The White House has released a statement:

[nmbluesky]

BP has agreed to contribute $20 billion over a four-year period at a rate of $5 billion per year, including $5 billion within 2010. BP will provide assurance for these commitments by setting aside $20 billion in U.S. assets.

[uponit7771]

1. But did Obama put on his Aquaman suite and plug the whole?! No?! Well there it is then

[BrklynLiberal]

2. I still do not trust BP. They will find a way to make this less than it seems right now.

[gateley]

5. Even during the Chairman's statement outside the WH, he managed (as they

ALWAYS do) to get the word "legitimate" in. They're going to try to get away with paying as little as possible, which is what I guess most companies would do. The $20 billion isn't a make or break amount for them, so they're probably essentially writing that off, but if costs exceed that, I'm guessing that's where the "legitimate" will come in to play.

[vaberella]

10. Well to be fair.

Even in America "legitimate" claims are the only ones that hold water in a court of law.

[gateley]

12. Agree, but their constant inclusion of the word makes me feel as though

our interpretation of legitimate will be different from theirs.

[vaberella]

14. I agree with you. n/t

[Cha]

3. Thank you, nmbluesky.

[WeDidIt]

4. Ruu roh

Mehtinks many pundits have massive egg on their face.

:rofl:

[Sebastian Doyle]

6. $20 billion is nothing to BP though.

And sadly, probably not even a drop in the huge black bucket that this fucked fiasco will eventually turn into.

[geek tragedy]

15. $20 billion is not 'nothing' to BP.

They don't have that much money on hand.

[vaberella]

16. Thank you. It's no joke. n/t

[Blue Owl]

7. BP says a lot of things.

Don't they.

[vaberella]

8. Eric Holder was in the room.

Expect felony charges and probably federal seizing of property if BP doesn't follow through.

[truedelphi]

9. Maybe BP could simply have a sweetheart sale to George Bush Jr.

As Obama would never go after George!

[GOTV]

11. That's more detail than I've seen elsewhere. Do you have a link?

[K8-EEE]

13. But...but....he didn't wave his magic wand and make it disappear!

HE DIDN'T MAKE ME FEEL LIKE BIG DADDY WAS GONNA MAKE IT ALL BETTER! WAAAAH!