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Former BP Fund Administrator Ken Feinberg on the challenges in administrating compensation funds like the one for the BP oil spill.
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-- -- -- the gulf oil explosive BP taking twice about expanding British Petroleum deciding against that -- and amp.
Billion dollar offshore drilling project in Alaska this after facing massive costs.
From that 2010 oil spill disaster my next -- knows very very well Ken -- one of my favorite -- ever in charge of who gets what Baghdad.
He's you -- -- gets what now Ken good to have you -- beyond do you think that this that was a reason the residuals of the a bit of about -- -- and BP is to -- sort of bullets horns and it can't do a lot of big things I don't know might be one reason it sounded from what I read in the newspapers that they were.
Financial reasons was cost ineffective you'd have to ask PP but that may have been a factor I doubt very much of that.
Was the business this underlying business jet it is more deep water drilling and that's kind of -- after its experience it might feel less inclined to -- Looking back at a couple years after the fact.
-- everyone who was affected didn't compensated or is that still going on all the -- -- define wanna be compensated I think.
In the eighteen months that we administered the Gulf Coast claims facility we paid.
About six and a half billion dollars and received releases to so.
From 220000.
Fishermen hotels strategist separate the bogus ones like well -- is that I was I was does boating and -- in the gulf that that you're on to something we received -- one million claims from fifty states.
Really and 35 foreign countries we got about oh you're 100 claims from Merrill and Massachusetts.
About forty from Alaska.
People claiming look BP said twenty billion build it and they will come everybody -- -- Had to watch I noticed he rejected mind immediately -- -- what you did throwing the oil okay well -- -- -- But it all the markets that's it at this processor you did -- you did it to 9/11 we came here but.
You're very judicious you try to be very fair.
About you know this is is is serious money resort Nevada and and those who seriously deserved to get at those who don't shouldn't put.
In -- put a lot of pressure on you that that that.
You might be making the wrong decision that the -- -- to -- in ninety disproportionate to the pain that was suffered -- -- put crush you just you getting -- in giving the wrong.
-- always feel pressure every day stress.
On the president of the United States.
BP they delegate this authority to you.
And the white has an authority on wrap it up can get moving can absolutely not one that's understandably that one always told you not once.
Once I was selected many liberal email you to know text you don't.
-- -- plane with one of those signs of about now the Department of Justice monitored the programs it was suppose I had known all along and nothing -- -- -- all.
Not at all and the program.
The integrity of the program required.
That you column -- you see him that you set up a program that you try and do the best and if somebody can do better go right ahead do you know existing you've worked.
Under Republican administrations or at least handling this sort of thing under Republican president -- democratic president -- -- warrants in this race.
When you do these programs 9/11.
BP Virginia Tech -- the -- side.
Agent Orange.
Com it's bipartisan people want it done right elected officials.
Elected officials created the program so I didn't create the right but you're pretty good -- money and figures the -- nationally is that we're losing a lot of money and the figures don't look -- Generally for president or those in power not good.
I'm just as someone who's a good Rivera the scene -- even.
I think that they wouldn't -- did.
A BP oil spill fund.
If the president President Obama hadn't convinced BP.
To put up twenty billion dollars voluntarily you -- It's unprecedented eleven so.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- After 9/11 signed that law creating.
The 9/11 victim compensation fund you've seen.
Entirely tax -- dollars seven billion dollar write them but President Bush would not have put up company on the hope potentially that a liability -- potentially.
I don't know never now have to -- President Bush put I think that the present Obama did the right thing.
I think President Bush -- the right do you think you overreacted freezing drilling in the area to the -- -- did.
I don't there was a lot of pressure to freeze the drilling and then -- -- it once it was.
I have enough problems.
Given the assignment to pay people who have admittedly.
Been damaged.
You don't get set a slippery slope that any financial -- -- a unique.
But any financial -- that there's going to be a big builder today and Reuters salivating at the chance to make sure someone -- I hope non.
I say in who gets -- in the book.
That despite the success of these programs ironically.
They should be very very speed knowingly you missed they should not be a precedent bad things.
Happen to good people every day in this country.
You don't have a BP oil spill fund -- 9/11 compensation fund of Virginia Tech fund.
When you set up very special generous compensation just for these people everybody else fend for yourself and then.
When you set up the program to delegate to just one person.
This type of authority without any real checks and balances.
Other than sound discretion.
He is is problematic as a political science matter.
I think you're -- -- Ken Feinberg -- there was a time and then some of the prices you the only adult in the room and I think both sides feel that way to could explain -- your book is racing up.
The best seller charts.
Who gets wiped -- their compensation they have to tragedy today at some of people and he really is a class that are too many.
In this -- like that.
