Wednesday, June 16, 2010

BP's Escrow a Big Mistake

Count me among those who think that BP should not put $20 billion into escrow to fund the gulf oil spill cleanup operations. Don't get me wrong - I think they should pay for all of the damages they have caused. That said, they are a very large company, one of the largest in the world. They have plenty of money and insurance to cover damages of this type. The problem is that, with this escrow, they have created a cash pot for labor unions and politicians to play games with. This is nothing more than a government-sponsored stash for payoffs and corruption. Much of this money will be wasted, leaving the truly injured to fend for themselves.

Looks like King Barry will have another opportunity to do things "the Chicago way."

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