Kenneth Feinberg — Why Should He Hurry To Settle BP Damage Claims?

October 8, 2010 at 4:34 PM 2 comments

Back in September we got news that the Justice Department was joining other critics of Kenneth Feinberg, the Obama-appointed head of the “Gulf Coast Claims Facility,” for his slow pace at meting out payments for BP oil spill damage claims.

Today it seems pretty darn obvious why Feinberg is taking his sweet ol’ time:

Kenneth Feinberg and his law firm have been paid more than $2.5 million in 3 1/2 months to administer the $20 billion fund set up by BP Plc to compensate victims of its oil spill in the Gulf of Mexico.

[...]

The $850,000 monthly payments to Feinberg’s firm will continue through year-end and then will be reviewed, a person familiar with the contract said today.

The money goes to seven professionals at Feinberg’s firm and is paid by BP separately from the fund to help victims, according to the person, who spoke on condition of anonymity about details not spelled out in today’s report. Among those being paid is Feinberg’s brother David, according to the report. David Feinberg is listed on the firm’s website as director of special projects.

(My emphasis.)

Pretty nice gig if you can get it, huh?

And in the end of course, the people who suffer the most are the fishermen and the mom and pop restauranteurs who are waiting for their claims to be settled — all while Feinberg soaks up that $850,000 monthly paycheck.  He has no incentive whatsoever to hurry.

What a freakin’ racket.

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Entry filed under: BP / Gulf Oil Disaster. Tags: .

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2 Comments Add your own

  • 1. Kamoor  |  October 10, 2010 at 9:59 PM

    I can’t believe this..What a freakin’ racket.

  • 2. Say It Ain't So Already  |  October 10, 2010 at 10:13 PM

    I know. Blew my mind when I read about it.

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