BP deserves acknowledgement for payments it has already made to residents of the Gulf of Mexico region and its agreement last week with the federal government to fund a $20 billion compensation account, Ken Feinberg, BP escrow account administrator, told CNBC Monday.
“Give BP some credit here,” said Feinberg. “BP , unlike all these other funds that I’ve worked on, already has a claims process in place. They have paid out over $100 million in claims.”
Feinberg was appointed by President Obama last week to dole out payments to those affected by the spill, which began April 20 with the deadly Deepwater Horizon rig explosion that killed 11 workers.
Since then, the oil gushing from the leak has closed beaches, killed wildlife and brought businesses to a standstill. Feinberg also administered the funds for TARP and victims of the 9/11 terrorist attacks.