Will BP Pay Up?


Who can say? I'd like to see a few executives in jail myself. Michael Coren examines the bill:

BP's legal strategy has yet to emerge. For now, it has set up a website to pay out immediate claims. One prediction is that BP will settle many of the outstanding costs as soon as possible, and allow bad press to recede for as long as 2 to 3 years, before attempting to fight any cases and paying out claims of pending lawsuits.  

For McRae, at the Cedar Point Fishing Pier in Coden, Alabama, his business may not survive to see the fight. Business is down 50 percent compared to last May. He's already submitted claims to BP for the loss in customers, but says he hasn't heard back and is not optimistic after attending a meeting with company officials in the neighboring town of Gulf Shores. An accountant at the meeting representing a local condominium development raised his hand to say that he submitted 1,700 pages documenting his losses, and BP replied requesting more information. "Does that tell you they are going to do the right thing?" asks McCrae. "They are not going to do the right thing."

(Image: Oil floats ashore at the Grand Isle East State Park May 27, 2010 on Grand Isle, Louisiana. By Win McNamee/Getty Images)