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It is ANSWER. On 6/14/10 12:09 PM, "Louis Proyect" <l...@panix.com> wrote: > ====================================================================== > Rule #1: YOU MUST clip all extraneous text when replying to a message. > ====================================================================== > > > A message from Seize BP about > the Obama administration's new position on BP > > The Obama administration has just announced a major shift in its > handling of BP and the disaster in the Gulf of Mexico. > > For six weeks the Obama administration just said NO to the growing > nationwide chorus of public opinion demanding that the government seize > BP¹s assets in an amount commensurate with the damage caused by their > criminal negligence, and that the funds be placed into a trust that > could quickly and easily pay for damages and compensation now and into > the future as more damages accrue. > > Directly on the heels of Seize BP's demonstrations taking place in more > than 50 cities -- with more demonstrations occurring every day -- > officials from the administration are now announcing a "new" approach to > BP: President Obama has given BP an ultimatum to create an escrow fund > administered by an independent body for the payment of claims and > damages or the White House will invoke its legal authority to create > such an escrow account from BP¹s assets. He plans to address the country > in a nationwide television address Tuesday night and meet with BP > executives at the White House on Wednesday. > > But what is the reality undergirding the Obama administration's > announcement? It may appear that the administration is now close to the > demand of seizure of assets for an escrow account unless BP commits to > the establishment of such an escrow account on its own accord. There are > several key factors: > > 1. > The administration's 55 days of coddling BP has become > unsustainable from a political and public relations standpoint. The > government has revealed itself as a subservient appendage to corporate > interests. Now they are going out of their way to present a different image. > 2. > In recent days, Florida and Louisiana have both made demands on > BP that funds be escrowed as a down payment to cover initial damages, > totaling $7.5 billion. BP says that it only has $6.8 billion in cash and > cash equivalents available. BP itself is reassuring its investors that > the damages in the Gulf that BP will have to pay will not exceed $3 > billion to $6 billion. It needs to be understood that it is not a > lowball estimate of the scope of the damage but a statement of intent, > of just how little BP intends to pay. BP is reported to have called its > large U.S. stockholders -- J.P. Morgan Chase controls deposits and > services for 30 percent of BP's U.S. stock -- to pressure the > administration. The administration¹s plan for an escrow account may be > seen like a get-tough-against-BP policy but still be designed to further > protect BP. The telltale indicator will be the amount of BP assets set > aside for the escrow fund. > 3. > The anger of the people is spreading around the country > especially as estimates of the amount of oil gushing into the Gulf are > growing exponentially. To be more precise, what is changing is the > weakening of the corporate and political cover-up of actual spill > volume. Substantial amounts of oil being funneled to the surface by BP > from its new cap are not being processed by BP's on-site tanker because > it lacks capacity, so the oil is being dumped back into the Gulf. BP > says it can't get more tankers to the area until July. The relief well > planned for August may not even work then. > 4. > At the same time, President Obama held what was reported as a > "warm and constructive" phone call with the British Prime Minister David > Cameron on Saturday in which he recognized that BP "is a multinational > company" and reassured Cameron that he did not want to undermine BP's > value. Obama had been hoping that BP would suspend its upcoming > shareholder dividend (estimated at more than $10 billion annually), but > BP has vacillated publicly on whether it intends to do so. The > administration is worried that BP might not do enough to placate the > public and that the dire necessity of the situation, as evidenced by > Louisiana's and Florida's independent demands, will overtake the > administration's attempts to appear in control of the problem. > > Seize BP¹s position on the Obama administration¹s New Approach Toward > BP¹s Assets > > While it is clear that the Obama administration has undertaken what > appears to be a dramatic shift in its handling of one part of the > crisis, there are two central issues that will indicate whether it is > just another sham public relations offensive or something that will make > a real difference for the suffering people and communities in the Gulf > states: (1) The size or amount of the escrow fund taken from BP¹s assets > (the real costs are likely to be in the tens of billions of dollars) and > (2) that the ³real people² of the affected communities, and not > corporate and banking representatives or Wall Street lawyers, be > selected to be the trustees of the fund. > > Seize BP, since it inaugurated the demand to create a trust from seized > BP assets, has demanded ³that a trust established with the funds seized > from BP should be administered by the people from the harmed area. The > trustees should include representatives of the fishers, shrimpers, > crabbers, unions, small business people and workers in the tourism and > recreation industry, local elected officials, clergy, and independent > scientists and environmentalists." > > Seize BP will continue to organize demonstrations, rallies, press > conferences and banner drops, collect tens of thousands more petitions, > and engage in the kind of mass grassroots organizing that can, as it > already has, shift the political climate in a way no politician can ignore. > > Spread the word. Tell your friends to sign up at SeizeBP.org. > > Facebook button > > ________________________________________________ > Send list submissions to: Marxism@lists.econ.utah.edu > Set your options at: > http://lists.econ.utah.edu/mailman/options/marxism/acpollack2%40gmail.com > ________________________________________________ Send list submissions to: Marxism@lists.econ.utah.edu Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
