BP Spikes, As Shareholders Kiss Goodbye To $20 Billion

BP is set to put $20 billion into Obama’s escrow account, according to NYT.

Executives of the company are still meeting with Obama. Details are likely to be announced soon after the meeting concludes.

There’s still no definitive word about the dividend, though the expectation is that it will be gone.

After being down by about 3% earlier, the stock is now higher. Why? The easy answer is that the cost of the spill, in some sense, becomes a known, rather than a known, though a $20 billion agreement does not guarantee that that’s the cap.

The fund will be run by pay czar Ken Feinberg. The fund will be used to compensate victims.

To get a sense of who the victims are…

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