BP Chairman Svanberg Apologizes for "Small People" Comment

BP (NYSE: BP) Chairman Carl-Henric Svanberg apologized for calling people impacted by the Gulf oil spill at "the small people." Svanberg said he spoke "clumsily."

Svanberg made the statement following meeting with President Obama, agreeing to a $20 billion fund to cover expenses related to the massive oil spill.

His statement:
"I spoke clumsily this afternoon, and for that, I am very sorry. What I was trying to say - that BP understands how deeply this affects the lives of people who live along the Gulf and depend on it for their livelihood - will best be conveyed not by any words but by the work we do to put things right for the families and businesses who've been hurt. Like President Obama, I believe we made some good progress toward that goal today."

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