Oil spill claims administrator Kenneth Feinberg released his methodology for calculating losses on Wednesday… kind of.
Florida Attorney General Pam Bondi summed up the shortcomings in a recent court filing, The Buzz reports:
While this office had hoped that the methodology would finally provide some transparency, this document provides no useful information to claimants beyond a simplistic multiplier and is based on very optimistic assumptions about unknown environmental and economic conditions.
How, exactly, will the fund handle the problem that has been dogging Floridians since this summer: the losses felt in parts of the state where oil never came ashore? That question hinges largely on what economic models the fund will be using. What specific measures will Feinberg take to fulfill his pledge to resolve the inconsistencies in terms of who has gotten paid? What about the claimants whose losses were not covered under the emergency claims process? Wednesday’s announcement provided few answers.
Citing a ruling that found Feinberg is not completely independent from BP, Sen. Bill Nelson has reiterated calls issued late last year by Florida officials for the Obama Administration to investigate the fund, The Buzz also reports.