Elizabeth Barrette (ysabetwordsmith) wrote,
Elizabeth Barrette
ysabetwordsmith
  • Mood: busy

BP Withholds Money

Unsurprisingly, BP has not yet put any money into the escrow fund it promised to create for damage claims.  So, with damage claims rolling in from individuals and businesses harmed by the oil slick, the fund manager can't pay them.  This is just another sign that BP has no intention of paying what it owes unless forced, and will welsch on as much of its debts as possible. 

I think we should charge BP interest on the missing money ... say, the same 36% that credit card companies use when ordinary people owe them money.  Since our politicians didn't seem to feel that a 15% cap on interest was necessary.
Tags: economics, environment, news
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  • 11 comments
shsilver

shsilver

July 25 2010, 14:57:33 UTC 10 years ago

welsch

Kind of surprised to find such an ethnically derogatory term used here.
msstacy13

msstacy13

July 25 2010, 16:28:10 UTC 10 years ago

I had winced at that myself, but...
well, since you've mentioned it...
ysabetwordsmith

Well...

ysabetwordsmith

July 26 2010, 06:22:15 UTC 10 years ago

That wasn't the context in which I originally discovered it. I think it's drifted at least somewhat outside that (usage may vary regionally).
siege

Re: Well...

siege

July 26 2010, 16:19:01 UTC 10 years ago

Usage may vary, yes, but "welch" or "welsh" refers to a supposed cultural habit of never letting a penny go ungrasped or a promise unbroken. It's right along the lines of "Indian giving", which is a misunderstanding of certain gifting practices (basically using it as a social weapon or interpersonal power signal) that ended up translated as taking back what you've already given (based on the idea that a gift is permanent).
msstacy13

msstacy13

July 25 2010, 16:30:22 UTC 10 years ago

But they do make Tammany Hall
seem like an honour society.
a_r_williams

a_r_williams

July 25 2010, 18:21:30 UTC 10 years ago

Has anyone else noticed the BP commercials talking about how they have done so much to clean up the environment and what a great company they are--now that the oil has stopped flowing into the ocean?

They didn't play a single commercial like this while the well was still uncontrolled.

I think they are going to try and win over the hearts and minds of Americans through pretty commercials, which are a hell of a lot cheaper than paying people back.
msstacy13

msstacy13

July 25 2010, 20:32:41 UTC 10 years ago

cheaper and generally more effective...
*sigh*
stars_in_return

stars_in_return

July 25 2010, 20:43:19 UTC 10 years ago

Wow. Just wow. Of course they're not going to do anything until they are forced. And I agree, they should be forced to pay interest as well. Because really, as with any debt and damage, the longer they put it off, the more expensive it will be.
minor_architect

minor_architect

July 26 2010, 03:15:22 UTC 10 years ago

Feinberg told the pastor of a Bayou La Batre church that he wasn't sure whether he would approve a claim for reduced donations.

Ah! This may refer back to Pastor Dan Brown's claim for lost donations to the Anchor Assembly of God, which I heard about a few weeks ago. Thanks for the link.
red_trillium

red_trillium

July 26 2010, 07:52:22 UTC 10 years ago

Not surprising at all.
catherinew

catherinew

July 28 2010, 18:42:16 UTC 10 years ago

I'm sure you've seen that BP plans to claim a $10 billion deduction on the taxes it owes?
http://www.washingtonpost.com/wp-dyn/content/article/2010/07/27/AR2010072704437.html

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