The process for the claims will be handled by attorney Kenneth Feinberg, who oversaw the claims for victims in the September 11th, 2001 World Trade Center and Pentagon attacks.