Wednesday, August 19, 2009

Obama To Give Billions in Loans for Brazilian Offshore Oil Drilling to Company Partly Owned By Dem's Biggest Contributor

And yet Dems block offshore oil production in the U.S.

Two pieces of information here. Connect the dots:

1. The Obama Administration is offering billions in loans for oil drilling off the coast of Brazil.

2. George Soros, the Dems top money man has a huge financial stake in the offshore drilling company.

Obama Underwrites Offshore Drilling
Too bad it's not in U.S. waters
Wall Street Journal
AUGUST 18, 2009

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.
And this:
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.

One Campaign Promise Obama Kept: Shower His Friends with Money

In 2008 Michelle Malkin penned a column in which she described the payoffs in store for George Soros and friends if Obama were elected. Funny how quickly Obama has been able to keep that promise.

George Soros stands to make hundreds of millions in profit from a loan by the U.S. to Petrobas for offshore drilling. Why is no one surprised? Perhaps as a thank you gesture, George Soros has been pouring millions of dollars of his ill-gotten gains into the Obama Hell Care racket.

While this may be one of the biggest payoffs by the Chicago thugocracy which currently occupies the White House it wasn't the first. The Stimulus Bill included hefty payoffs to ACORN, the community agitator organization which has played a key role in the health care debate when they are not too busy falsifying voter registration forms. ACORN also stands to gain millions more if the health bill passes. Stimulus spending also went largely to areas that supported Obama's election.

Let's not forget the auto workers union. They gained control of billions of assets in GM and Chrysler after spending $4.5 million on behalf of Obama in the 2008 campaign. And what about all those investment bankers on Wall Street that had their jobs saved by Obama along with their huge bonuses now underwritten by the U.S. Treasury?

And how about the The Cap and Trade crowd? Big corporations and Obama backers like General Electric and more greedy Wall Street tycoons stand to rake in billions if the bill passes.

Some may want to say this is all one big coincidence. Oh... sure it is! Right! And I bet those who do think that still believe in the Tooth Fairy!

A thugocracy by any other name STILL STINKS!

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