The Scam Artists are Hard at Work

From the Heritage Foundation:

An Offer BP Couldn’t Refuse

 [...]Yes, BP did get the White House to say they do not want to see BP driven into bankruptcy. But who does that promise really serve? Clinton administration Deputy Attorney General turned BP lawyer Jamie Gorelick explains:  “We know what it looks like when a company is driven into bankruptcy. The claims that come first are the creditors, then the employees, then the environmental claims, and then the likes of shrimpers. This would not be a good result for anyone.” Now look at how the deal between the White House and BP is structured. BP is not handing over a $20 billion novelty check tomorrow. Instead they are set to pay $3 billion in the third quarter of this year, $2 billion in the fourth, and then $1.25 billion per quarter thereafter. In the meantime, BP has identified $20 billion worth of assets in the United States that the federal government now has a lien on. In the event of a bankruptcy, guess who gets to jump in line and have their claims honored first? Still guessing? Then ask Chrysler’s secured creditors. 

read the entire article

I can't wait until gas costs $6.00 a gallon...