Skip to comments.Joe Barton is Right: There Was a $20 Billion Shakedown in the White House
Posted on 06/17/2010 3:22:49 PM PDT by BuckeyeTexan
Barton should have been apologizing to the American people, not BP, but other than that he is 100% correct. What happened in the White House yesterday was a shakedown of Godfather-like proportions. Lets review:
1) BP agreed to pay $20 billion over four years to an independent party;
2) BP immediately identified $20 billion in U.S. assets that could be liquidated should BP not be able to pay on time;
3) BP received no assurances that the ultimate economic damages would not be higher;
4) BP is still liable for all individual and state claims in court;
5) The fund is completely separate from any environmental damages, which the Obama administration says could top $30 billion;
6) BP paid another $100 million for workers made unemployed by President Obamas indefinite ban on offshore oil drilling;
7) BP received no assurance that the White House would not ask for more money if the ban becomes permanent.
All of this was negotiated while Attorney General Eric Holder, who has already threatened BP with criminal prosecution, stood in the corner. And what did BP get in return? A single statement from the President saying he did not want to drive BP into bankruptcy. Of course he doesnt. The mob cant collect from a bankrupt business. Clinton administration Deputy Attorney General turned BP lawyer Jamie Gorelick let slip what the game is really all about: We know what it looks like when a company is driven into bankruptcy. The claims that come first are the creditors, then the employees, then the environmental claims, and then the likes of shrimpers. This would not be a good result for anyone. Well, not anyone who expects the law to be followed.
(Excerpt) Read more at blog.heritage.org ...
Might as well add that $20 billion to the family budget because BP will be passing it down to their customers.
Barton could have pointed out Obama’s shakedown/power grab here w/o “apologizing” to BP. Talk about tone deaf.
Exactly! Way to kill momentum.
I applaud Barton...about time somebody calls a spade a spade or a crook. I’m tired of all this bull shitte nice talk..this is a shakedown pure and simple....call it as it is. Thanks Joe Barton...nice to see somebody has some stones in the congress!
I think it is in genes of Republicans. One of them finally gets tough, catch a little flack, and ham handedly apologize (w.g. Allen-Macaca) ad nauseum. Just stick with Cheney’s line: “Go F Yourself!”
Barton was correct but could not stand the pressure. That is why the Republican Party is called ‘stupid’. Not only was it a shakedown it was government extortion.
Obama is doing what he knows how to do - working this as any community activist would.
1. Identify a grievance
2. Asses blame
3. Get compensation for victims
4. Problem solved
5. On to the next ‘crisis’
Bloomberg is reporting that, from information submitted by BP to the Mining and Mineral Services (MMS), that BP was aware of cracks in the well at least since February, 2010.
BP has been at the forefront of lobbying for cap and trade legislation.
BP CEO Tony Hayward sold £1.4 million of his shares in BP weeks before the spill as reported by the Telegraph. Ironically, Goldman Sachs divested 44% of its shares in BP Oil during the first quarter of 2010. Could it be mere coincidence that the former chairman of BP, Peter Sutherland, is the current chairman of Goldman Sachs?
Right, nothing to see here, move along.
The agreement to pay 20 billion is questionable, why would a company agree to do that without some sort of court order.
However, what I really don’t like is who is going to control the dispensing of those funds. This really amounts to nothing more than a bribe from BP that will be used by obama to buy political favors.
Right. Total different approach of the Rats and GOP. A Rep says or does something not that bad or relatively tame, and all the leadership wants them gone. A Dem does it, and they circle the wagons. Media justifies different treatment by saying GOP is moralistic and sanctimonious, but Dems don’t claim to uphold any standards.
Example: Get in a car wreck. A big limo comes to your house. GF Tony says, “Pay me $100,000 and we’ll call it evenr”. You say, “Wait a minute: (a) it was maybe not all my fault, (b) the damage to your car was not that much and (c) I’d like a court or even a jury (ha) to decide it. Tony then takes you for a ride and settles it the “Chicago Way” (ala Sean Connery in “The Untouchables”). Is this an apt comparison?
Ed Schultz and the rest of the msnbc idiots were all orgasmic at the fact that o shook down BP. Now suddenly it’s a crime to mention that O shook down BP.
As for the repubs who ordered him to apologize. They can go straight to hell.
unfortunately Barton retracted his comment due to emotional mindless overreactions - by the GOP circular firing squad
REPEAL THE SHAKEDOWN FUND!
Real Americans are appalled at this move. We need to make it clear that our side will undo this deal — right after we repeal KenyaCare.
Do you honestly think Barton withdrew that comment on his own?
Seriously? He was pounded over the head by our party leaders until he gave up.
You can’t fight the complete Democrat party and the leadership of your own.
A pox on the Republican party.
Obama does not need court ordrs or legal authority to do what he wants to do, especially while Republicans are loathe to protest in any substantive, consistent and repetitive manner.
This slush fund will be used to reward labor unions, one way or another, much as fiscal liability for the economically unsustainable retirement annuity and medical care benefits that had been granted to UAW members by auto industry executives has been transferred to we taxpayers through the GM/Chrysler takeover scheme. The Obama Czardom also has plans to dump on taxpayers the liability for similar “benefits” that have been awarded via negotiated union contracts to SEIU members, aka Revolutionary Foot Soldiers/Street Demonstration Convincers .
When is a top Chicago-Style politician ever NOT a thug???
And the Publican Wimps went Ballistic....SCREW EM!
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