I don’t know why but MichelleB reminds me of MichelleF.

CNBC’s Matt Nesto was asked whether BP acted appropriately by agreeing to the White House’s terms by cutting its dividend payments and agreeing to a $20 billion escrow account.

Nesto argued that the administration was circumventing the legal system with such acts.

“I don’t think they [BP] had a [choice],” Nesto said. “In cutting the dividend or in joining up with that fund? I mean, cutting the dividend – yeah it is smart and prudent to save cash in the face of an unknown liability, but I’m very troubled by the fact, uh, that the President has once again created his own sense of, of a legal system.”

Nesto cited previous instances where Obama has acted in an unprecedented ways to back up his claim and explained Obama was operating outside the presidency’s intended function.

“He fired the CEO of General Motors. He circumvented the rights of bond holders in the GM situation and now he’s confiscated $20 billion from a private company – wait a minute – to set up, quote, ‘a financial and legal framework’ that already exists,” Nesto continued. “It’s not his job to create laws. It’s his job to enforce laws.”

Although BP’s ability to stem the flow of the oil from the Deepwater Horizon well, the oil company has reacted to many of the government’s public requests, including suspending their dividend.

“They are doing that,” Nesto said. “Why do they have to have a gun to their head? There is a thing called due process my friends. There’s gonna be a lot of litigation, as there should, right?”

MichelleB and MichelleF, yes like minds and both swimming in the oil of love of BP and Glennie. Seriously how can anyone defend BP (or Glenn Beck for that matter)

michelleF – apparently a big fan of cut and paste; obviously unable to think for herself; I doubt that she understands what she is cutting and pasting.

Quite right, Ted. I must say, in addition to the almost discouragingly poor level have commentary here, there’s also a real problem with plagiarism and misattribution.

Ridiculous.

If you want to take a libertarian view of it, see Richard Epstein in the WSJ today. http://online.wsj.com/article/SB10001424052748704312104575298902528808996.html?mod=rss_opinion_main

The idea that BP would get to reap all the profits from inherently risky behavior (deep water drilling), but not to have to pay the costs should it go wrong is absurd. There’s nothing “big government” about accountability.

Let me get this straight:
BP was forced to dri ll in deeper water against their wishes
BP was legally given a ceiling of responsibility of 75Million dollars
BP submitted their very lacking back up plans) to US officials in charge…Fully approved
BP never refused inspections
But When The S*** hit The Fan
Suddenly they alone are the monsters…

Our President twiddles his thumbs for 2 months,
refusing available help,golfs vacations & parties like it’s 1999
Politicizes the disaster for his atrocious agenda..
Makes personal comments & instructs his ilk to verbally assassinate BP
down to almost no value
Then SHakes them down for 20Billion+ against Law, against contractual agreements
practically declaring them guilty with out trial defense or a chance to prove that they
intended to pay
all legitimate claims..
AND APPOINTS A FAR LEFT WING CLUSTER OF FOOLS W/NO OIL EXPERIENCE TO
DISTRIBUTE THE 20 BILLION…HMMM

Ahmadinejad should only have this type of treatment…
It’s upside down Politics IN SOME PARALLEL UNIVERSE/ Chicago style thuggery in all it’s glory

Ted says:
June 16, 2010 at 9:10 pm

an impotent weirdo says:
June 16, 2010 at 9:24 pm

So I guess you guys have nothing to say about the post itself… just an attack on the poster?

Gotcha.

Hey, Michelle… next time, use smaller words. Ted and Impotent want to play…

Ultimately, it is BP’s responsibility. However, had they drilled closer to shore, the problem could have been much easier to solve. Political correctness is leading this world to ruination. The Sierra Club and others of their kind have a share in this blame.
Quick Trim

I can’t believe BP took the bait, it’s unbelievable. The shareholders should sue their behinds.

BP shares went up yesterday.

The few of you who are defending BP are obviously the “small people” that BP cares about. I gues that means BP will sprinkle you with their magical fairy dust and the monumental environmental disaster they caused will never ever affect you. Wow, aren’t you the lucky ones.

Trust me, ImNotBlue, I would looove to see a few polysyllabic words around here. Please, give me something challenging to comment on.

Two very important facts should have been in this article and taken into account in the Comments:

1. The $20 Billion, which will be drawn from to get money quicker for those who have claims and don’t want court battles lasting 10 years or more, is placed in an ESCROW ACCOUNT. It will NOT be accessible to or administered by the US government.

2. The ESCROW ACCOUNT will be administered, and the money controlled and disbursed, by an INDEPENDENT THIRD PARTY, NOT the US government.

Let’s get, know, and stick with the facts people. Bachmann learned from her smack-down and O’Reilly and is just peddling the same disinformation and purposeful distortion, with wilfull ommission of the facts, without the usual incendiary words. Her logic and conclusions are not based on, or acknowledge, the facts. She’s a politician cynically trying to confuse citizens, who don’t take the time to read the facts, to construe a false argument that supports her political self-interest.

PS The sentence should have read, “Bachmann learned from her smackdown WITH O’Reilly…” etc.

All of you defending multi-trillion deep-pockets BP as a victim here should ask those whose lives have been tragically affected by BP’s negligence how they feel about our President standing up for them, US citizens, and securing rapidly deployable financial relief (AND NOT AT THE US TAXPAYERS’ EXPENSE). As the congressional hearing brought to light, of all the bug oil companies, BP has the worst track record of consistent and pervasive negligence.

All of you defending multi-trillion deep-pockets BP as a victim here should ask those whose lives have been tragically affected by BP’s negligence how they feel about our President standing up for them, US citizens, and securing rapidly deployable financial relief (AND NOT AT THE US TAXPAYERS’ EXPENSE). As the congressional hearing brought to light, of all the bug oil companies, BP has the worst track record of consistent and pervasive negligence. BP brought this disaster on itself.