Anglo spill-over

So BP has pledged $20bn to cleaning up the environmental disaster in the Gulf of Mexico

WASHINGTON — US lawmakers on Wednesday welcomed BP’s agreement to create a $20billion fund to pay claims from the Gulf of Mexico oil spill but vowed to keep holding the energy giant’s feet to the fire.

President Barack Obama’s Democratic allies cheered the news as a solid step towards helping afflicted areas recover from the worst environmental catastrophe in US history but said that more action would be needed.

Democratic House Speaker Nancy Pelosi welcomed the news but warned: “If it takes more than 20 billion dollars, BP will have to cover the full amount for the families, workers, and small business owners of the Gulf Coast.”

The republicans are calling the spill “Obama’s Katrina”.

$20bn is €16bn.

Also today, now in perspective…

Chief Executive Mike Aynsley said Anglo is seeking to establish a “good bank” with roughly €2.5bn of capital, meaning Dublin would be unable to recover the remaining €19.5bn it is likely to inject.

“The lion’s share of this will never be seen again,” Aynsley told a parliamentary hearing.

“That money is gone … It will not be recoverable.”

Anglo Irish Bank, probably more expensive than the BP Oil spill.