Monday, June 14, 2010

Democrats Pressing BP (NYSE:BP) on Special Account

While no one seems to believe BP (NYSE:BP) will renege on their commitment to clean up the Gulf oil spill and take care of any legitimate claims, that doesn't seem good enough for Democrats, who for some reason are pressuring BP to set up a special account of $20 billion.

This is one of those things that hopefully won't happen. In the current Obama administration, they don't want to let the opportunity of any crisis passing without taking advantage of it, and that looks like what the Democrats are again attempting to do.

why this is so is it's going to be a general account, and the Democrats don't like the idea that BP will pay out only "legitimate" claims.

You can already see these redistributionists greedily eyeing the assets of BP and using them for any number of clownish and unrelated things outside of the oil spill.

Once the Democrats got this general fund set up, they could take it and spend it just about any dubious way they wanted with the most tenuous reason being asserted.

Why Obama and the Democrats want a special account created so badly should only send up red flags everywhere. They just want another $20 billion they can throw around to their special interests, while spending just enough on the cleanup to satisfy those watching them.

BP has been settling a lot of claims, and they continue to do so while already spending billions to battle the effects of the oil spill, like the millions they've been giving to Louisiana to build the berms or islands to battle the oil from coming to shore.

This is nothing more than a big government power play to extract more money from BP and to allow them to spend the money how they want, as if the Democrats can be trusted to spend money in general, as we've seen over the 18 months since they've been in power and are financially destroying the country.

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