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And didn’t Soros put a bundle of money on Brazil’s oil businesses?

http://www.forbes.com/sites/kenrapoza/2011/05/17/soros-builds-on-petrobras-holdings-in-first-quarter/

The price of oil kept going up while Bush was prez and when it went past the hurdle price for that Brazil oil($70/bbl) they decided develop that offshore oil. Brazil wanted to use the proceeds for social spending so they wanted to shut out the foreign companies and develop most of with Petrobras. But Petrobras would have to grow a lot to handle it so they would have stock offering to raise capital.

But before they could do that, the economy and the price of collapsed so they had to call off the stock offering, because no one would buy the stock at the low price of oil.

They didn't want to delay the project so they decided to borrow some money to tide them over until the price of recovered and they could proceed with the stock offering. The figured they would need 30 billion for 2009-2013.

They raised the money pretty quickly, including the last 10 billion that came from China Development Bank. When China got in, Obama said the US needed to get in so he arranged loan guarantees from Ex-Im for 10 billion. Brazil had already raised the 30 billion and didn't need Obama's money, but agreed to accept 2 billion.

As the Forbes article pointed out, they never utilized any of the Ex-Im loan guarantees. And they never really had to borrow much from the other sources either because the price of oil recovered very quickly. It was back up to 100/bbl by the spring of 2011.

So Petrobras had their stock offering in Sept 2011 and raised 70 billion.

But the GOP was quite successful in using Soros as a bogeyman scapegoat because their base is not very well informed.

Petrobras,China Sign $10 Billion Deal(2009)

China knew that Soros owned stock in Petrobras and they wanted to help Soros