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Obama Underwrites Off-Shore Drilling

post #1 of 51
8/20/09 at 9:24pm
Thread Starter 
http://online.wsj.com/article/SB1000...Tabs%3Darticle

Yep, you are hearing correctly. We can't do any, but Team Obama will lend money to Brazil to .....

Quote:
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.
Guess who is a major stockholder in Petrobras?

3 guesses.

George Soros. Can anyone say Hedge Fund?

The puppet master of Barack Obama.
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post #2 of 51
8/20/09 at 9:30pm
So we are borrowing gazillions from China to finance stimulus, bail outs and health care, but we can LOAN money to Brazil to finance off shore drilling, when we can't drill off our own shores to lessen OUR dependence on Arab oil?

Hypocracy at its finest! What a tool.
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post #3 of 51
8/20/09 at 9:42pm
Thread Starter 
Barack has to help his buddy, George Soros.

Wonder what the Greenies will think of this.
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post #4 of 51
8/20/09 at 9:48pm
Oh, this is just wonderful. This is a president that said that "we will not drill" is actually paying another country to do just that? It's ok, as long as its not on American soil? (or reef?). Please. Ok, just pimp out America.

I have a hard time with drilling into coral reefs, but the drill stations that have been there for years have become natural reefs. Nature survives. They may not be happy with it, but they will adapt. I just wish we could.

Hey Cindy, please post a link to the full article.
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post #5 of 51
8/20/09 at 9:59pm
Thread Starter 
Sorry about that, I thought I posted the link. I put it in the OP Calico.
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post #6 of 51
8/20/09 at 10:03pm
Thread Starter 
Anyone want to take bets on the fact that we will hear nothing about this, whatsoever, from the mainstream media?
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post #7 of 51
8/21/09 at 4:03am
Perhaps the WSJ should have checked out that story a bit more carefully before publishing it. This is from the Export-Import Bank:
Facts About the Proposed Ex-Im Bank Loans for Petrobras' Brazilian Offshore Oil Exploration and Development
Quote:
Charge: The U.S. government is giving away more than $2 billion in taxpayer dollars to Brazil’s largest oil and gas company to drill for oil in Brazil.

Fact: The Bank has approved a preliminary commitment to lend up to $2 billion to Petrobras for the purchase of American-made goods and services. The funds will go to American exporters as payment for their sales to the company. Of note, the Bank is self-sustaining and no taxpayer dollars are involved.
Quote:
Charge: The loan to Petrobras represents a reversal of the Obama Administration’s policies on off-shore drilling.

Fact: The Bank’s bipartisan Board unanimously approved the preliminary commitment to Petrobras on April 14, 2009, before any Obama appointees joined the Bank. In fact, at the time the Bank’s Board consisted of three Republicans and two Democrats, all of whom were appointed by George W. Bush.
Fred P. Hochberg, the chairmain and president of the Export-Import Bank, responded to the piece in this letter to the editor
Quote:
Ex-Im Bank does not make U.S. policy. In fact, our charter prohibits us from turning down financing for either nonfinancial or noncommercial reasons, except in rare circumstances including failure to meet our environmental standards.

We make no grants. The vast majority of our financing consists of guarantees of loans made by commercial lenders, not Ex-Im Bank direct loans. The foreign buyers that use Ex-Im Bank products pay us in full. Over the past 16 years the fees that we collect have netted American taxpayers more than $4.9 billion plus the jobs those exports have created. Thanks to the fees we charge, the bank is self-sustaining and does not receive any appropriated funds from Congress.
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post #8 of 51
8/21/09 at 4:07am
Thank you!!!
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post #9 of 51
8/21/09 at 5:26am
Quote:
Originally Posted by ckblv View Post
Anyone want to take bets on the fact that we will hear nothing about this, whatsoever, from the mainstream media?
I do!

So what do ya wanna bet??????

This story was reported correctly last night, (8/20/09) on MSNBC by Olbermann using Sarah Palin's Facebook "reporting."

