Obama: I'm Taking Recovery Money Management Out of BP's Hands

President Barack Obama wants British Petroleum to set up a fund to repay the fishermen, shopkeepers, hotels and others impacted by the spill and put it in the hands of a third party to manage. He said he will go to the BP chairman to demand it tomorrow. His administration had been dropping hints about this earlier today, but this is his official confirmation, and a direct response to criticism of the federal response to the spill not being strong enough.

"Tomorrow, I will meet with the chairman of BP and inform him that he is to set aside whatever resources are required to compensate the workers and business owners who have been harmed as a result of his company's recklessness," he said. "And this fund will not be controlled by BP."