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Fox Business alert the deadline has now passed the victims of the BP oil -- -- the emergency compensation man in charge of those payments for money.
Ken Feinberg is -- man and he's taken a lot of heat for this BD's for the speed at which he is handing out the money.
Earlier today I had a chance to speak with Ken Feinberg he had some very interesting comments for his critics.
I began by asking him if there was a rush to file claims before yesterday's deadline -- yes.
Is the wrong word a flawed.
We received yesterday in the last two days we received a -- 35000.
Claims in the last ninety days -- receipt.
Claims about four times what I predicted.
Would be the number.
We doing something right that we've got these types of claims and -- paid out.
In the last ninety days -- -- out 2.2 billion dollars.
OK so that's a good chunk of of what is actually a twenty billion dollar fund that and you obviously he just said feel that you're doing something right.
Boy I'll tell you mr.
Feinberg there is so much criticism swirling around you from all sides thought -- -- -- how you're standing at -- media but titanium shield you've got.
The governor of Alabama calling you an extortionist you've got others including the Department of Justice saying speed this -- you're not going fast enough what do you say that that.
I say -- that it's well intentioned constructive criticism.
It goes with the territory.
Here has never been a fund like this.
-- rob received so many claims in so few days.
In four months after the spill.
Million dollars in nine.
I've already paid out.
Over two billion dollars Alabama alone has received -- 400 million dollars I can improve the process.
It's not perfect.
But I believe that we are doing exactly what was intended when this program was set up.
Let's talk about this deadline which was yesterday in the deadline was for people -- victims who say they are victims to file for emergency claims and then.
If you apply for this and you get the -- you relinquish your opportunity to sue BP later on down the line.
Some people say that putting has deadline right before Thanksgiving that was was a bit tough for you guys to do and that that may be the timing is is suspect because it's right before the holidays and frankly mr.
-- -- some people are getting a little desperate what was behind the thinking of yesterday as the death.
First of all.
Let's speak flee -- Yesterday was the deadline to file an emergency payment -- around for three more years.
And during the next three years starting today.
Spiritual choices open to any -- Take a lump sum payment from the fun and -- show right to -- -- law.
Don't take a lump sum payment take a quarterly payment document your damage and you don't have to release anybody.
And then you still have that right to sue okay so you absolutely you've paid out about about 122000.
Plus or so of the 4111000.
Give us some examples of what you've had to reject what -- flat -- said -- forget it you're not getting any money.
Feinberg I'm a fisherman and I want 30000 dollars and I have no documentation whatsoever not just painting them.
Feinberg -- a dentist.
I'm losing business because of the spill I'm of that in the area of -- world -- dot.
I mean the Iraq claims I can pay.
And there are claims I can't pay I have over a thousand claims.
That that -- suspicious that look like fraud.
If he is fraud we send them to the Department of Justice.
OK so there have been all kinds of things that you've seen here where some of -- he says -- It that you deserve money and others you -- now you have relinquished it you've relented on certain things that initially you said you wouldn't pay out Robin.
What's happened here as I understand it is.
You've broadened the geographic perimeter at first it was you've got to be in those states surrounding and now it's expanded a bit can you give me an example of someone far from the spill.
To whom you have agreed to pay -- claim.
A hotel in saint Petersburg Florida flop from the spill -- mr.
Feinberg I was no -- near the spill but the perception.
The tourism perception.
Everybody thought when they read the paper.
That I would that the that the oil was -- -- Saint Petersburg.
As a result by lost bookings now if you file a lawsuit would that claim I don't believe you have a prayer.
Of winning that claim.
I've said from the very beginning that I think this Gulf Coast claims facility should be more generous.
-- the federal law.
And -- -- our claims that I will recognize its proximity claims now you still have to prove you damages.
But I'll look at a claim as valid even though I believe no court would.
Here's the problem that I don't understand you are getting this as we already talked about some criticism here yet when you speak to our cameras and you talk about this it sounds very rational and frankly very fair.
You also ran the nine elevenths victims fund.
Where that seem to -- Go a lot more smoothly -- I have the correct perception or do you almost wish -- hadn't taken his BP job you're getting so much criticism from Democrats Republicans.
From within the the US government.
First of all you I don't think your perceptions accurate.
It I remember during the 9/11 victim compensation fund which was so horrible for.
Unprecedented tragedy for the first year of that program.
I got criticized and whacked around pretty well and at the same thing now the look.
I understand this is a very emotional time.
His spiel was not the fault of anybody living in the gulf.
And it goes with the territory I understand this criticism much of it is constructive.
I appreciate -- I'm doing the best I can.
We've paid out billions of dollars will pay out billions more -- and you know no good deed goes unpunished and if you -- approach the problem that way.
I certainly am not sorry I took this on the administration asked me to do it.
BP asked me to do it I'm glad to -- -- What we're glad you're doing it we really are but in the end.
I'm gonna ask you straight -- question here will twenty billion do the job will it cover all of the claims you expect to see -- -- out.
I'm cautiously optimistic that it will one problem in in in remember about this twenty billion I'm not the only entity draw arena on that twenty billion.
That twenty billion also has to pay government claims it has to pay cleanup costs so I'm hoping.
It's too early to tell I'm hoping.
That that money will be adequate but from the Obama BP is made a -- very clear that if it's inadequate.
It will -- all any additional financial obligations.
And there you have -- two billion paid out so far and much of that going to businesses who have put in for these claims but also individuals David and don't forget you can see the full interview with Ken Feinberg.
And much more about our show on Bulls and Bears page at foxbusiness.com.
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