BP misses deadline to fund $20 billion escrow account

BP misses deadline to fund $20 billion escrow account

Last month President Barack Obama persuaded BP to set up an escrow account in the amount of $20 billion ($5 billion a year for the next four years) to compensate those that make their living off of waters in the Gulf of Mexico and to pay for the clean up caused by BP’s oil disaster.

Kenneth Fienberg, who was the administrator for the 911 victims fund, was picked by President Obama to administer and handle claims and payments for the Gulf oil victims.

Yesterday at a Town Hall meeting in Alabama, Feinberg told an angry crowd that BP PLC is holding up payments and that he hasn't been able to start writing claims checks because BP PLC has not yet deposited any money into the $20 billion escrow fund it promised to create.

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