From the NYT's a few minutes ago:
WASHINGTON — President Obama for the first time will address the nation about the ongoing oil disaster in the Gulf of Mexico on Tuesday night and outline his plans to legally force BP executives to create an escrow account reserving billions of dollars to compensate businesses and individuals if the company does not do so on its own, a senior administration official said on Sunday.
The president will use his legal authority to compel them,” said Robert Gibbs, the White House spokesman.
What legal authority would that be? Every time the President or the Congress does something, the first question has to be WHERE DO THEY GET THE AUTHORITY TO DO SO?
The powers they have are enumerated.
How can the president legally order BP to put a dime into escrow for victims? He ask ask them to do so, yell at them, threaten them-but by what authority can he order them?
Any person/entity that has suffered damages from the oil spill has the right to bring BP to court to address their claims.
How can the President circumvent this process?
The fact that the spill is monumental, historic and tragic does not mean that the powers of the executive branch are extended to compel companies to set aside billions of dollars by presidential proclamation.
Apparently, the Obama cabal/regime wants to model the fund on the 9/11 victims fund. But there is a huge difference. The 9/11 fund was mostly government funded, and its primary purpose was to compensate victims & to preserve the airline industry.
In the BP matter, it's just the opposite, they are not looking to preserve an industry-they want to destroy it.
Let's see Obama's rationalization.... which will be nationalization.