Page 6 - Liability Cap News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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. he's like glenn, you don't know. you hear it all the time. people say well, you don't understand this, this system, that system. it's all -- >> i don't want to let the government off on the b.p. thing. what has the government done? how did b.p. get to drill in mile-deep...

Fund, pardon me, there's no other way to put it, but to seed the claims fund forever, if necessary? >> chuck, that's a very good question. i haven't decided my answer to that question. bp said it is going to pay. i think it ought to pay. i'm 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, there's a move to raise the liability cap, which is currently set at $75 million on oil companies. and make it appl...

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. he's like glenn, you don't know. you hear it all the time. people say well, you don't understand this, this system, that system. it's all -- >> i don't want to let the government off on the b.p. thing. what has the government done? how did b.p. get to drill in mile-deep...

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 there's 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's sitting at $75 million. enough with that. >> reporter: right. bp says we're ignoring the $75 mil...

Exceptions. bp, by the way, said we're not going to invoke the liability cap. we'll pay for everything. they've paid a lot already. the government is concerned they may not pay the right amount to the right people but they've 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 injury. that exception could apply to this case against bp and punitive damages could be huge. >> th...