Deal cut with BP – $20B escrow created

Associated Press reports: President Obama has announced that BP has agreed to create a $20 billion escrow fund, calling the move “an important step toward making the people of the Gulf Coast whole again.” The fund will be administered independently by Kenneth Feinberg, who oversaw the 9/11 victim compensation fund. “This is about accountability,” Obama

BP will also establish a $100 million fund to compensate oil-rig workers who have lost their jobs because of the six-month moratorium on offshore drilling.

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