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BP put aside 20 Billion for claims

by admin on June 16th, 2010

After a two hour meeting with the President , BP Ceo Tony Hayward has agreed to place 20 billion dollars into a fund administered by a third party, to pay claims related to the Gulf Oil Disaster. It’s not clear how BP will fund this since most analysts believe BP has only about 7 billion in cash right now. However, BP earns roughly $30 billion dollars in profits in a given year, and pays out well over 10 billion in dividend to share holders, a practice that Congress has been urging it to stop until the scope of the money needed to make things right in the Gulf is better understood.

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