Wednesday, June 16, 2010
The NYTimes reports that BP has agreed to set aside $20 billion for a compensation fund. Ken Feinberg will be the independent administrator. In the last ten years Feinberg has become the gold-standard of mediators and administrators.
If you're worried about whether BP can pay, its operations garnered $27.7 billion in cash last year. It had about $24 billion in debt with a debt to equity ratio of 20%.
The NYTimes feature Room for Debate addresses the oil spill today with entries by the following:
- Zygmunt Plater, environmental law professor
- Alice Schroeder, former regulator, Financial Accounting Standards Board
- Kate Gordon, Center for American Progress
- Richard Nagareda, law professor
- Alex Tabarrok, economics professor
- Noah Hall, environmental law professor