Sweet!
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post #10 of 51
8/21/09 at 6:49am
Thread Starter 
Quote:
Originally Posted by jcat View Post
Perhaps the WSJ should have checked out that story a bit more carefully before publishing it. This is from the Export-Import Bank:
Facts About the Proposed Ex-Im Bank Loans for Petrobras' Brazilian Offshore Oil Exploration and Development




Fred P. Hochberg, the chairmain and president of the Export-Import Bank, responded to the piece in this letter to the editor
I don't see anything here that negates the WSJ. I see some backpedaling though, but the money is being lent. Let's see how Brazil uses it.
Personally, I have nothing against off-shore drilling, I wish we would do it here. My thing is the Team Obama hypocrisy. It happened in April, three months after Barack took office, can't blame Bush.
The "Blame Bush" is getting soooooo old.
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post #11 of 51
8/21/09 at 8:47am
Quote:
Originally Posted by ckblv View Post
I don't see anything here that negates the WSJ. I see some backpedaling though, but the money is being lent. Let's see how Brazil uses it.
Personally, I have nothing against off-shore drilling, I wish we would do it here. My thing is the Team Obama hypocrisy. It happened in April, three months after Barack took office, can't blame Bush.
The "Blame Bush" is getting soooooo old.
Well, it is not back pedaling - the imnplication was that this money was coming from the Stimulus Package, and that it would increase the debt; it is not what is going to happen. Also, the money will be lent with one purpose: to buy American-made products by Petrobras. This will be a HUGE project, and will require american made items to go into fruition. It is actually a VERY smart move from Obama - not only we will get the money back with interest, but the original amount will also be spent in the American market - This move is pretty much DOUBLING this money, not counting with interest and jobs created - have you considered that? Why offshore drilling in Brasil? It doesn't matter! The decision to drill is Petrobras', this is one of the biggest reserves in the world (recently found), and they will need $$$ to do it. This is a business negotiation in between a bank and a coorporation - it happens more often than not.
Now, of course you will probably say that any explanation is back-pedalling and hypocrisy.
Quote:
Fact: The Bank has approved a preliminary commitment to lend up to $2 billion to Petrobras for the purchase of American-made goods and services. The funds will go to American exporters as payment for their sales to the company. Of note, the Bank is self-sustaining and no taxpayer dollars are involved.
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post #12 of 51
8/21/09 at 8:51am
Thread Starter 
Quote:
Originally Posted by carolinalima View Post
Well, it is not back pedaling - the imnplication was that this money was coming from the Stimulus Package, and that it would increase the debt; it is not what is going to happen. Also, the money will be lent with one purpose: to buy American-made products by Petrobras. This will be a HUGE project, and will require american made items to go into fruition. It is actually a VERY smart move from Obama - not only we will get the money back with interest, but the original amount will also be spent in the American market - This move is pretty much DOUBLING this money, not counting with interest and jobs created - have you considered that? Why offshore drilling in Brasil? It doesn't matter! The decision to drill is Petrobras', this is one of the biggest reserves in the world (recently found), and they will need $$$ to do it. This is a business negotiation in between a bank and a coorporation - it happens more often than not.
Now, of course you will probably say that any explanation is back-pedalling and hypocrisy.
And he gets to help his buddy George Soros to boot, how wonderful.

"Get the money back with interest"? Where do you suppose WE are getting the money? We are borrowing it also.

Barack has done nothing to create any jobs yet, what makes you think this will help?
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post #13 of 51
8/21/09 at 9:00am
Thread Starter 
Quote:
Originally Posted by carolinalima View Post
Well, it is not back pedaling - the imnplication was that this money was coming from the Stimulus Package, and that it would increase the debt; it is not what is going to happen. Also, the money will be lent with one purpose: to buy American-made products by Petrobras. This will be a HUGE project, and will require american made items to go into fruition. It is actually a VERY smart move from Obama - not only we will get the money back with interest, but the original amount will also be spent in the American market - This move is pretty much DOUBLING this money, not counting with interest and jobs created - have you considered that? Why offshore drilling in Brasil? It doesn't matter! The decision to drill is Petrobras', this is one of the biggest reserves in the world (recently found), and they will need $$$ to do it. This is a business negotiation in between a bank and a coorporation - it happens more often than not.
Now, of course you will probably say that any explanation is back-pedalling and hypocrisy.
Never once did I say anything about the money coming from the Stimulus Package.

Yes, the American made products to be sold will be off-shore drilling equipment and the jobs will be workers to man the rigs. Wonderful, perhaps we can get some oil from Brazil.

