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Obama cuts deal to shield BP assets

Obama cuts deal to shield BP assets By Tom Eley 17 Jun 2010 President Barack Obama reiterated his defense of oil giant BP after a White House meeting with the company’s CEO Tony Hayward and board chairman Carl-Henric Svanberg. After the meeting, Obama and BP announced the establishment of an independently operated escrow account, the Independent Claims Facility, funded by up to $20 billion paid out over the next four years... The US media presented the meeting and announcement as a humbling of BP. It was nothing of the sort.