House Conservatives Call Escrow Account 'Chicago Style Shakedown'

this is embarrassing. "BP should pay all claims" but should not set aside $20 billion to pay these claims. Hypocritical at best. Pure political attack.

If indeed "there is no legal authority for the President to compel a private company to set up or contribute to an escrow account", then there damn well should be when the private company is one that is as reckless and greedy as BP is.

I wish the escrow were set up so that each representative had the unilateral power to opt all of the constituents within his/her Congressional district out of the "Chicago-style political shakedown"!

Repubs are retards. they want to win in November. Good luck in the south states bordering the gulf if they take this stand.

Well, if the escrow account is a "Chicago style shakedown" then we can only hope to see more of this with Wall Street and the Banks. It is about time that a political figure finally in some small measure has forced an out of control self centered corporation to pay it debts to society with real money.

So these GOPers are pissed that the President had BP cave because he was being to tough on them? And that is going to be a political winner for them?

Please. Go for it. Please scream to high heaven how President Obama is kicking the ass of major corporate fuck-ups.

We all know what the "Chicago-style shakedown" is intended to do. Make it seem like the President is blend of mafia style dealings and a scary black thug. But please, denigrate Chicago some more. I'm sure the Kirk campaign will thank you for tossing him an anchor as his campaign drowns in lies over his military record.

Yes, because forcing a negligent corporation to set up an escrow account from which they will pay their victims is JUST LIKE HITLER.

Yes, because clearly making sure we have a fund set up for the people that are financially effected by this major oil spill is the "Chicago Way" and unamerican.
The horror.

As long as this guy doesn't suddenly develop a lot of melanin in his skin, doesn't matter what he says....he's in. Plus, a lot of you are severely overestimating the intelligence of the white southerner...they think socialism is destroying Social Security.

I've been impressed that the people of the Gulf have sounded appreciative of the Obama administration's efforts, so I'm not entirely certain these morons will so easy a time as their corrupt electoral practices usually offer them.

The GOP ought to know that America has had a long standing love affair with outlaws, rebels and gangsters. They just might get turned on by picturing (a very handsome)Obama going Chicago-style on corporations.

Anything which helps citizens and not corporations is alien to Republicans, as this ridiculous Republican Study Committee statement demonstrates. This is a demonstration of the reason why Republicans should be an even smaller minority after November.

This is craven and disgusting. He's saying he doesn't want the out of work fishermen and families of dead oil workers to be compensated. I hope Tom Price is out of work soon, too.

Why do Republicans hate American fishermen and love foreign corporations?

Republicans prefer the K Street style shakedown, where large corporations line Republican pockets in turn for Republican lawmakers shoveling out government largess back to those corporations.

I'm sure they'd be far happier if the government put forth 20 billion in tax credits and royalty reductions to help BP stay afloat in these troubled times.

Typical RepubliCON nonsensical trash!

Somehow, I don't get this. I mean, how the hell are you going to hold a company lia... oh wait. YOUR NOT. That's the point... I get it. HA HA HA. The joke is on me.

Brb. Pushing new TBTF nonsense.

If Obama hadn't demanded that BP put the money in escrow, and if BP had turned around and filed for bankrupcy, the repukelicans would have said that it's all Obama's fault that the people in the gulf states aren't going to get any money. It's all just a game to them.

Boy oh boy! Those crackers are even dumber than I thought! Let em keep this up. Could save the Democrats from the debacle the've been creating for themselves.

What these wackjobs are really saying is, "we want those injured by BP's oil spill to be forced to litigate damages for years and years and years in the courts, where they can be ground down and bankrupted by trying to fight BP's armies of attorneys."

Like many of the comments here, I am happy to see this. I want as many Republicans as possible to get their kissers planted as firmly as possible to BPs backside.

I can't believe they think this polls well, so I can only guess that this represents the best spin they can put on an otherwise non-negotiable point of governing philosophy. Anything that makes the moral bankruptcy of that philosophy apparent to the American public is a good thing.

What the GOP fail to recognize (or state) is that if the cost/loss of the businesses and individuals of the Gulf Coast do not need that sum of money, then the money would revert back to BP - that is how an escrow account works.

This is merely a twist on Bachman's "redistribution of wealth" screed.

The GOP statement is just another way of saying that THEY SUPPORT BP. That is their message and we need to make all voters understand that FACT!

and what do you call it when they raid the national coffers to hand over dough to the rich in form of tax cuts? or when they block reforms or support -- and pass -- laws that favor corporations and banks because of all the bribes they constantly receive from these interests in the form of "campaign contributions"??? if that's not a constant, national shakedown of the entire country I don't know what is...

