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Jun 14, 2010 12:23 PM by Greg Boyce

White House and BP negotiate compensation fund

The White House says BP appears willing to establish a multibillion-dollar compensation fund for people and companies damaged by the Gulf oil spill.

President Barack Obama demanded that the oil company set up a independent compensation fund. And presidential spokesman Bill Burton told reporters the White House and BP are down to negotiating amounts, administration and other details of the fund.  Burton said Monday that the fund will be in the "billions of dollars," without providing a specific figure. He also said that it will be administered by a third-party entity as Obama wants.

As Obama was making his fourth visit, BP's board was meeting to discuss putting its second-quarter dividend in escrow until the company's spill liabilities are known.

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