BP has agreed to place about $20 billion in an escrow account to be used to pay damage claims resulting from the Gulf Coast oil spill, The New York Times is reporting.
CNN and the AP have also confirmed the deal.
The Times is also reporting that the fund will be overseen by Kenneth Feinberg -- the pay czar charged with overseeing top Wall Street salaries under TARP. Feinberg also oversaw the 9/11 victims compensation fund.
A week or two ago, BP agreed to donate all profits from the oil they're collecting from the leak to a wildlife fund. I'd like to see this money added to an escrow fund and distributed independently as well. BP simply can't be trusted.