A "Chicago Style Shakedown?" Oh, look, we're coming up on fall 2010. What a surprise to see the GOP suddenly all up in arms about Chicago Style... coincidentally just as the 16th edition of the Chicago Manual of Style is about to be released!!

There really is no limit to how deep in the mud these people will go, is there? Pff, I bet the Republicans are still using Turabian. Yeah, I went there.

Problem is all of the assholes making these ridiculous comments are in safe districts. We need to figure out a way to make kneejerk defense of BP the Republican brand.

He's obviously never been to Chicago. If BP had done this to Chicago when old Mayor Daley was in office,most of their board would have been in cement overshoes in Lake Michigan.

the funny thing is this is actually obama being nice, He could have just nationalized all their assetts with in the united states. There is a precedent in the savings and loans of the 80's or gm or AIG. The escrow fund is a good business solution that will actually save bp money from being in court.

It also helps save bp's brand name

"The Republican Study Committee"... great name. Sounds like a research project where scientists study Republicans to find out what the fuck is wrong with them.

OK, I am ignorant...what exactly is "Chicago-style shakedown politics" supposed to mean? From skimming these many comments I gather it has something to do with mob tactics, but I am still not really sure why this is specific to Chicago and what this has to do with BP/the oil spill. Anyone?

I didn’t have time to read everything but have these comments so pardon any repeats:
1. Excellent job by a most vigorous and ‘do-something’ president – Hooray!!
2. The $20 B escrow (interest bearing) is less than some estimates of the total cost
3. It’s possible if any ‘leftovers’ would be refunded to BP
4. I trust the arrangement is set up so that even if BP were to file for bankruptcy, the escrow fund would be a ‘protected’ fund.
5. This is NO different from the requirements of most, if not all, insurance companies – when a loss is reported/claim presented, insurers are required to set “RESERVES” in an amount sufficient to cover all anticipated costs and indemnification amounts. I see this as a shrewd and necessary move on the part of the President, providing as much protection as could be expected.

I just cannot get over all the hyper-political ‘trash-talk’ – “Chicago-style politics” – indeed!! How ridiculous these conservative, anti-everything-Obama are. I see these naysayers as having absolutely no shame nor any understanding of what’s necessary to operate and protect this country and am incredulous they’re in office. What would he want? Have the Government pay then try to get it from the responsible parties? I.e., extend a loan to BP? These are the same imbeciles chanting against government, government spending, and the glory of private business. I just don’t get it. We should be ashamed of Tom Price and his ilk, as he/they should be ashamed of themselves for such behavior.

Every public school student in Texas knows that the Cold War ended immediately after and as a direct result of when Reagan said, "Mr. Gorbachev, tear down this wall.!" Am I right? But did Reagan have the "legal authority" to insist in this harsh manner? Suddenly it seems like Chicago politics. I'm so confused.

From TIME, November 1969:

"Nixon is substituting mild admonitions to business and labor en masse. Last month he wrote to 2,200 business and labor leaders, urging them to hold the line on wage and price increases. Last week he followed up by inviting 3,000 corporate leaders to the cavernous ballroom of Washington's Sheraton-Park Hotel; 1,800 came for an anti-inflation "briefing" reminiscent of a college pep rally on the eve of the big Thanksgiving football game.

Paul McCracken, the President's chief economic adviser, warned the businessmen of sacrifices ahead. "You will have to steel yourselves to the fact that all the things happening are all the wrong things—lower profits, a cost squeeze." Even after the "painful transition" is over, he said, the Government will not allow the economy to resume its rapid rate of growth. Instead of annual increases in spending of 8%-10%, the growth will be held down, McCracken said, and "this difference should be kept firmly in mind." Labor Secretary Shultz said that the businessmen would have to face union demands without Government help, even in the case of utility or transport strikes. "We place our reliance on the free economy," he said, "so that our resolve will be tested." Nixon himself closed the meeting with a speech that asked business to "meet its responsibilities to make America the hope of the whole world."

So, let's recap: it's perfectly acceptable for a Commie-hating Republican President to hector American corporations and unions to forego price increases and wage demands during a time of inflation, but it's Chicago-style gangland thuggery for a black Democratic President to persuade the foreign corporation responsible for a gigantic environmental disaster to put money into an escrow account to help those affected.

Next thing you know they'll start a boycott against Chicago-style pizza...Notice how "Chicago-style" is their latest talking point...note to all: be sure to slip that in any place you can...the more people hear it, the more they'll believe it!

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