residents affected by the disastrous oil spill, and BP’s board of
directors has eliminated the company’s stock dividend, at least
The agreement on the escrow was negotiated in a meeting at the
currently serving as the special master for executive pay under the
Troubled Asset Relief Program. Feinberg ran a fund that compensated
victims of the terrorist attacks of
Immediately after the meeting, BP Chairman
BP has been under intense pressure from the Obama administration to cut or eliminate the
The meeting comes 57 days after the
Wednesday’s session was the final piece in a
choreographed three-day series of events intended to showcase Obama’s
handling of the gulf oil crisis. He made his fourth visit to the gulf
region, with stops Monday in
he delivered his first address to the nation from the Oval Office,
outlining what he called a “battle plan” for cleaning up the spill,
providing assistance for those affected and, ultimately, to “make sure
that a catastrophe like this never happens again.”
BP executives were in
for several congressional committee hearings on the oil spill. Hayward
is scheduled to testify Thursday morning at a House Energy and Commerce
subcommittee hearing specifically on the role of BP in the spill.
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