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In a Wednesday morning conference call with reporters, Feinberg said, "Nobody is required to agree with me and the GCCF about the future. If people think I wrong, I urge them to opt for interim payments."
spill claims czar Ken Feinberg plan for final settlements, saying payouts would be too small.
"They only talking about paying again what already been paid," he said. "They already paid $3 billion, so you talking about paying a total of $6 billion. They got $20 billion, and they trying to get out of it for less than ten."
Most individuals and businesses would receive a total of twice their 2010 losses as a final settlement, according to guidelines made public Wednesday. Feinberg, who predicts that the coastal economy will be back to normal by the end of 2012, is giving the public two Converse Chuck Taylor White Low
weeks to comment on the guidelines before his Gulf Coast Claims Facility begins making settlement offers. Rep. Jo Bonner, R Mobile, said, "there does not appear to be much encouragement in the new GCCF final payment criteria."
Full payments for most will be double 2010 losses
The loss model does not account for any possible economic growth in 2010 or beyond. Deravi said it hard to forecast that kind of growth, and had Feinberg done so he could have just as easily been criticized for his growth assumptions.
(AP file/Dave Martin)
Keivan Deravi, an economist at the University of Auburn Montgomery, said Feinberg methodology is "simplistic" because it bases losses on the amount of money businesses and workers earned in 2008 and 2009, the latter of which was during one of the biggest recessions in recent history.
Accepting a final settlement requires that takers promise not to seek future compensation or to sue BP PLC or any other company involved in last year spill in the Gulf of Mexico.
working with hundreds of businesses as they navigate the claims process.
Any compensation that a claimant has already received would be deducted from the final payment offer. That means many individuals Converse All Star For Girls Blue and businesses will get just what they were paid by Feinberg emergency process in 2010, said Bert Sanders, an accountant in Gulf Shores who is Converse All Star Leather Snake Effect Trainers
MOBILE, Ala. Coastal business leaders and elected officials expressed disappointment Wednesday with oil Converse New Arrival 2017
"I not saying it good, I not saying it bad, it just simple minded," he said. "To some extent, I think it undershooting the actual economic impact."
Claimants can, on a continuing basis through August 2013, make claims for three months worth of losses at a time without ceding their legal right to future compensation.
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