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Former BP Fund Administrator Ken Feinberg on the challenges ensuring federal money given to states such as New York and New Jersey for Hurricane Sandy...
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You know only we had a Ken Feinberg in charge of doling whatever money New York Jets out of ready the other states of course you remember him right he was the guy well parts Amato from the BP oil spill -- For that that on eleven victims compensation -- so much else.
This kind of stuff is not easy it's not science but can try to make it there and doubly sure that those who needed the money got the money and no one no one.
Most accounting of that money certainly not -- San -- right now on the phone arm candy here's what worries me with the money -- Governor Cuomo -- asked before the Governor Christie New Jersey Nets before.
That they'll likely get it.
But there's no guarantee that the folks who need it will ever see how do you do you make sure that's not the case.
That's an administrative issues you gotta make sure that money doled so go most of the right people in a timely fashion that that that the name.
The wind these programs -- -- -- you know from covered 9/11 Ian Pete Pace.
You're gonna get the money -- fastest.
We don't restriction.
And you've got to make sure that the money's being you won't -- the ground the way it's supposed to be used -- there are administrative problems with this horrible scene Indian cutting back here.
Then they've got to be administration -- the government have to be more efficient and effective it's that simple -- rocket science.
Yeah but it does seem to be for others who tried to do what you did did fairly well and I went out.
And that is that there's seems to be a long leg -- for those directly affected -- house whatever.
A few weeks is long lag I guess in the scheme of things in my nom de but.
In this particular case it seems that team -- was a dollar late and the days short and then well and now -- -- -- only -- -- closer to this and I'll be habit.
Is that giving such -- more power more money.
Might just compounding the -- Well I think that's -- because we get now and John tobacco notions.
Being being in any hurricane tornado earthquake any natural disaster to great bulk of the funds comes from private insurance.
In individual cases with the individual -- -- Well the commercial establishment.
Since its claim to supply the insurer and gets reimbursed on insurance policy to.
Fremont comes it would community why to help the role which averages.
Basic -- -- If it's not working right then it has to be corrected it's that simple but don't forget.
In the almost all natural disasters in this country it is a private insurance industry that steps up as the first line of defense.
Well it might very well be but the reality is after Katrina we learn that a 140 billion of upfront federal monies given.
Forty billion of -- -- those directly affected now I don't know what happened to the other hundred million.
And maybe it did go out to other.
Areas and structures and areas adept I cannot appreciate but that is the wrapped against these large sums it -- just subscribe to and to the 10%.
Lawsuit abuse of monies that the contractor -- Depending on the contractor goers then by that -- alone a good deal will never -- is that the intended.
The dead.
Well you're you're right to the right the answer is -- -- -- it -- to -- for all the baby with the bath walk.
You won't need the law you need government assistance -- -- -- mass disaster only are they do and on the other reason -- that you have because.
Additional money directly.
So the people affected rather than an intermediary that -- just grew -- -- I think you're right I think like it got to my basic point that it's an administrative issue.
It's how you would administer a program like this we in 9/11 and BP usual acknowledged many conflicts.
We got the money out faster we -- -- all right with minimal bolt and that's what ought to be done in the case like this is well.
You know what happens okay you have to make some tough judgment calls -- and indicates -- view 9/11 that.
A broker who died on 9/11.
His potential earnings going forward and what he could have meant that he led for his family's going to be.
Much higher fairly or not truly are not the way you look at -- than a fireman.
So -- -- to entertain those type of nitty gritty money issues do we do that.
In these kind of cases or do we -- treat everyone equally how does that work -- Well I think it's community -- it's a -- -- and ethnic Indian 9/11 Buell called meal.
I had to deal with individual -- -- compensation.
Instead of by legal lawsuit.
Against the -- of the world traits he or FEMA does not provide.
That type all of the individual -- -- assistant to a strong point so it's designed to help communities.
And community wide relief.
And again if you got -- ministry that the way it ought to be administered that he ought to make improvements but you need those programs.
On but it is across the -- -- equally distributed right and other words it isn't like.
A tier system where if you look regardless your -- -- Jersey you have a nicer home.
Closest of the Warner.
Verses someone who has.
Not as nice -- -- further around the water how does the government treated -- -- parcels out probably funds -- private insurance won't cover.
But I think the government treats that analysts say the -- sixteen disinterested and reimbursing pride at all owners.
I think -- disinterested make actual role stood out former role pension would you lines bridges fixed that's what's being -- So what if it to private insurers have said really does very little we can do read your policy read -- fine -- get over it.
It is not deem this job to make whole all right what might be some -- cannery on the part of private insurers -- -- -- That's right and then this -- like mr.
tobacco.
Who come with local people community friends and neighbors.
And step up.
And step into that Kuwait and provide debt type -- help it's a perfect example of American's -- -- people would tell them.
Now what are -- cases that are good case what you have done when tracking money's here's what I worry about cannot.
There's certainly no shortage of of big American hearts right that's -- everything but there have and other words straight in all of these member of the benefits of the telethon for Haiti after the earthquake and so many cents and many more to come.
-- is -- I think -- how much of that yes do you think can ever sees.
The right folks.
I wouldn't begin -- get guests on I like the idea the -- expressing.
The American people in here reapply in times of tragedy.
Step -- And help.
And I think that's an American -- the American -- it is but it's stepping up I don't wanna be taken advantage of Ireland and it's from my money goes to help the bets you're right about that and that's we -- oversight.
And better administration -- have been would you -- that's of the disbursement of these funds absolutely.
-- absolutely in order to minimize fraud corruption waste.
Otherwise the whole program discussed in that puts you in charge of that right under a good -- your good name that -- Ken Feinberg -- it was deserved thank you very much.
