White House, BP agree on oil spill damage fund; company to pay $20 billion

BP is to put money over several years into an escrow account. It would be administered by Kenneth Feinberg, the attorney now in charge of executive pay under TARP. The Obama administration has reached a preliminary agreement with BP executives that would see the oil company pay $20 billion over several years into an independently controlled escrow account to be established to compensate...

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