At about the same time, during the worldwide Great Depression, the German Reichstag passed a law "for the relief of the German people."Remember when Liberals got excoriated for even daring to link Nazi Germany and Bush in any way.
That law gave Hitler dictatorial powers that were used for things going far beyond the relief of the German people — indeed, powers that ultimately brought a rain of destruction down on the German people and on others.
If the agreement with BP was an isolated event, perhaps we might hope that it would not be a precedent. But there is nothing isolated about it.