Thursday, June 17, 2010

Obama actually gets something done

Not that anyone will notice over all the complaining:
The 20 billion fund should be viewed as a huge accomplishment for Obama. He had no actual power to compel that aside from moral suasion and the threat of having an unhappy president. Legally, BP could have just waited for the lawsuits and drawn the whole thing out for years. As a lawyer, I find it a unique and mind-boggling accomplishment.

4 comments:

Steve Bates said...

Moral suasion is great. Legal compulsion is better.

I wish I could agree with you on this one, ellroon, but when push comes to shove, BP will "... take the cash and let the credit go." Some would say it is obligated to do so for the sake of its stockholders. Whatever. In the long run, it will not do this, or any other voluntary thing, that is to the financial disadvantage of its stockholders. Mark my word, and tell me I'm wrong in a year's time.

ellroon said...

Lord, I hope I will be able to. I hope.

Steve Bates said...

Is that "the oh-dash-it-all of hope"?

ellroon said...

Or the opacity of a dope....