I thought Team Obama and those that agree with him keep saying that the oil is running out and off-shore drilling is bad. The hypocrisy is astounding.
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post #14 of 51
8/21/09 at 9:02am
Quote:
Originally Posted by ckblv View Post
And he gets to help his buddy George Soros to boot, how wonderful.

"Get the money back with interest"? Where do you suppose WE are getting the money? We are borrowing it also.

Barack has done nothing to create any jobs yet, what makes you think this will help?
From the $2Bi. in american made products... Well, they will not going to be made by a magic wand!
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post #15 of 51
8/21/09 at 9:08am
Thread Starter 
Not to mention the fact that George Soros is a billionaire, he doesn't need a loan.

http://www.bloomberg.com/apps/news?p...d=aFHPjfeUvtl8

Nice article on Soros and Petrobras. I guess Soros and Petrobras don't think the oil is running out.
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post #16 of 51
8/21/09 at 9:11am
Thread Starter 
Unemployment just hit 13.1% here, what with the economy and Barack telling people not to come to Las Vegas. Thanks Barack, how nice of you.
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post #17 of 51
8/21/09 at 9:14am
Quote:
Originally Posted by ckblv View Post
Never once did I say anything about the money coming from the Stimulus Package.

Yes, the American made products to be sold will be off-shore drilling equipment and the jobs will be workers to man the rigs. Wonderful, perhaps we can get some oil from Brazil.

I thought Team Obama and those that agree with him keep saying that the oil is running out and off-shore drilling is bad. The hypocrisy is astounding.
I don't get where the hypocrisy is!
A BRASILIAN company is drilling IN BRASIL! Not in AMERICA! This is one HUGE HUGE HUGE reserve that was found last year, that has the capacity of shifting the oil commerce from the middle east to the Americas - NOTHING in the US comes even close to the size of this reserve. This reserve is of huge magnitude.
Furthermore, Petrobras is not a regular corporation, it is THE brasilian fuel company. It is a semi-public company, where the government owns 55% of it. ANYBODY can buy shares. Once Brasil became fuel independent, it became a very sough after company to invest - I can guarantee you, "Obama's buddy", as you say, is not the only big shareholder.
And if you really want to play this game, shall we discuss the relationship of Bush and the Bin Laden family? I think that one is a tiny bit worst...
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post #18 of 51
8/21/09 at 9:19am
And maybe we can start a whole debate about the truth behind the war in Iraq and what that had to do with Oil?
Is this loan to Petrobras worst than that? I think NOT!
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post #19 of 51
8/21/09 at 9:39am
Thread Starter 


Of course, when the subject becomes uncomfortable, spin it to Bush.

Hypocrisy is because we are not allowed to drill here because it is immoral.
But we will loan George Soros billions to drill in Brazil. So, I guess it is immoral for the U.S. to drill but it isn't immoral of George Soros/Petrobras to drill.

I never realized you were such a huge proponent of off-shore drilling for oil Carolinalima. Soooo, because the oil reserve is soooo "huge" that changes off-shore drilling from an immoral acto to a moral act?


http://www.washingtonpost.com/wp-dyn...090500275.html

http://en.wikipedia.org/wiki/Oil_res..._United_States

http://www.energyandcapital.com/aqx_...D=123723999522

http://www.adn.com/money/story/579114.html

This country has huge oil reserves also, why can't WE drill? Why is it immoral for the US to drill but we will lend money to Barack's buddy so he can drill in Brazil. If one can't see the hypocrisy here, I just don't know what to tell you.
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post #20 of 51
8/21/09 at 10:41am
It seems several have missed the point that all the Export-Import Bank Board members who made the decision were Bush appointees. So, what ties does Soros supposedly have to Bush?
You've got to love the twisted speculations of right-wing bloggers trying to augment the misrepresentations of a poorly researched article. I suppose if I speculate that Cheney is Satan Personified, and Limbaugh Satan's Little Helper, somebody out there in cyberspace will take it as fact because it suits their political bias.
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post #21 of 51
8/21/09 at 10:57am
Quote:
Originally Posted by ckblv View Post


Of course, when the subject becomes uncomfortable, spin it to Bush.

