BP Won't Pay Dividend, Apologizes for Spill

Obama confirms $20B fund for victims of the spill
By Newser Editors and Wire Services
Posted Jun 16, 2010 2:02 PM CDT
BP Chairman Carl-Henric Svanberg is followed by the news media as he leaves the White House.   (AP Photo/Susan Walsh)
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(Newser) – BP is suspending its dividend through the rest of the year in the wake of the Gulf oil spill. "This tragic accident ... should have never happened," said board chair Carl-Henric Svanberg, who used a news conference to "apologize to the American people." He also noted that "we care about the small people." Svanberg spoke after a meeting with President Obama in which the company agreed to set up a $20 billion fund for victims. The meeting stretched more than 4 hours, with Obama darting in and out of the room.

The amount is "not a cap," said Obama. "This is about accountability. At the end of the day, that's what every American wants and expects." He also announced that BP had voluntarily agreed to establish a $100 million fund to compensate laid-off oil right workers affected by the president's 6-month drilling moratorium.

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