Obama Payback for Soros with YOUR Tax Dollars

[Newby]

So we have the usual screeching by the righties before they even understand the deal. Here are two followup articles, one, ironically from FOX. Looks like a good investment, to me.

The area has KNOWN resources, whereas further drilling offshore the U.S. and Alaska are hit or miss and may take a decade to be productive.

Article - WSJ.com

Petrobras expects to have 10 drilling rigs operating in the deepwater basin in 2010, up from six rigs currently drilling in the region, CFO Almir Barbassa said Tuesday. The Santos Basin is the site of several discoveries, including Tupi - the largest discovery in the Western Hemisphere in more than 30 years.

"We're very active in the Santos area, and we're going to increase drilling activity even further," Barbassa said. Barbassa made the comments during a conference call with analysts.

Two rigs will start drilling in the region by the end of 2009, with an additional six rigs expected to be delivered in 2010. Not all of the 2010 deliveries will be headed for the Santos Basin, however, as Petrobras fulfills exploration commitments elsewhere in its massive Brazilian offshore acreage.

The Santos Basin is home to Brazil's subsalt region of recent discoveries. The subsalt oil discoveries were made under a thick layer of salt in the Santos Basin off the coast of Sao Paulo and Rio de Janeiro states. The oil lies under more than 2,000 meters of water and a further 5,000 meters under sand, rock and a shifting layer of salt.

In November 2007, Petrobras estimated recoverable reserves at the Tupi field were between 5 billion and 8 billion barrels of oil equivalent, or BOE. That was the largest discovery in the Americas in more than 30 years.

Three of the six rigs currently active in the Santos Basin were drilling fresh wells, Barbassa said.

The Iracema and Tupi Nordeste were being spudded in the BM-S-11 block, home to the Tupi and Iara discoveries. A separate rig was drilling the Abare prospect in the BM-S-9 block, home to the Guara discovery.

Two other rigs were helping with formation tests at Iara and Guara, which will be the next two subsalt discoveries to undergo long-term well tests. Testing of the Iara well should be completed in 20 days, while the Guara formation test should be concluded in 45 days, Petrobras officials said.

"The tests will help us better understand these reservoirs," Barbassa said.

The Santos Basin's sixth drilling rig was currently doing repair work at the Tupi long-term well test. Petrobras halted the test in July because of problems with a wet Christmas tree, a submarine well-flow control device.

The well test should restart in September, Barbassa said.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; [email protected]

» White House Weighs In on Petrobras Deal Row 2, Seat 4 « FOXNews.com

"The Ex-Im loan money will go to finance Petrobras' oil drilling projects in the newly found off-shore "pre-salt" reserves. The funding will ensure U.S. companies benefit by providing support services and equipment to these projects.

Working with Brazil offers a wide array of opportunities for energy cooperation well beyond oil. Such cooperation is not only good for U.S. companies, but also helps to develop further a stable and reliable energy supplier.

This is hilarious. This is your reason WHY Maggie? There are KNOWN resources off of our coast as well, and had we been able to drill decades ago, they would be part of the oil market today. This 'it will take 10 years' bullshit is the lamest, stupidest excuse I've ever heard for not harvesting out own oil. But, Soros didn't hugely invest in American resourses, b/c he knows they will continue to be off limits. It's always about the money, and what's funny is that the left seems to have some delusion that their party isn't run or controled by it.

 

[Newby]

I do this for a living. So yes, in this case, to you it is Lord Toro.

And I retired with what I made in the stock market...."Lord Toro". I did my own home work and made more for myself than any stockbroker's recommendation.

Good for you. I was once a stockbroker but now am an institutional money manager managing several billion dollars. I've done this for nearly two decades and have top tier performance. I am a CFA. I talk to guys you watch on CNBC every morning. Our fixed income desk manages $10 billion and I see the deal flow from corporate bond issues that come across our desk. I have been in meetings with some of the world's best distressed debt managers over the past six months. I eat, sleep and breathe this stuff. I put food on the table for my family doing this, and I have never, ever, seen a two billion dollar loan to a large oil company ever move the stock.

What has the stock done since the announcement of the loan?

 

[Newby]

We're talking way different levels of investigation here. I'm not suggesting there's enough there to launch some official government investigation. I'm saying we, the people, or the media, or other interested parties would do well to read up, look into it, etc.

If you wish to investigate it, feel free. You have every right to do so. And if you are right, I am more than happy to admit I am wrong.

The inside information about the company that is given to the bank to procure that loan - that's the relevant information that Soros may or may not have had access to, and it's not public information. And if you've been a stockbroker, then you know that sort of information has value. He is in a position that would potentially give him access to that information, so it's worth finding out if he actually does. ...

I believe he's the only one I know of in the Obama administration who made a sizable purchase of the stock in the first quarter of this year. If there's someone else who fits that definition, then they should be scrutinized as well.

Soros is not part of the administration. There is no reason to believe he has inside information.

First off, I don't care who conservatives do or do not loathe. Second, you don't become one of the "greatest investors of all time" based on luck. I agree with your premise that it's less than shocking for a successful investment firm to make a solid investment. But I think there's a potential conflict of interest there, and I don't like that. Didn't like it when it was Haliburton getting contracts; don't like it when it's Soros potentially benefiting from a position. Doesn't mean he is. But the circumstances are such that I think it bears watching.

Soros is extraordinarily talented. He became wealthy making great trades and investments.

And he's an anti-capitalist, don't you just love the irony.

 

[Newby]

Is toro saying that he is one of the assholes that has taken part in screwing the American public with his paper pushing bullshit. I wonder how much speculating he did to get the oil prices and consequently the gas prices to the record highs of last year, many would blame those actions for the mess the world is in today. Soros is continuing to score billions of dollars on the suffering of poor people toro thinks that he is being charitable to........ I wonder if being that stupid is like being on serious drugs all of the time.

I sold most of my energy and commodities holdings last year. Commodity markets were getting insane.

You are getting totally fucked by the system. But the conservatives and those who wanted the market to get out of the way and deregulate every bloody thing were the ones who set this up. The alter of the idea that markets are everywhere efficient that conservatives worship at is the province of fools.

And get off the drugs.

Would you please post which Republicans sponsored and then passed which deregulations and when that happened? Thanks.

 

[Newby]

You will agree, then, that clinton was a conservative?

On some things, yes.

Clinton signed the law that deregulated the commodities markets by allowing Wall Street firms to bypass position reporting limits and take increased positions.

Clinton was very good to Wall Street.

First you allude that it was 'conservatives' that deregulated everything, and now Clinton is a conservative. Hilarious.

 

[EriktheRed]

You will agree, then, that clinton was a conservative?

On some things, yes.

Clinton signed the law that deregulated the commodities markets by allowing Wall Street firms to bypass position reporting limits and take increased positions.

Clinton was very good to Wall Street.

First you allude that it was 'conservatives' that deregulated everything, and now Clinton is a conservative. Hilarious.

He said on some things and the Wall Street deregulation thing was one of them. Deregulating Wall Street is definitely not something Libs are for.


OTOH, it was also him that signed FMLA into law, something Repubs fought against before he came into office.

 

[Ravi]

Clinton was actually pretty conservative...though not on social issues.