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Tomorrow already yeah it's a one year anniversary of the deep water horizon oil rig explosion.
Killing eleven and creating the worst oil spill in US history.
Well BP today saying it is paid out one point two billion dollars in advances in claims to statements in the states impacted noting.
Using a quote dedicated process for managing claims in funny requests -- BP investigation finds that some of the money was used for things like -- Taser is and other equipment.
Not related at all to the spill.
-- -- -- individuals and businesses who were hurt financially by the -- have had to submit their request a special fund administrator Ken Feinberg who says.
Most of the 800 Dow's original claims have been denied.
Not so why does it seem a lot easier for government to get BP money than the people directly impacted.
Let's bring in the man was in charged of dispersing it Ken Feinberg joining us now to talk about this.
But we got a couple of numbers to deal with your mr.
Feinberg number one so most of the 800000 claims were denied it and you went through I assume.
Most of them with your own eyes what was it about the claims that were denied that he said forget -- you're not getting any money.
Well when they're denied did -- because either I have no jurisdiction to handle the claims moratorium claims arising out of the moratorium imposed by the federal government but most of the claims that would -- it -- -- because they weren't documented there was no proof.
Not having said that.
I have paid 300000.
Almost four billion dollars in the last nine -- It's not as if everybody's getting denied.
But it's accurate to say that in all true many cases.
I can't pay decline.
But can isn't there room before fudging -- that you can never prove how much money you could have made if this had never I've.
I have some friends who have a place on that the Gulf Coast of Florida they're in real estate.
They are going bankrupt right down -- could've been because of the reasons a lot of companies are going bankrupt but.
They claim that much of it had to do with the oil spill it's tough to prove.
But but isn't that worse qualitative decision by people like -- comes in yeah.
So lonely and we have the bent over backwards I must say.
This notion that we're not trying to pay clay it's.
All that we're not.
Implement -- very generous assumptions is faults today.
I saw that a company Omega Protein announced that the judge the Gulf Coast claims facility just paid a 48 million dollar -- So we're willing to pay the claims.
It's just that we really do need that type of notable pro people justify payment.
When people have have pointed to typical you know government bureaucracy it's -- that it's easier for the government to get money but but not the individual to get some money out of this.
What what -- you say to that.
Well we're not the government frankly I mean this is a -- that entity.
Setup are in agreement between the government in B page I'm not the government.
I'm not a government official.
I think that when you look at what we've done over the past just nine months.
And paid out.
Claims were worth just about four billion dollars.
I think we're doing something right now there -- problems.
When you've got 850000.
Claims from fifty states.
We have received claims for compensation.
As hot as it is to believe from all fifty states.
And got that volume of claims is going to take some time.
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