US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

  1. You have chosen to ignore posts from sk8ter2008. Show sk8ter2008's posts

    US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    If, them is us...

    Letters to the editor Thursday

     
     

    It seems a miracle that our leader was able  to convince BP to establish a $20 billion slush (oops, escrow) fund to  compensate those hurt by the ongoing oil plume in the Gulf of Mexico. After  all, he had no constitutional power to force them to do so; so had to resort  to negotiating.


    But, let us take a closer look at the effect on  BP's finances:


    1. BP will establish a $20 billion fund, but will  pay only $7 billion into it during 2010.


    2. BP is a British corporation, but has a very  large operating entity in the U.S.


    3. By generally accepted accounting principles, BP  must book the entire $20 billion expense in the year accrued. Therefore, they  will book a $20 billion expense in 2010, reducing their U.S. tax liability by  $7 billion.


    4. Our dear leader also convinced this massive  corporation to show their concern for the "small people" by withholding  dividends to their shareholders for the last three quarters of 2010. This  reduces their outward cash flow by about $7.5 billion, including approximately  40 percent of that amount to U.S. citizens. Assuming the Bush tax cuts will  survive through 2010, the U.S. Treasury will lose another $450 million in  taxes on that amount. We won't even discuss the effect on the U.S.  economy.


    Let us review the results:


    BP Cash Flow:


    Escrow funding ($7 billion)


    Dividend saving $7.5 billion


    Tax savings $7 billion


    Net favorable cash flow : $7.5 billion


    US Treasury Tax Receipts:


    BP Corporate income tax ($7.5 billion)


    BP Shareholders ($0.45 billion)


    Net unfavorable tax receipts ($7.95  billion)



    http://savannahnow.com/opinion/2010-07-01/letters-editor-thursday
    This is not Obama bashing, this is reality. 
     
     
  2. You have chosen to ignore posts from whatnow3. Show whatnow3's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    Never thought about it that way.

    That $ucks!  They must be laughing their butts off in their board room.

    Do you think Obama thought about that before he did this?   
     
  3. You have chosen to ignore posts from ItsATravesty. Show ItsATravesty's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    Obama isn't stupid.. just calculating.
     
  4. You have chosen to ignore posts from DirtyWaterLover. Show DirtyWaterLover's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    The Escrow fund was set to pay the people who were hurt by the oil leak.  The figures you state do not take into account a) the actual cost of the clean up, b) the loss in value of the company due to the falling stock price. 

    They may take the $20 billion charge off this year for a reduction of $7 billion in Taxes, but in the following years, they'll pay the remaining $13 billion without being able to write it off in their taxes.

    So Obama worked out a deal to allow BP to create a escrow fund in a way that didn't cripple the company AND ensures that those hurt by the oil leak are compensated. 


    Where's the bad part?  Are you suggesting that he should have "stuck it" to them?  Should he have made the company go belly up, causing their employees to lose their jobs and potentially their pensions and devastating their stock holders?

     
  5. You have chosen to ignore posts from whatnow3. Show whatnow3's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    Dirty- come on you aren't that dumb.  Clearly hard headed, but not dumb. 

    Lost tax revenue is paying for a large part of the 20 bil.

    Dude, you are getting worse and worse everyday.  You refuse to acknoweldge anything that may paint Obama in a bad light.  You are a partisaned fool.  You might as well hang out on Daily Kos.  Oh no, you better not do that, they are even starting to rip on Obama. 

    You are running out of places to go and people to share your crazy views with. 
     
  6. You have chosen to ignore posts from kelldog1. Show kelldog1's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!



     Skooter, Thank You for once again sharing your scintillating intellect with BDC community.Your thoughts caused me to LOL, ejecting my morning coffee out my nose and all over my laptop....but that's ok I needed to upgrade anyway.

