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BP Agrees to $20B Compensation Fund

President Barack Obama announced that BP has agreed to a $20 billion compensation fund to be run by White House “pay Czar” Ken Feinberg, who also administered the effort to provide payments to victims of 9/11.

Obama spoke at the White House following a meeting with BP executives.

Appeals on claims can also be made to a three-person appeals panel.

Feinberg is currently in charge of the TARP executive compensation committee, overseeing compensation of executives and companies receiving federal financial system bailout money.

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