HopeTracker| The White House and BP tentatively agreed on Wednesday that BP would create a $20 billion fund to pay claims for the Gulf oil spill. The fund will be independently run by Kenneth Feinberg, the mediator who oversaw the 9/11 victims compensation fund and is known as a tough but fair administrator. Feinberg has also worked on the financial industry compensation for companies receiving bailout funds.
Under the agreement, BP would have several years to fund the agreement, in order not to destroy current liquidity. Read on at NYT: BP Agrees to Create Fund to Pay for Spill