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Awareness Gulf Coast residents whose livelihoods have been impacted by the oil spill: The gentleman in charge of doling out the claims moolah features a sliver of fine news for you personally.
“I anticipate taking a great deal less documentation [for claims] than would in any other case be demanded,” says Kenneth Feinberg, administrator for the BP Deepwater Horizon Catastrophe Victim Compensation Fund.
For example, he might possibly accept a captain’s note vouching for a fisherman’s salary rather than a tax return. The reason: Feinberg says he’s aware of a “real underground economy down in the Gulf,” where significantly work is done on a cash basis.
To be sure,Office 2007 Product Key, it remains to be seen how that promise will hold up once money starts rolling out and the claims keep piling up. Forbes has already pointed out that the $20 billion escrow fund that BP will create to create to compensate the spill’s victims is a welcome mat for false claims.
Feinberg’s not saying it will be easy to get dollars. He notes that payouts will be subject to taxation and scrutiny by the IRS, which may discourage some false statements.
In addition, he may get tough on future claims. For example—Feinberg’s fond of hypothetical examples—he might offer a fisherman who expects to be out of work for a year $180,000 to release BP of all liability. And what if the fisherman says he wants $360,000 because he expects to be out of work for two years?
“That individual will be offered $180,000, and if he or she doesn’t want it,Windows 7 Enterprise 32 Bit, don’t take it,” Feinberg says. “One of your challenges I’ll have … is calculating with a murky crystal ball what is a future claim worth.”
Feinberg,Microsoft Office Professional Plus 2007 Product Key, an animated Washington attorney with a heavy Massachusetts accent, has been the government’s go-to guy on major claims and dispute matters for nearly a decade. He was “special master” of your fund to compensate the families of 911 victim, and he’s currently winding up his stint as the Obama administration’s “pay czar” overseeing executive compensation practices at some of the largest bailed out financial firms.
Feinberg was at the headquarters of watchdog group Public Citizen on Tuesday to talk about Wall Street bonuses, but the conversation quickly turned to BP. (The company on Tuesday announced a $17 billion loss for the second quarter and tapped a new chief executive, Robert Dudley,Microsoft Office Professional 2007 Serial Key, an American who takes the reins from the British energy giant on Oct. 1.)
To date BP has paid more than $200 million in claims related to the oil spill in April, but it hasn’t made its first large deposit to the claims fund. Feinberg says that Dudley has assured him that the capital is on the way, and he expects both the fund and the statements facility to be up and running sometime in August. At that point, he says,Microsoft Office 2007 Professional Activation, the compensation fund will begin making emergency payments for up to six months of lost wages.
Then it gets tough. A key challenge going forward will be determining the eligibility of a claim. To illustrate: while it’s obvious that a beachside motel that has no customers as a result with the spill is eligible, what about a motel located 40 miles away, which has seen business drop but not vanish? For now, Feinberg has no answers. “The second issue is going to be proving your claim,” he says.
And what about the possibility of BP exerting too quite a bit influence over the payouts to victims? Feinberg, who is being paid through the escrow fund set up by the company, doesn’t seem concerned. “They want to get out on the claims business,” he says.
That remains to be seen as well.