Hypocrisy is because we are not allowed to drill here because it is immoral.
But we will loan George Soros billions to drill in Brazil. So, I guess it is immoral for the U.S. to drill but it isn't immoral of George Soros/Petrobras to drill.

I never realized you were such a huge proponent of off-shore drilling for oil Carolinalima. Soooo, because the oil reserve is soooo "huge" that changes off-shore drilling from an immoral acto to a moral act?


http://www.washingtonpost.com/wp-dyn...090500275.html

http://en.wikipedia.org/wiki/Oil_res..._United_States

http://www.energyandcapital.com/aqx_...D=123723999522

http://www.adn.com/money/story/579114.html

This country has huge oil reserves also, why can't WE drill? Why is it immoral for the US to drill but we will lend money to Barack's buddy so he can drill in Brazil. If one can't see the hypocrisy here, I just don't know what to tell you.
Woman - you are making me hungry!!!
Listen - the bank, not us, is NOT lending $$$ to George Soros - they are lending $$$ to Petrobras. He is hardly the owner of Petrobras.

Quote:
I never realized you were such a huge proponent of off-shore drilling for oil Carolinalima. Soooo, because the oil reserve is soooo "huge" that changes off-shore drilling from an immoral acto to a moral act?
Never said that, have I??
What I am opposed to, and quite frankly I find it unbelievably ridiculous is the fact that the US is SO dependent on foreign oil. There are so many things that could be done to achieve our fuel independence; it is pathetic, IMO. That's where I wonder about the relationship the US have with the oil companies in the Middle East. I am not against drilling as long as it is done environmentally responsibly - never was, never will be. I do believe though that it is not THE only thing that needs to be done - bio fuels, alcohol, electric cells, atomic, wind... We need to diversify our energy/fuel production ASAP. Drilling alone is not the answer.
As far as the Petrobras issue: A bank is lending $$$ to a company - that is not the first time, or the last time it happens. Of course people can put half truths out there, and make a big issue out of it - until the truth comes out, that is.
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post #22 of 51
8/21/09 at 10:59am
Quote:
Originally Posted by jcat View Post
I suppose if I speculate that Cheney is Satan Personified, and Limbaugh Satan's Little Helper, somebody out there in cyberspace will take it as fact because it suits their political bias.
And isn't that a FACT??? I am pretty sure it is!
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post #23 of 51
8/21/09 at 11:01am
Quote:
Originally Posted by jcat View Post
It seems several have missed the point that all the Export-Import Bank Board members who made the decision were Bush appointees. So, what ties does Soros supposedly have to Bush?
You've got to love the twisted speculations of right-wing bloggers trying to augment the misrepresentations of a poorly researched article. I suppose if I speculate that Cheney is Satan Personified, and Limbaugh Satan's Little Helper, somebody out there in cyberspace will take it as fact because it suits their political bias.
The thing is, there is really no point!
It is a bank lending $$$ to a corporation - I thought that was not the first time this happened??
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post #24 of 51
8/21/09 at 11:53am
Thread Starter 
Quote:
Originally Posted by jcat View Post
It seems several have missed the point that all the Export-Import Bank Board members who made the decision were Bush appointees. So, what ties does Soros supposedly have to Bush?
You've got to love the twisted speculations of right-wing bloggers trying to augment the misrepresentations of a poorly researched article. I suppose if I speculate that Cheney is Satan Personified, and Limbaugh Satan's Little Helper, somebody out there in cyberspace will take it as fact because it suits their political bias.
I am not missing the point, not at all. I just, strongly, believe that THIS country should be drilling for oil also. But no, Barack will not allow that, but thinks nothing of his good buddy, George Soros, getting a loan to drill in Brazil.

This has nothing to do with Bush's board members, of which there is 2 dems and 3 pubs. But if they were not acting as Barack WANTED them to act they would have been gone by February 1st, make NO mistake about that. This is a win-win for Barack, his buddy Soros gets the loan and he can blame it on Bush if there is backlash.

I, also don't consider the Wall Street Journal a "right wing blogger" : but I guess some people may.

Quote:
Originally Posted by carolinalima View Post
Woman - you are making me hungry!!!
Listen - the bank, not us, is NOT lending $$$ to George Soros - they are lending $$$ to Petrobras. He is hardly the owner of Petrobras.

