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.
Thursday, June 17, 2010
Obama actually gets something done
Not that anyone will notice over all the complaining:
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4 comments:
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.
Lord, I hope I will be able to. I hope.
Is that "the oh-dash-it-all of hope"?
Or the opacity of a dope....
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