    Perhaps your suggesting that Obama should have taken the Republican approach
    and apologized to BP like Republican posterboy Joe Barton. Click below to refresh your memory.

    http://www.youtube.com/watch?v=js7mjQkV6tc

    How does that old proverb go.....something like...........

    Better to remain silent and be thought a fool, than to open your mouth and remove all doubt.
     
  7. You have chosen to ignore posts from whatnow3. Show whatnow3's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    Kelldog=strawman
     
  8. You have chosen to ignore posts from DamainAllen. Show DamainAllen's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    The point of the Escrow Fund wasn't to "stick it to" BP it was to make sure funds were set aside in for the victims in advance.  Recall the huge penalty that Exxon was hit with following the Valdez spill.  That was only recently settled after years of courts battles and in the end Exxon had their penalty reduced by 90%.  Because the company could afford to fight the judgement in court for years, and the little people could not they successfully engineered a settlement worth pennies to the people affected by their drunk driving staff. 
     
  9. You have chosen to ignore posts from ItsATravesty. Show ItsATravesty's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    BP = Obamas personal Ho.

    They screwed him but he needs them. 
    At the same time he's trying to paint the perception that he's holding them accountable. 

    Maybe HE is da HO.  
     
  10. You have chosen to ignore posts from WhatIsItNow. Show WhatIsItNow's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    .....sigh....

    Another one debunked.  Next we'll hear that they bought their dog a red coat and this is clearly symbolic of their communist hate for America..... 
     
  11. You have chosen to ignore posts from fractals. Show fractals's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!


    Oh I get it...
    The whacko wingnuts would rather leave in place a cap of $75 million for oil companies liability. That would allow BP to stop it's clean up and stick the costs to the American taxpayer.
    Ya you wingnuts are so freakin smart...

    You whacko wingnuts are so freakin socialist it's astounding.
    BP causes the worst oil spill in US history and you'd rather the American taxpayer pay for the clean-up costs and restitution to the people of the gulf.
    BRILLIANT!!!!

    The reprobates have already blocked a bill that would have raised the cap to 10 billion.

    "A bill to increase the liability cap for oil spills from $75 million to $10 billion was defeated Thursday by Sen. Lisa Murkowski, R-Alaska."
     
  12. You have chosen to ignore posts from fractals. Show fractals's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    Crickets...............................................
     
  13. You have chosen to ignore posts from sk8ter2008. Show sk8ter2008's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    In Response to Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!:
    The Escrow fund was set to pay the people who were hurt by the oil leak.  The figures you state do not take into account a) the actual cost of the clean up, b) the loss in value of the company due to the falling stock price.  They may take the $20 billion charge off this year for a reduction of $7 billion in Taxes, but in the following years, they'll pay the remaining $13 billion without being able to write it off in their taxes. So Obama worked out a deal to allow BP to create a escrow fund in a way that didn't cripple the company AND ensures that those hurt by the oil leak are compensated.  Where's the bad part?  Are you suggesting that he should have "stuck it" to them?  Should he have made the company go belly up, causing their employees to lose their jobs and potentially their pensions and devastating their stock holders?
    Posted by DirtyWaterLover


    I'm saying taking 7.5 billion our of US revenue during a recession while increasing our debt trifold and raising taxes without telling the American people is wrong and exhibits either a disdain for our intellect or apathy.
     
  14. You have chosen to ignore posts from fractals. Show fractals's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    Whacko wingnuts play politics for the 20 second soundbite, while hiding the fact that they would like to keep BP's liability at a measly $75 million.
    They are socialists who want BP to walk away scott free and stick the taxpayers with the bill.
    Whacko wingnut motto:
    "Privatize the profits, socialize the costs"
     
  15. You have chosen to ignore posts from fractals. Show fractals's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    In Response to Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!:
    In Response to Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!! : I'm saying taking 7.5 billion our of US revenue during a recession while increasing our debt trifold and raising taxes without telling the American people is wrong and exhibits either a disdain for our intellect or apathy.
    Posted by sk8ter2008


    Another wingnut socialist who'd rather put the taxpayers on the hook for the cleanup and restitution for the gulf spill and allow BP to walk.
    Does that really make sense to a wingnut? I mean really?
    So far BP has spent nearly $4 billion on the spill and has projected total costs at $11-15 billion.
    So, in the whacko wingnut world, they'd rather collect 7.5 billion in taxes and make the taxpayer payout twice that in cleanup and restitution.
    Only in wingnut math does that make sense.