You, definitely need to do more research.
1. And just WHERE do you think this BANK gets its' money Carolinalima?
http://www.exim.gov/about/charter/section4.cfm
2. He is a huge owner of Petrobras along with the country of Brazil.
.

Never said that, have I??
What I am opposed to, and quite frankly I find it unbelievably ridiculous is the fact that the US is SO dependent on foreign oil. There are so many things that could be done to achieve our fuel independence; it is pathetic, IMO. That's where I wonder about the relationship the US have with the oil companies in the Middle East. I am not against drilling as long as it is done environmentally responsibly - never was, never will be. I do believe though that it is not THE only thing that needs to be done - bio fuels, alcohol, electric cells, atomic, wind... We need to diversify our energy/fuel production ASAP. Drilling alone is not the answer.
As far as the Petrobras issue: A bank is lending $$$ to a company

I address that fallacy above.
- that is
not the first time, or the last time it happens. Of course people can put half truths out there, and make a big issue out of it - until the truth comes out, that is.
What truth is that? The fact that our government is loaning Barack's buddy, George Soros, billions to drill off shore in Brazil but refuses to let us drill here? That is the truth as I see it.
http://hotair.com/archives/2009/08/2...an-guarantees/

Quote from the Hotair link is below
Quote:
Earlier this week, we found out what kind of energy production Barack Obama likes to support when he offered $2 billion in loans and guarantees to Brazilian oil producer Petrobras to drill off Brazil’s shores — while supporting a moratorium on offshore drilling in the US. Coincidentally, Obama had the opportunity to offer the exact same amount of money to an American company for energy production just three weeks earlier. Did they get the cash for their zero-emission energy industry venture? Apparently, George Soros didn’t invest in USEC:


Quote from Hot Air regarding Barack turning down an American company is above.

Quote:
Originally Posted by carolinalima View Post
The thing is, there is really no point!
It is a bank lending $$$ to a corporation - I thought that was not the first time this happened??
You may roll your eyes at me all you want, you have pretty eyes but our government funds this BANK
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post #25 of 51
8/21/09 at 12:06pm
Gee - for the last time - the bank is lending the money to Petrobras! NOT to Soros!
You don't even say Petrobras - you just keep saying his name - Sors Soros Soros.
Repeat after me - P-E-T-R-O-B-R-A-S
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post #26 of 51
8/21/09 at 12:09pm
Quote:
You, definitely need to do more research.
1. And just WHERE do you think this BANK gets its' money Carolinalima?
And where would that be, Cindy?
From us? Because when I said we were getting the $$$ back with interest, you said THE BANK was, not us. So, what's the story? We land and the bank is paid back? Yep, I will roll my eyes
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post #27 of 51
8/21/09 at 12:21pm
Thread Starter 
Quote:
Originally Posted by carolinalima View Post
Gee - for the last time - the bank is lending the money to Petrobras! NOT to Soros!
You don't even say Petrobras - you just keep saying his name - Sors Soros Soros.
Repeat after me - P-E-T-R-O-B-R-A-S

http://www.bloomberg.com/apps/news?p...d=aFHPjfeUvtl8

Quote:
[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.
I hope this will help you.
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post #28 of 51
8/21/09 at 12:26pm
Thread Starter 
Quote:
Originally Posted by carolinalima View Post
And where would that be, Cindy?
From us? Because when I said we were getting the $$$ back with interest, you said THE BANK was, not us. So, what's the story? We land and the bank is paid back? Yep, I will roll my eyes
Where does Team Obama gets the billions to lend the government agency called, The Export-Import Bank of the United States who in turn lends the money to George Soros and Petrobras?
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post #29 of 51
8/21/09 at 12:27pm
Quote:
You, definitely need to do more research.
And YOU need more research too - Petrobras is worth US$ 287,17 Billion - Soros owns about $900 million which equals roughly 0.3%. He is NOT the owner of Petrobras, BY FAR, FAR, FAR away....
So no, the bank is not lending him $$$$. The bank is lending Petrobras money.
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post #30 of 51
8/21/09 at 12:28pm
Quote:
Originally Posted by ckblv View Post
It is HIS largest HOLD, NOT PETROBRAS largest hold!

Quote:
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.
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