PrintJuly 16, 2010
Obama's BP Bluster
"Speak softly and carry a big stick." That was former President Teddy Roosevelt's favorite proverb. In the wake of the BP oil spill disaster, we now know that President Obama likes to carry a twig while he's yelling at anyone who will listen."I don't sit around talking to experts because this is a college seminar," Obama told the Today Show's Matt Lauer. "We talk to these folks because they potentially have the best answers, so I know whose ass to kick."Putting aside the un-presidential nature of Obama's rhetoric, let's examine just how sore BP's backside is now that the president is bringing the big timber. The Obama administration paddled BP into establishing a $20-billion escrow fund, out of which the oil giant and White House friend would pay for damages to individuals and businesses harmed by the oil spill. BP plans to put $5 billion per year into the fund over the next four years.Under current tax law, however, BP would get to write-off the...(Read Full Article)
