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The proper way to handle compensation for those impacted by the spill is to file a class action law suit against BP/Tansocean/Haliburton for damages. If you're a fisherman (or whatever) who's business is shut down due to this, then you should be able to sue and be rewarded money for the destruction of the business and so on. The states can sue for cleanup costs along their coasts too, as can anyone else that can prove they were reasonably and directly damaged by the spill.

The President ordering BP to create a fund to be administered by someone selected by the President is exactly a shakedown. The man selected to administer the fund is the same 'pay tsar' who determined what the CEOs of the bailed out banks should make. I'm sure he will distribute these funds fairly without the slightest concern for political interests.

I'd really like to know what part of the Constitution establishes that the executive branch can usurp the role of the judicial at the whim of a president looking for an "ass to kick".