All I am saying is doesn't it scare anyone that the President can just demand this kind of money? Does BP have insurance for this does anyone care?
It should be scaring (and I think it is) the pension holders in England who depend on BP revenue. No, BP does not have insurance for it due to the liability cap law which was IIRC only about 250 million.
What I am thinking is that this is a first step to push BP into bankruptcy and from there Obama can take over U.S. assets of it like he did GM and Chrysler - neither of those was really by law, but it is not too hard when the company is hopelessly going under.