Monday, October 4, 2010

BP (NYSE:BP) Cooperation Slowing Says Louisiana

According to Louisiana officials BP (NYSE:BP) isn't cooperating as much because the media spotlight is no longer on them as it was.

Noted particularly was the grant from BP that is currently being negotiated over the inspection and monitoring of seafood.

Louisiana Commissioner of Administration Paul Rainwater told the Senate Finance Committee, "There's a lot of frustration on our part that we're not getting the answers that we need."

Requests for a whopping $450 million for the program over a 10-year period were initiated by Louisiana,

Negotiations brought that down to a still significant $173 million. Deputy Commissioner of Administration Mark Brady was annoyed because BP now wants to apply the money on a regional basis rather than solely to Louisiana.

While politicians are asserting this is because of the lack of media attention, more than likely it's more their outrageous money demands which simply can't be met.

BP has already paid Louisiana hundreds of millions in response to the oil spill, and will pay millions more. They've said from the beginning they would pay for any legitimate claims against them; for individuals, corporations, and governments.

The problem with governments is their predatory thinking in terms of taxation and debt-spending. Some, like Louisiana, are acting like BP is the federal government or central bank, which they can arbitrarily get funding from.

All this is about is anger over not getting their own way, and Louisiana has emerged as the whiniest among the states seeking funding.

It seems they have learned this from the Katrina days, and are continuing on with that mentality and practice.

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