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Focus Gulf Coast residents whose livelihoods are impacted by the oil spill: The man in cost of doling out the statements funds includes a sliver of great news for you personally.
“I anticipate taking a great deal significantly less documentation [for claims] than would otherwise be demanded,” says Kenneth Feinberg, administrator for the BP Deepwater Horizon Catastrophe Victim Compensation Fund.
For example, he would possibly accept a captain’s note vouching for a fisherman’s salary rather than a tax return. The reason: Feinberg says he’s aware of a “real underground economy down in the Gulf,” where a whole lot work is done on a cash basis.
To be sure, it remains to be seen how that promise will hold up once dough starts rolling out and the claims keep piling up. Forbes has already pointed out that the $20 billion escrow fund that BP will create to create to compensate the spill’s victims is a welcome mat for false claims.
Feinberg’s not saying it will be easy to get money. He notes that payouts will be subject to taxation and scrutiny by the IRS,windows 7 professional serial, which may discourage some false claims.
In addition,windows 7 home premium keygen, he may get tough on future statements. For example—Feinberg’s fond of hypothetical examples—he would possibly offer a fisherman who expects to be out of work for a year $180,000 to release BP of all liability. And what if the fisherman says he wants $360,000 because he expects to be out of work for two years?
“That individual will be offered $180,000, and if he or she doesn’t want it, don’t take it,” Feinberg says. “One on the challenges I’ll have … is calculating with a murky crystal ball what is a future claim worth.”
Feinberg, an animated Washington attorney with a heavy Massachusetts accent, has been the government’s go-to guy on major statements and dispute matters for nearly a decade. He was “special master” for the fund to compensate the families of 911 victim, and he’s currently winding up his stint as the Obama administration’s “pay czar” overseeing executive compensation practices at some with the largest bailed out financial firms.
Feinberg was at the headquarters of watchdog group Public Citizen on Tuesday to talk about Wall Street bonuses, but the conversation quickly turned to BP. (The company on Tuesday announced a $17 billion loss for the second quarter and tapped a new chief executive, Robert Dudley,microsoft office Home And Student, an American who takes the reins with the British energy giant on Oct. 1.)
To date BP has paid more than $200 million in statements related to the oil spill in April, but it hasn’t made its first large deposit to the statements fund. Feinberg says that Dudley has assured him that the money is on the way, and he expects both the fund and the claims facility to be up and running sometime in August. At that point,microsoft office 2010 Standard product key, he says, the compensation fund will begin making emergency payments for up to six months of lost wages.
Then it gets tough. A key challenge going forward will be determining the eligibility of a claim. To illustrate: while it’s obvious that a beachside motel that has no customers as a result with the spill is eligible, what about a motel located 40 miles away, which has seen business drop but not vanish? For now, Feinberg has no answers. “The second issue is going to be proving your claim,” he says.
And what about the possibility of BP exerting too quite a bit influence over the payouts to victims? Feinberg,microsoft office pro 2010 x86, who is being paid through the escrow fund set up by the company, doesn’t seem concerned. “They want to get out from the statements business,” he says.
That remains to be seen as well.