West Wing Report: June 17, 2010

West Wing Report: Show Me the Money – So BP has agreed to put $20 billion in an escrow account for individuals and businesses hurt by the oil spill. But it doesn’t end there. The company may wind up paying for a whole lot more than that – in a process that’s likely to play out over a period of many years. Paul Brandus has more from the White House:

"This $20 bilion will provide substantial assurance that claims people and businesses have will be honored. It's also important to emphasize this is not a cap. The people of the Gulf have my commitment that BP will meet its obligations to them." - President Obama yesterday

And that’s just the escrow account, for economic claims, as Obama pointed out. Totally separate from that are legal costs and possible criminal fines – which one Wall Street analyst this morning estimates could hit $63 billion – three times more than the $20 billion escrow account.

In their meeting yesterday, BP began by apologizing to the President for the accident. Obama accepted the apology. The oil company also told Obama it’s suspending its dividend for the rest of the year, which will free up billions in cash to help pay for all this.

Obama was glad to hear that, of course – but in a private Oval Office chat with BP’s chairman, the President said something too:

“And so I emphasized to the chairman that when he’s talking to shareholders, when he is in meetings in his boardroom, to keep in mind those individuals; that they are desperate; that some of them, if they don’t get relief quickly, may lose businesses that have been in their families for two or three generations. And the chairman assured me that he would keep them in mind.”


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No public appearances by the President today, it's all behind closed doors, and the emphasis this Thursday is the military. In addition to his usual intelligence, economic and oil spill briefings, Obama meets separately with the Veterans of Foreign War’s New Commander in Chief Tommy Tradewell, Navy Secretary Mabus and with Marine Corps Commandant Nominee General James Amos. The President also has his weekly meetings with Treasury Secretary Geithner and Secretary of State Clinton.

Looking ahead, Obama heads to Ohio for another jobs/economy event tomorrow.

The Schedule


EDT


10:00AM THE PRESIDENT receives the Presidential Daily Briefing
Oval Office
Closed Press


10:30AM THE PRESIDENT receives the Economic Daily Briefing
Oval Office
Closed Press


11:00AM THE PRESIDENT receives a briefing on the BP Deepwater Horizon oil spill
Oval Office
Closed Press


11:35AM THE PRESIDENT meets with the Veterans of Foreign War’s New Commander in Chief Tommy Tradewell
Oval Office
Closed Press


2:25PM THE PRESIDENT meets with Secretary of the Navy Mabus
Oval Office
Closed Press


2:45PM THE PRESIDENT meets with senior advisors
Oval Office
Closed Press


3:15PM THE PRESIDENT meets with Secretary of the Treasury Geithner
Oval Office
Closed Press


3:45PM THE PRESIDENT meets with Secretary of State Clinton
Oval Office
Closed Press


4:30PM THE PRESIDENT meets with Marine Corps Commandant Nominee General James Amos
Oval Office
Closed Press


Briefing Schedule

2:00PM Briefing by Press Secretary Robert Gibbs

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On This Day

1972: Five men were arrested for breaking into Democratic National Committee hq in Washington’s Watergate building. The ensuing investigation eventually led to the biggest political scandal in American history, and the only resignation of a president – Richard Nixon – in Aug. 1974.

Presidential Quote

“Let us begin by committing ourselves to the truth...find the truth...speak the truth...live the truth.” - Richard Nixon

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