Rachel – Day 114

16 Jun

The News: BP Setting Aside Money For Businesses Feeling The Effects. BP announced they will have a $20 billion escrow fund for businesses to claim their portion due to the financial losses they’ve suffered since the oil spill. This will not supersede court claims as those are still on BP’s shoulders.

In a speech today, President Obama said BP needs to stay a strong and financially big company in all of this mess because they need to be able to take care of their mess. This means we need to keep supporting BP even though we may want for them to go under because of all of this.

(http://www.nytimes.com/2010/06/17/us/politics/17obama.html?hp)

My Comments: Well done BP! This is definitely needed and definitely your responsibility.

I personally think BP can afford to take care of this problem, but it will put a big dent in their business. I think once it’s taken care of, they will lose at least 70% of their business and eventually go under. It won’t be all of the sudden, I think it will take some time for their billions to dwindle but I think it will happen. Just my opinion.

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