Obama Payback for Soros with YOUR Tax Dollars

Discussion in 'Politics' started by Newby, Aug 20, 2009.

  1. Newby
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    Newby Does it get any better? Supporting Member

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    Simply amazing.


    President Obama Finances Offshore Drilling in Brazil - WSJ.com

    Obama Underwrites Offshore Drilling

    Too bad it's not in U.S. waters.

    You read that headline correctly. Unfortunately, the Obama Administration is financing oil exploration off Brazil.

    The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.

    The U.S. Export-Import Bank tells us it has issued a "preliminary commitment" letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.

    But look on the bright side. If President Obama has embraced offshore drilling in Brazil, why not in the old U.S.A.? The land of the sorta free and the home of the heavily indebted has enormous offshore oil deposits, and last year ahead of the November elections, with gasoline at $4 a gallon, Congress let a ban on offshore drilling expire.

    The Bush Administration's five-year plan (2007-2012) to open the outer continental shelf to oil exploration included new lease sales in the Gulf of Mexico. But in 2007 environmentalists went to court to block drilling in Alaska and in April a federal court ruled in their favor. In May, Interior Secretary Ken Salazar said his department was unsure whether that ruling applied only to Alaska or all offshore drilling. So it asked an appeals court for clarification. Late last month the court said the earlier decision applied only to Alaska, opening the way for the sale of leases in the Gulf. Mr. Salazar now says the sales will go forward on August 19.

    This is progress, however slow. But it still doesn't allow the U.S. to explore in Alaska or along the East and West Coasts, which could be our equivalent of the Tupi oil fields, which are set to make Brazil a leading oil exporter. Americans are right to wonder why Mr. Obama is underwriting in Brazil what he won't allow at home.

    Soros Hedge Fund Bought Petrobras Stake Worth $811 Million - Bloomberg.com

    Soros Hedge Fund Bought Petrobras Stake Worth $811 Million

    By Jeb Blount and Miles Weiss

    Aug. 15 (Bloomberg) -- Billionaire investor George Soros bought an $811 million stake in Petroleo Brasileiro SA in the second quarter, making the Brazilian state-controlled oil company his investment fund's largest holding.

    As of June 30, the stake in Petrobras, as the Rio de Janeiro-based oil producer is known, made up 22 percent of the $3.68 billion of stocks and American depositary receipts held by Soros Fund Management LLC, according to a filing with the U.S. Securities and Exchange Commission. Petrobras has since slumped 28 percent.
     
  2. Newby
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    Newby Does it get any better? Supporting Member

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    Obama gives 2 billion in tax dollars to a Brazilian oil company for off shore drilling, the same company that just happens to be Soros' largest investment, and nary a word? If Bush had loaned an oil company 2 billion dollars it would be front page news, the environmentalists would be lamenting about how he was helping to destroy the planet with our tax dollars, how they were all filthy, greedy pigs. And of course if it had happened to help out one of his biggest supporters, corruption would be screamed from the roof tops. But, Obama does it, and everything's cool. Gotta love it.
     
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  3. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    Now thats what I call transparent government.
     
  4. PLYMCO_PILGRIM
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    PLYMCO_PILGRIM Gold Member

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    HOLY CRAP

    I gotta go reasearch this some more before i start berating Obama over it.....i'll be back later.
     
  5. Newby
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    Newby Does it get any better? Supporting Member

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    What does it matter? The media and the lefties don't give a damn about what he does, he can do anything, and it would never be questioned. 2 Billion to a foreign oil company who Soros just happened to heavilty invest in earlier this year and not a peep out of any of them.
     
  6. ba1614
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    ba1614 Silver Member

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    I find it ironic these fucking idiots won't drill off their own shores, and reap all the economic benefits from it, but are all to willing to send 2Billion taxpayer dollars to a buddy to do it in another country. Does that make any sense at all?
     
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  7. Toro
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    Toro Diamond Member

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    Why do you think this is a payback for Soros? Lots of smart people own PetroBras. It is a good operating company and is one of the few large oil companies with a significant growth profile.

    If you want exposure to emerging markets and oil, PetroBras is probably your single best option.
     
  8. EriktheRed
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    EriktheRed Eh...

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    He thinks this because George Soros is still a boogeyman to conspiracy theorists. So if he just happens to be one of many who won stock in this company, then it must mean the Prez is paying Soros back for whatever evil deeds he did in the Prez's favor cons believe he's guilty of.
     
  9. chanel
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    chanel Silver Member

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    Suppose we took Soros out of the conversation for a minute. How do you guys feel about $2 billion in taxpayer dollars spent drilling in Brazil, but not in Alaska.

    I read something today about the Russians possibly drilling 35 miles off Key West. Anyone have a problem with that?
     
  10. Xenophon
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    Xenophon Gone and forgotten

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    Yes, so its just coincedence that Soros's LARGEST holding gets thrown this bone backed by taxpayer dollars that Obama refuses to allow in the USA. :cuckoo:
     

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