BP already had the account ready and the funds set aside. Obama did nothing that had not been established, he showed for photo opportunity, hence the 20 minute discussion. The extortion if one is to look at it that way is that Obama and crew are in charge of the money.
A Brand of “Independence” Only Obama Could Love:
"... BP had already pledged they would pay for all ... Obama's “gun to the head' is nothing but a political ploy to ..."