Posted on 08/18/2009 7:17:21 PM PDT by WhiteCastle
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. …
(Excerpt) Read more at hotair.com ...
Oh great, investing in foreign oil.
DRILL, BABY, DRILL! (That’s covered under the public option - no?)
Meanwhile, the Left schemes to impose massive ‘windfall profit taxes’ on private American Oil companies...
Not only that, Lula da Silva is a Marxist who wouldn’t think twice about screwing us over if it advanced the revolution. In fact, he may be planning to screw us over on the proposed oil deal as we speak.
So, are we going to borrow the $2 billion from China to lend to Brazil...because we sure as hell don’t have it. Is this some sort of ‘cash for clunker oil rigs’ program?
Well, he doesn’t have to worry about Brazil crying NIMBY.
Unless he refrains out of professional courtesy.
I would have loaned them the $2B I have more money than the US govt.
More likely he is agreeing to screw over his own country out of professional courtesy.
Yeah, somewhere else.
Update: Who else besides Obama has taken an interest in Petrobras? Hmmmmmm:
His New York-based hedge-fund firm, Soros Fund Management LLC, sold 22 million U.S.-listed common shares of Petrobras, as the Brazilian oil company is known, according to a filing today with the U.S. Securities and Exchange Commission. Soros bought 5.8 million of the company’s U.S.-traded preferred shares.
Soros is taking advantage of the spread between the two types of U.S.-listed Petrobras shares, said Luis Maizel, president of LM Capital Group LLC, which manages about $4 billion. The common shares were 21 percent more expensive than preferred today, according to data compiled by Bloomberg. …
Petrobras preferred shares have also a 10 percent additional dividend, said William Landers, a senior portfolio manager for Latin America at Blackrock Inc.
“Given that there will most likely never be a change in control in the company, I see no reason to pay a higher price for the common shares.” Brazil’s government controls Petrobras and has a majority stake of voting shares.
This story is from last Friday. Is it a coincidence that Obama backer George Soros repositioned himself in Petrobras to get dividends just a few days before Obama committed $2 billion in loans and guarantees for Petrobras’ offshore operations? Hmmmmmmmmmm.
INSIDER TRADING ANYONE?
The marxist takeover continues...Obama destroys American oil companies...yet is going to send billions of our taxdollars to a foreign marxist government?
Obama and the democrats are completely out of control folks!
He doesn’t support drilling off shore in the US but wants to give our money to a foreign country to drill off shore so they can take the money and tell us to shove it.
What’s so good about this? I don’t see an advantage except to Brazil.
All of that puts the U.S. in a position that war for oil or
complete economic collapse will be our only choices.
You can't frustrate every source of domestic energy
without consequences. Our enemies will blackmail us
to the extent that we are vulnerable to blackmail.
The Democrats are leading us into a real war for oil.
A war we won't have the energy to fight. A war we don't need to fight because we have our own resources.
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