BP to Put $20 Billion in Escrow

Just last week, the media was irresponsibly reporting that BP could go bankrupt.
Now, BP is putting $20 billion in escrow to pay claims. That's a year's profit for BP. Kenneth Feinberg will be overseeing the account:

BP executives, including Chairman Carl-Henric Svanberg, CEO Tony Hayward and BP U.S. boss Lamar McKay, attended the meeting with Obama and other top administration officials that was scheduled to last for 20 minutes.

The independent fund will be led by lawyer Kenneth Feinberg, who oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks.

In his current role, Feinberg is known as Obama's "pay czar," setting salary limits for companies getting the most aid from a $700 billion government bailout fund. msnbc

Obama's meeting with BP execs has run over time. Obama is expected to make the announcement any minute now. Here is a live stream: