The Wall Street Journal has an interesting article: http://online.wsj.com/article/SB10001424052970203863204574346610120524166.html
According to this article, he has signed an executive order to loan 2 Billion dollars or more to one of the largest oil companies in the world so they can drill off the coast of Brazil. The Chinese government is said to be under contract to purchase ALL of this oil. (I have to ask… how much AMERICAN oil could we drill in South Dakota for that kind of money?)
Digging a little deeper, it would seem that the most generous supporter of Obama’s campaign is the largest stockholder in this oil company. Does the name George Soros ring any bells??
If this is accurate, it makes Whitewater and Watergate look like kindergarten play. Can anyone shed any further light on this or verify the accuracy of the report????
Gordon Howie
Hi. I read a few of your other posts and i wanted to say thank you for the informative posts.
Ah, I find the very fact has unlimited debatable points. I don’t wish to argue with you right here, however I have my own opinions as well. Anyway, you did an awesome job in writing the post, and would like to praise you for the arduous work. Sustain with the nice job!
Good share, great article, very usefull for us…thanks.
I have to admit I don’t always agree with you, but in this case you really hit the nail on point.
Rather than just trade grammatical mistakes, I will put on my “I actually do know some English” hat and correct both my mistake and that in the Export-Import statement. In the Export-Import statement, “Self sustaining” should be “self-sustaining.” My mistake was much more Freudian than a hyphen. “Suburb” should be “superb”. I was reflecting at the time on how Fannie Mae and Freddie Mack had done such a good job for so many years at stimulating the housing market, thereby creating so many American jobs at no cost to the American taxpayer. A “suburb” job indeed!
We certainly hope the Export-Import folks are being more selective with regard to the financial qualifications of borrowers than were the Mae/Mack duo. We do know by their math that they are good with numbers and logic. (Sorry about the sarcasm. I find bull excrement more tolerable from bulls than from bureaucrats.)
The statement from the Export-Import bank reads in part: “Fact: Ex-Im is a self sustaining, independent agency which operates at no cost to the taxpayer. In fact, since 1992 the Ex-Im has earned and sent to the U.S Treasury more than $4.9 billion in fees and interest earned by the Bank.” So, where does it get the money to loan? If not from the U.S. Treasury, why would it be paying fees and interest to the Treasury? Shouldn’t the statement be more like “As long as the loans are repaid, Ex-Im is a self sustaining, independent agency which operates at no cost to the taxpayer.
The numbers contained in the statement are fascinating. According to the statement, the 2 billion loan will help create and maintain over 507,000 American jobs. That calculates out to be $3,945 per job. Somehow, as a small businessperson, I have never been able to create and maintain a job for $3,945. This must be just another example of suburb government efficiency.
Thanks for the post, Rip.
I still have a few questions…
Why then, did this require an executive order from the Pres.?
Does Soros in fact hold a majority of stock in this company?
Why not use the funds to facilitate US drilling?
anyone know???
gh
Here is a statement on this from the Export-Import bank.
http://www.exim.gov/brazil/pressrelease_082009.cfm