     
     
  16. You have chosen to ignore posts from scoop. Show scoop's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    In Response to Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!:
    Dirty- come on you aren't that dumb.  Clearly hard headed, but not dumb.  Lost tax revenue is paying for a large part of the 20 bil. Dude, you are getting worse and worse everyday.  You refuse to acknoweldge anything that may paint Obama in a bad light.  You are a partisaned fool.  You might as well hang out on Daily Kos.  Oh no, you better not do that, they are even starting to rip on Obama.  You are running out of places to go and people to share your crazy views with. 
    Posted by whatnow3


    You with the cross-hair icon over Obama call someone a "partisaned" fool? Is that correct? Of course I haven't looked up "partisaned" yet, so I could be way off base.

    Any US Citizen slamming Obama for negotiatiating this up-front settlement is clearly just a brain-dead Obama hater. Fine, get on Obama for a bunch of legislation, that is fair game, but how can you slam him for this?  What was the alternative?  Let BP walk on the deal?  Trust them to make good on restoration of the environment and lost incomes for thousands. Sure, that would work.  How is this hurting Americans?  Don't give the tax argument. Again, the alternative is? The govenment (i.e. you and me) foot the bill?
    For me, I'll get behind a President that stood up to a negligent, multi-billion dollar FOREIGN company that destroyed the Gulf Coast.
     
  17. You have chosen to ignore posts from scoop. Show scoop's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    In Response to Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!:
    In Response to Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!! : I'm saying taking 7.5 billion our of US revenue during a recession while increasing our debt trifold and raising taxes without telling the American people is wrong and exhibits either a disdain for our intellect or apathy.
    Posted by sk8ter2008


    That one-time $7.5 billion in "lost" tax revenue assumes the funds paid out do not re-enter the economy in any way, which is of course wrong. Also, the revenue is "lost", by your simplistic reasoning, for only one year.  And we come right back to the alternative.............?
     
  18. You have chosen to ignore posts from scoop. Show scoop's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    In Response to Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!:
    Oh I get it... The whacko wingnuts would rather leave in place a cap of $75 million for oil companies liability. That would allow BP to stop it's clean up and stick the costs to the American taxpayer. Ya you wingnuts are so freakin smart... You whacko wingnuts are so freakin socialist it's astounding. BP causes the worst oil spill in US history and you'd rather the American taxpayer pay for the clean-up costs and restitution to the people of the gulf. BRILLIANT!!!! The reprobates have already blocked a bill that would have raised the cap to 10 billion. "A bill to increase the liability cap for oil spills from $75 million to $10 billion was defeated Thursday by Sen. Lisa Murkowski , R-Alaska."
    Posted by fractals


    Was this recently?  How can any elected official vote against increasing liability at this time without essentially admitting they are in the pocket of big oil? 
     
  19. You have chosen to ignore posts from fractals. Show fractals's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    In Response to Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!:
    In Response to Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!! : Was this recently?  How can any elected official vote against increasing liability at this time without essentially admitting they are in the pocket of big oil? 
    Posted by scoop


    May 20, 2010

    President Obama denounced Republicans on Tuesday for "playing special-interest politics" after a GOP senator thwarted a Democratic effort to raise the liability cap for oil spills to $10 billion.

    Sen. Robert Menendez (D-N.J.) was seeking the unanimous consent of the Senate to move forward on the Big Oil Bailout Prevention Act, which would retroactively boost the legal cap of $75 million on how much companies must pay for economic damages.
    Sen. James M. Inhofe (R-Okla.) blocked the effort, saying it would make drilling too expensive for smaller companies. "Big Oil would love to have these caps there so they can shut out all the independents," he said, echoing the argument of Sen. Lisa Murkowski (R-Alaska), who halted an identical move last week.

