BP Says Gulf Compensation is Too Much

Interesting story in The New York Times today about BP’s Gulf strategy. After essentially going along with the $20 billion victims compensation program, BP is now arguing that fund leader Kenneth Feinberg’s proposed settlements are too generous. It’s an interesting move for a company that has been raked over the coals by the press and the public for the damage—economic and ecological—done by the spill. Even more interesting is that BP’s 25-page document is posted on the fund’s Web site next to comments from Gulf residents, some who say they’re in danger of losing everything if they don’t get paid a fair amount. Does BP believe that sufficient time has passed since the accident and therefore it can now go on the offensive? I think it’s still too early. What do you think?

–Scott Van Camp