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POSTED: Thursday, June 17, 2010 - 11:34am

UPDATED: Thursday, June 17, 2010 - 11:37am

Company will set up $20-billion compensation fund...

Gulf Coast -- For many along the Gulf Coast, news of the claims fund came just in time.

Mayor of Orange Beach, Alabama Tony Kennon said, "If we don't get cash in the bank soon, because of the way our economy works down here, we are going to have beautiful beaches but we are going to be a ghost town."

"BP's liabilities for this spill are significant, and they acknowledge that fact," said President Obama.

But while BP has agreed to put 20 billion aside, a comment made by the company's chairman caused a significant stir.

"I hear comments sometimes that large oil companies are greedy companies or don't care, but that is not the case in BP. We care about the small people," said Chairman Carl Henric Svanberg.

Real Estate Broker John Pinzino said, "Oh it says he is for the "small people," well the small people are not fans of this comment."

Deli owner Nathan Holler said, "They don't care about the small people, that's a pony show, that's to please American listeners.”

The chairman for whom English is a second language, later apologized for speaking clumsily, promising actions would speak louder than words.

And on Wednesday, BP did announce it is now able to capture an additional 5 to 10 thousand barrels of oil a day and is burning some at the surface. But it is still only half of what scientists say could be flowing.

Leaving those along the coast to handle a big cleanup.

Grand Isle cook Michelle Terrebonne said, "We're not small down here. We take care of ourselves. Give us a situation we can handle it."
 

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