Page 5 - Liability Cap News Today

Slick ashore to florida. bp now says that the cleanup costs will exceed the $75 million liability cap imposed by federal law. lawmakers are trying to raise that cap to $10 billion. democratic senator from florida bill nelson met with bp executives yesterday. he joins us now. senator, thanks very much. what did you hear behind the scenes. publicly theyre saying, oh, well take care of it all. privately theyve not been quite so forthcoming. >> well, it was not the same that was said publicly before...

They expect to exceed the liability cap of $75 million. and when i said, will you be responsible for the economic damages, he said, that is something that we will have to work out in the future. taken w. he recommended citracal. its different -- its calcium citrate, so it can be absorbed with or without food. also available in small, easy-to-swallow petites. citracal. a heart attack at 57. that was a rough time. my doctor told me i shouldve been doing more for my high cholesterol. ♪ you should...

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Want to see real resolve and also they want guarantees bp is going to pay what they say they will. right now there is a $75 million liability cap. bp says they will not be beholden to that. theyll pay legitimate claims. i think a lot of people here support the idea of an escrow account. setting aside billions of dollars by bp off to actually pay future claims. they want to know that the claims being made now are going to get paid in a timely manner. so far they havent been. a new report out by s...

And what the judge said is that its up to the government to show the risk. well, i think we can show whats happening in the gulf of mexico. so i think its important that the secretary of interior demonstrate the risk factors that are currently there in deep water. >> what do you make of the judge as its been reported, hes got oil interests. >> well, i think im going to leave that one alone. obviously, we want to make sure that we have an independent judiciary. its important that judge who have c...

>> good to be with you. >> "the new york times" details how candidates are bringing the gulf into their campaigns whether they live in the gulf or not. they call it, im quoting here, a war shock test in which each of the opposing sides see proof of the larger narrative. where do you see the larger narrative in terms of the upcoming campaigns? >> i think the clear issue, chris, is the distinction that this draws between the two parties. the president has enabled us to get an escrow fund from bp a...

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Respond. what kind of boom do they have, what kind of preparation do they have for the worst case scenario or what we are seeing from bp is the way the other companies respond. i think the answer to that is yes or otherwise that would have been deployed in the gulf. third, will they be willing to support lifting the liability cap. $75 million for a spill that ultimately that could cost $20 billion to $40 billion is not a sufficient disincentive for companies to engage in the safest possible dril...

>> well, shep, not surprisingly, the president and chairman of bp america wasnt willing to toss around any exact figures. instead lamar mckay who was seen screen left on swearing in vowed that only bp would clean all necessary clean up cost and all legitimate damage claims. did that include the fishing and tourism industries? all legitimate claims he repeated. one senator proposed increasing by more than 10 fold the current 75-million-dollar liability cap. >> so, do you have a problem? you earne...

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