     
  20. You have chosen to ignore posts from fractals. Show fractals's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    Crickets.........................................
     
  21. You have chosen to ignore posts from lesvalseuses. Show lesvalseuses's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    Right wing fools, idiots from hell.


    spam spam spam spam spam spam spam spam...
     
  22. You have chosen to ignore posts from tiresias. Show tiresias's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    This was a truly stupid post.  Republicans apologize to BP for mistreating them by making them pay for the cleanup.  Then the 20B BP sets aside is called a slush fund for Obama, although every politician who has done this has immediately walked it back.  Now somebody is complaining that when BP puts up 20 billion it reduces their tax liability.  Could this possibly be dumber?  Are you saying we'd be better off if BP paid the 7B in taxes and the US taxpayers covered the cleanup?  Seriously?

    Because whatever expenses BP incurred, they were always going to write it off against their taxes.  That's IRS tax code in case you didn't know.  But I guess you'd rather not have 20 Billion in escrow to make sure BP is accountable for the damages they've caused.  Keeping in mind that the 20 Billion isn't a cap either.

    On the other hand conservatives and conservative media like the WSJ have argued that BP should have their day in court and it's against the rule of law for them to put this money up.  What do you think conservatives would do FOR BP if they were running the show?  We already saw 8 years of catering to big business.  Conservatives trying to have it both ways.

    Obama shouldn't be mean to BP.  Obama didn't get enough out of BP.  Obama hasn't done everything possible in the cleanup attempts, we need to throw more money at the problem.  But we need to be fiscally responsible and we should take BP to court over this.  The 20 Billion was going easy on BP, but it's a slush fund now for whatever Democrats want.  I guess we should have gotten 30 billion in escrow to offset the lost tax revenue, that would otherwise put the US taxpayer on the hook

    Throw enough mud and maybe something will stick.
     
  23. You have chosen to ignore posts from whatnow3. Show whatnow3's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    Strawmen everywhere.  It is overwhleming.

    All of these arguments that assume if they didn't set up the 20 bil slush fund, then the only other option would be to apologize to BP and let them get away with not paying for anything. . . . . A perfect example of a strawman.
     
  24. You have chosen to ignore posts from whatnow3. Show whatnow3's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    And yes, I am making fun of partisaned fools.  Just because I don't like Obama doesn't mean I am partisaned.  I voted for him and participated in Organizing for America.  I was excited to have him as President.  And then I realized everything he said during the election was a lie. 

    And I am hoping that Hillary resigns and runs against Obama.  She will have my vote.  Pretty partisaned huh? 
     
  25. You have chosen to ignore posts from fractals. Show fractals's posts

    Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!

    In Response to Re: US Presidents actions in forcing BP to create escrow fund. WOW he really stuck it to them!!:
    Strawmen everywhere.  It is overwhleming. All of these arguments that assume if they didn't set up the 20 bil slush fund, then the only other option would be to apologize to BP and let them get away with not paying for anything. . . . . A perfect example of a strawman.
    Posted by whatnow3


    This why you are a partisan sheep.
    Currently the cap on oil company liability is $75 million.
    The Dems have introduced bills to increase that to $10 billion, retroactively.
    The whacko wingnuts have blocked, obstructed and filibustered every attempt to pass the bill.
    Whacko wingnuts have apologized and cowtowed to BP.

    So if no fund was set up BP would be liable for only $75mil and would skate on the rest. (There may be civil suits but those wouldn't apply to the cleanup.)

    So ya dimwit, the wingnuts want BP to walk away and stick the taxpayers with the bill.
    Just one more example of Reprobate socialism.

    I think you are the strawman, maybe you should see the wizard about a brain.
     

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