Saturday, October 2, 2010

BP: Getting its money's worth from Obama

BP and its employees have given more than $3.5 million to federal candidates over the past 20 years, with the largest chunk of their money going to Obama, according to the Center for Responsive Politics. Donations come from a mix of employees and the company’s political action committees — $2.89 million flowed to campaigns from BP-related PACs and about $638,000 came from individuals.

We know that Obama gave BP drilling permits that were not verified, and regarding which various safety and environmental requirements were waived.

What else is BP going to get for its money?

BP and the Obama administration are discussing a possible settlement over fines for the company's massive Gulf of Mexico oil spill in an effort to avoid a costly legal fight that would delay that money from reaching the affected states, a congressman said Tuesday.

Rep. Steve Scalise, R-La., told The Associated Press that members of his staff got information about the talks while working on oil spill-related legislation he is proposing. Scalise said the goal of the talks between BP PLC and the government is to reach a deal instead of having to fight it out in court.

He said the two sides appear to be at odds over whether BP should be considered grossly negligent for the spill, a finding that could mean higher fines. There was no immediate comment from BP or the Justice Department.

Obama is going to give BP a great bargain on the fines otherwise due for causing the worst oil spill in history.

During his time in the Senate and while running for president, Obama received a total of $77,051 from the oil giant and is the top recipient of BP PAC and individual money over the past 20 years, according to financial disclosure records.

Not a bad return on a $77,051 investment!

No comments: