So BP's Oil Spill Liability is LIMITED TO $75mil , but they made Billions Last Q in Profits...

[Blackhatjack]

The below comment clearly explains BP is not on the hook for more than $75mil. Guess who will pick up the rest of the tab?

COMMENT: Under the law that established the reserve, called the Oil Spill Liability Trust Fund, the operators of the offshore rig face no more than $75 million in liability for the damages that might be claimed by individuals, companies or the government, although they are responsible for the cost of containing and cleaning up the spill.

http://www.nytimes.com/2010/05/02/us/02liability.html

[Cresent City Kid]

1. The punishment should match the crime

Their liablilty should be as uncapped and ongoing as the leak itself. Charge them $x per gallon and keep the tab running to drive home the notion that time is of the essence.

[indepat]

3. This artificially-low liability cap should scream to every American just how corrupt the Congress is

and just how beholden Congress-critters are to corporate interests, just how far down the corporatist road they've traveled, just how much they ignore the interests of the people to protect large corporations from even the most egregiously reprehensible and criminally irresponsible acts. :P

[Statistical]

2. $75 mil + $5B? ($10B?) for cleanup & mitigation. n/t