June 17, 2010

POWER WATCH: BP & BARRY MCGEE, OR... BARRY, DO YOU HAVE A CONTRACT?

Since everybody is making such a fuss about the "fact" that BP is putting 20 billion dollars into an escrow account (over four years, with 5 billion to be paid into it in 2010, or in other words, there ain't no dime yet)... and shouting from the rooftops that this is such an awesome victory for Barry, the Chocolate Messiah...

... it was a 20 minute meeting. Having recently gone through some contract negotiations myself, I can only wonder. Does Barry have a contract? What does that contract stipulate? Will there be a cap on the damages for individuals? What will that cap be? Does the contract supersede the law that stipulates that damage payments cap out at 75 million? Can it even supersede that law?

Unless there is a signed contract that deals with all these things, this is just a great PR moment for Barry and BP. And it will take weeks to hammer out such a contract, if not months (that's okay, it's not like the gushing oil is going anywhere, oh, wait... it is going pretty much everywhere).

Do you have a contract, Barry?

Something that will hold up in a court of law?

Something that will go all the way up to the Supreme Court?

Do you remember the Exxon Valdez case, Barry?

What happened to it in 2008?

Do you want to talk about this, Barry? How many of the people seriously damaged got money, Barry? Almost 20 years after another CEO of another big global corporation said to the cameras that they will pay any claim, do everything, do anything to help the people affected.

Do you have a contract, Barry?

Does it include punitive measures?

Does it include time tables?

Does it threaten jail time?

Or are you just telling people what they want to hear right now?

Do you have a contract?

And can I see it?