A Real World Solution To the Gulf Oil Spills

What's the limited liability for BP? 70 Billion? Not sure that will cover half of what will be needed. Law firms are setting up tents almost to keep up with suits. BP is going down. Deep ocean drilling, private drilling firms, and many others are now really feeling the heat.

[MortonMilo]

Originally Posted by ChicagoWhiteSox

What's the limited liability for BP? 70 Billion? Not sure that will cover half of what will be needed. Law firms are setting up tents almost to keep up with suits. BP is going down. Deep ocean drilling, private drilling firms, and many others are now really feeling the heat.

The oil pullution act limits the liability to 75 million, not billion. That is, however, assuming that the courts dont find BP or their contractors to have acted with gross negligence, in which case the cap gets thrown out.

BP has like $40 billion in cash...if they suspend their dividend payment, that frees up 10 bil+ for them to pay out to cover any liabilities that may arise. I agree they are gonna get hurt, but going down? far from it...