The fund is funded over the next 4 years @~$5 billion/year. More like "promise the money now..."

BP is looking to sell $5-10 billion in bonds. So much for selling assets.
http://sify.com/finance/bp-considering-5-bln-10-bln-debt-sale-cnbc-news-debt-kgsaudgajhd.html


>The President could ask Congress to levy fines against BP.
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>This isn't a shakedown. The Prez is only saying, "put up the money now, or we'll come after you laters". Either way they're going to pay. It would be a shakedown if they had no culpability.
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>>While I agree that BP should pay for their share of the damages, my main concern is how this administration has been ignoring the rule of law in this county. I am unaware of the statute the gives the president the power to order a company to do this. It is also my understanding that the US demanded BP collateralize the 20B using assets in the US. Does that mean that the US will take over BP if they don't come through with the money? Seems like this kind of agreement should have come through the courts.
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>>>http://www.msnbc.msn.com/id/37759828/ns/disaster_in_the_gulf/
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>>>This guy should be censured. Obama stuck his foot in his mouth when he said the "know who's A$$ to kick". This is above & beyond. BP IS responsible, and SHOULD pay. For this guy to call this a shakedown shows whata complete moron he is. The fund is a great idea, except I don't think it sets aside enough. $50B would be more appropriate.