On the recordMay 13, 2010
First of all, when we call these companies ``independent drillers,'' some of these independent drillers who are portrayed as small mom-and-pop, some of them are like $20 billion companies. So they are not quite the mom-and-pop view we have of small mom-and-pop businesses, No. 1. If you drill, you need to be able to pay for the damages because otherwise, imagine if this particular spill had been done by a ``small company.'' Then who would be responsible just because they were too small? The risk is what has to be calculated. Also I simply say, I have a problem saying the administration did not say $10 billion is not the right figure by any stretch of the imagination. Quite the contrary. They said they are for lifting the liability cap. When BP makes $5.6 billion in 3 months, when the top five companies make $25 billion in 3 months, $10 billion is a drop in the bucket. Finally, the suggestion that those who are harmed--the fishermen, the commercial fishermen, the tourism companies, and others--ultimately will be in a position to make claims in State court, I know my distinguished colleague from Alaska knows what happened in the Exxon Valdez case. That took 20 years for claimants to try to get their just response. Some of them fell off the way because they just could not keep hanging in there, and they lost everything.
