National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling Federal government officials and representatives of BP on the status of the spill and clean-up efforts, as well as from local officials, community leaders, and scientists on the economic, cultural, and ecological impacts of the oil spill on Gulf Coast communities and ecosystems. On October 6, 2010 the commission released preliminary reports criticizing the Obama administration for mismanagement of its response to the "Deepwater Horizon" oil spill. Amongst other things cited were, not being fully candid with the American people, and giving the impression of not being fully competent. On January 11, 2011, the commission released its final report, with
Deepwater Horizon oil spill pension fund managers (who have large holdings of BP shares and rely upon its dividends) accepted that while BP had to pay compensation for the spill and the environmental damage, they argued that the cost to the company's market value from President Obama's criticism was far outweighing the direct clean-up costs. Initially, BP downplayed the incident; its CEO Tony Hayward called the amount of oil and dispersant "relatively tiny" in comparison with the "very big ocean." Later, he drew an outpouring of criticism when he said that the spill was a disruption to Gulf Coast residents and himself adding, "You