Page 3 - Liability Cap News Today

Tactics and theyre overreaching. is there any part of this $20 billion fund, this escrow fund that you think is too over the top or came about in the wrong way? >> well, look, you know, bp has admitted from early on in this that they have the responsibility for paying for the capping, paying for the cleanup and paying for the loss of livelihood that people have endured in the gulf coast region. so, thats never been in dispute. in fact, some of the stories that came out on the sunday shows last w...

>> lastly, a purely campaign question. considering the republicans again today blocked an attempt to raise the liability cap on bp, do you think mr. barton handed every last democrat in this country a campaign ad with that sound bite? i mean, can you run with the idea of the gobp? >> well, i can just tell you that i dont think anybody thought those words were going to come out of anybodys mouth today over on the republican side, least of all the republican leadership. i know theyre certainly not...

Can be capped rapidly. >> a purely campaign question. considering the republicans again today blocked an attempt to raise the liability cap on bp, do you think mr. barton handed every last democrat in this country a campaign ad with that sound bite? can you run with the idea of the gobp? >> well, i can just tell you that i dont think anybody thought those words were going to come out of anybodys mouth today on the republican side, least of all the republican leadership. i know theyre not happy w...

Constitution. if the fed said let b.p. drill where the state of louisiana permitted it to drill and where it wanted to drill, none of this would have happened. if b.p. had insurance instead of liability cap, the cash would have been set aside for a professional, not a political clean-up. still, the feds havent learned. yesterday, as you know, the major stock exchanges delifted fannie and freddie. those would be the huge banks that own hundreds of thousands of residential mortgages. the banks bou...

Constitution. if the fed said let b.p. drill where the state of louisiana permitted it to drill and where it wanted to drill, none of this would have happened. if b.p. had insurance instead of liability cap, the cash would have been set aside for a professional, not a political clean-up. still, the feds havent learned. yesterday, as you know, the major stock exchanges delifted fannie and freddie. those would be the huge banks that own hundreds of thousands of residential mortgages. the banks bou...

Regulations, so something will fail. before -- when the tok market was at 14,000. i think you used to be on my show in the day. it was at 14,000. i remember i had a guy like on the last day of the high. i remember looking in the camera and saying good god, america, get out of the stock market! and this guy was making fun of me. hes like glenn, you dont know. you hear it all the time. people say well, you dont understand this, this system, that system. its all -- >> i dont want to let the governm...

Fund, pardon me, theres no other way to put it, but to seed the claims fund forever, if necessary? >> chuck, thats a very good question. i havent decided my answer to that question. bp said it is going to pay. i think it ought to pay. im not sure what the mechanism ought to be. i think the bigger question is, who is going to clean it up, and then you get to who is going to help those who are hurt. we are going to look at the various options for that in the senate. >> senator, theres a move to ra...

Regulations, so something will fail. before -- when the tok market was at 14,000. i think you used to be on my show in the day. it was at 14,000. i remember i had a guy like on the last day of the high. i remember looking in the camera and saying good god, america, get out of the stock market! and this guy was making fun of me. hes like glenn, you dont know. you hear it all the time. people say well, you dont understand this, this system, that system. its all -- >> i dont want to let the governm...

Especially from the gulf coast coming to the rescue of these oil company executives. joe barton, top republican on the committee, says no doubt the companies are part of the problem but they are also part of the solution, and the u.s. needs to rely on its domestic oil production, and without that theres more of a demand on foreign oil production and relying on companies that are not friends of the united states, and he says that is not the way to go here. >> also, limiting the liability caps. it...

Exceptions. bp, by the way, said were not going to invoke the liability cap. well pay for everything. theyve paid a lot already. the government is concerned they may not pay the right amount to the right people but theyve paid people to get them off their back. >> all right. punitive damages. the seminole case is the exxon valdez case, litigator for 20 years, made to the supreme court. they say they may not exceed the actual damages, except when a company deliberately and maliciously causes inju...