BP makes $3 bln initial deposit to spill fund

[Scurrilous]

<snip>

"BP Plc said on Monday it has made an initial deposit of $3 billion into a $20 billion fund to pay for its Gulf of Mexico oil spill after the oil company finalized negotiations with the U.S. Justice Department.

BP said in June it would establish the fund to compensate victims of the oil spill, the world's worst offshore leak, under intense pressure from President Barack Obama.

"We have made clear that the company still needs to ensure that the necessary funds will be available if something happens to the subsidiary that established the trust and we look forward to completion of an appropriate security arrangement in the near future," Associate Attorney General Tom Perrelli said in a statement."

<snip>

"BP said it will put an additional $2 billion into the account in the fourth quarter of 2010. After that, $1.5 billion will be deposited per quarter until a total of $20 billion is reached, the British oil company said."

http://news.yahoo.com/s/nm/20100809/ts_nm/us_oil_spill_fund_3

[niyad]

1. wow, that really strains the old pocketbook, doesn't it, bp?

[babylonsister]

2. It's a start. Good. nt

[gateley]

3. I was seriously doubting we'd ever see one cent, so this is encouraging. nt

[SpartanDem]

4. Hopefully the money will go out quickly

to those that need it.