Friday, September 3, 2010

Obama's BP Windfall

I will preface this post by saying that I am not a fan of BP. What has happened in the Gulf is a tragedy, and the company should be held accountable. So far, I have seen nothing that would indicate that they are trying to duck the consequences of the disaster.

However ...

Obama is trying to capitalize on this in many ways. Much has been said elsewhere about this, so I won't repeat it all. But, one thing I heard today makes me curious.

Remember that Obama demanded that BP pony up $20,000,000,000 for a trust that would pay out claims by folks who have been hurt by the oil spill. This cash is being controlled and dispensed by an Obama appointee, Kenneth Feinberg. Feinberg was Obama's pay czar - the guy who was responsible for determining what pay bank and Wall St. executives should get. (By all accounts of Feinberg's performance so far, I don't have a problem with him directly - I do have a problem with the process). Feinberg will and has written the rules for eligibility for compensation from the huge BP fund.

Many Republicans have called this pile of money a 'slush fund' - basically a windfall that Obama can give out as he sees fit. BP has no control over the money - they had to turn it over due to pressure from Obama and the public.

To be fair, BP handed out about $375,000,000 in claims before Feinberg took over. This was not money that was part of the $20 billion.

The news today reported that to date, claims totaling $399,000,000 had been filed and paid from the fund. This is less than 2 percent of the fund that has been distributed. There will certainly be more claims filed by folks who have been impacted - I have no doubt of that. But, the relatively small payout that has happened so far has me wondering what will happen to the money that isn't handed out?

For the sake of argument, let's say that the claims filed will use up $5,000,000,000 of the fund - 25%. What about the other 75%? Do you think Obama will give it back to BP? Not a snowball's chance in hell! Will the money be given to the affected states to help them recover? Nope ... How about to the general fund to help cut the incredible deficit Obama has created? Absolutely not ...

Obama will use the money left over to fund more of his 'green' inititave. Throwing away money on 'green' technologies that don't work, but are heavily invested in by George Soros, Algore, et al. The money will be thrown at stupid pet projects of the eco-Nazis, to keep them happy.

In short, the money becomes Obama's 'slush fund' - a pile to buy whatever political favors he can.

BP will not object, at least not publicly. The threat of Obama's retribution if they 'go off the reservation' will be enough to keep them quiet.

Richard Nixon was villified and forced to resign in part because of small political slush funds. Obama's slush funds are larger than the entire US budget was during the NIxon years. Why aren't the Democrats in Congress who pledged to 'drain the swamp' demanding investigations into this? (Rhetorical quesiton, I know ...)

You know ... the man is the biggest thief this country, perhaps the world, has ever known - in addition to being the person who's done the most to the damage to this country since it was founded. Who is going to hold him acocuntable, and when?

1 comment:

Margot said...

I agree with everything you have said. However you failed to mention that some of the left over money will certainly be spent on the lobster eating/vacation fund. A thief yes, with no shame.