Saturday, July 24, 2010

Feinberg has contracts with other Big Oil Companies?

Anonymous said... 

I am skeptical of Feinberg Rozen LLP because they also represent Conoco, Inc., Exxon Corporation, Shell Oil Company, and other oil & gas companies they have an interest in keeping the claims low so that B.P North American can sell off its profitable assets to those same energy companies over the next few months.

Secondly this is the same asshole who let Goldman Sachs & 419 other financial companies who recieved 1.7 billion in TARP funds 

http://blogs.barrons.com/stockstowatchtoday/2010/07/23/goldman-et-al-walk-scott-free-from-feinberg-review/

This guy is a shill for corporate america.

PS--once you sign an agreement with an arbitration clause in it you are forced into arbitration and you lose your right to the federal litigation process thanks to the folks with the US Supreme Court.

DO NOT SIGN ANYTHING WITH AN ARBITRATION AGREEMENT EVER. 

 Feinberg Rosen represents Conoco, Exxon and Shell?  Can anyone confirm this?  How the fuck was this guy chosen?

I am dead serious when I say I would rather have Morris Bart, or more realistically, a group of Gulf Coast attorneys overseeing this escrow fund.  Why would we believe for one second that Feinberg has our best interest in mind?  Especially when no one seems to know very much about the circumstances in which he was hired and what his contract is.

I posted this in the comment section of the previous post...here are some questions I think need to be answered:

1.  What is the nature of the contract with Feinberg Rozen, LLP?  Who is paying for the contract, BP and/or Federal entity?  If it is a Federal Entity, which one?

2.  Is their a commission clause within the contract?  If so what are the commission incentives, i.e. expediency of claims payed, amount of claims payed, etc.?

3.  What is Feinberg Rozen's plan to conduct the assessments and claim payments?  Are they going to set up offices along the Gulf Coast, etc.?

4.  Are the claims limited to specific geographical areas?  If so, are those areas defined by state, or is it an arbitrary geographical footprint?

5.  What is the criteria Feinberg Rozen will use to establish whether or not an individual or business has been negatively affected by the BP oil spill?

6.  How was Feiberg Rozen, LLP chosen by the White House to arbitrate the 20 billion dollar fund?  Did the company solicit the White House or did the White House solicit the company?

7.  If claims exceed the first 5 billion dollar payment within the first year, how will Feinberg Rosen assess which claims are paid first?  Will the priority of the claims paid be contingent upon which areas were the first areas impacted?

8.  Does Mr. Feinberg or any other member of his law firm have financial interests in BP including 401k plans?

9.  Does Feinberg Rosen have contracts with any other oil companies or oil related industry companies, i.e. Halliburton, TransOcean, Schlumberger, etc.?

5 comments:

Brian said...

The wording of the second paragraph confused me until I clicked the link, but I completely agree with you. That guy should have a horrendous reputation considering he allowed companies to pay huge bonuses despite receiving TARP funds, having their debt issuances backed by the FDIC insuring under the TLGP program, the fed's alphabet soup of lending facilities, QE, PPIP, and settling AIG's CDS at par. Oh, and their irresponsible actions did nearly cause a complete, global economic collapse.

Why not claw back their previous year's bonuses that could have been used to avoid insolvency? And what about Goldman's 20 billion in bonuses permitted last year despite not having paid back roughly $20 billion in TLGP debt still outstanding?. He didn't so much as tell them to issue new, non-government backed debt to pay off what the taxpayers are still on the hook for. Think about that for a second. They used an explicit government backing to raise $20 billion in capital at rates far lower than they'd get in the open market and then proceeded to pay executives bonuses of nearly the same amount.

And this is the guy who we're trusting to handle claims? It's maddening.

Drake Toulouse said...

Well done sir, article very well done, glad you followed up on those questions from comments in your past posting... Hopefully the past doesn't become the future, again.

Anonymous said...

"The past has become the future, again."

Could replace "a culture of tradition" as the new catchphrase on the Tulane advertisements.

It would make a great state motto, too.

judyb said...

confirmed
http://www.feinbergrozen.com/
click under "clients" then corporate clients. Here's a partial list:

Altria Group, Inc.
American Express
Bristol-Myers Squibb Company
British Airways
Conoco, Inc.
Dow Corning Corporation
Pfizer, Inc.
Philips Electronics N.A.
Purdue Pharma
Raytheon
Shell Oil Company
Virgin Atlantic
Visa
Eli Lilly & Company
Exxon Corporation
Ford Motor Company
General Electric Company
Hoechst Celanese Corporation

Anonymous said...

Nice! Look at all the chemical companies! And the drug companies!

Those guys are going to make a bundle on the clean up and in the years and years of health problems to come.