BP to Escrow $20 Billion to Pay Oil Spill Claims

The New York Times has just reported that BP has agreed to escrow $20 billion to pay claims over the next several years against its disastrous oil spill in the Gulf of Mexico. According to the newspaper the claims program will be overseen by Kenneth Feinberg, a lawyer who ran the compensation fund for victims of the Sept. 11 terror attacks. President Obama met with oil executives in the White House on Wednesday.