Posted on 07/01/2006 5:18:01 PM PDT by JerseyHighlander
Last update - 22:22 01/07/2006 U.S. to pay $48 million to cover damages to Gaza power station By Akiva Eldar, Haaretz Correspondent and Haaretz Service
United States officials said they expect that U.S. funds will be used to pay for the damages caused by an Israel Air Force strike Tuesday on a Palestinian power station in the Gaza Strip. The power station was insured by a U.S. government agency, according to The Boston Globe.
The Foreign and Defense Ministry departments that oversee foreign relations were unaware of the decision to target civilian facilities in the Strip, or the decision to attack the power station. Because of this, officials did not know that the station was insured by a U.S. government agency. Israel did not inform the U.S. prior to attacking the power station.
(Excerpt) Read more at haaretz.com ...
People from Connecticut want to kill us?
(The insured is the Morganit Group - based in CT)
People from Connecticut want to kill us?
(The insured is the Morganit Group - based in CT)
I don't care what state the money is coming from the U.S. government should stop subsidising these palestinian terrorist who just happen to have a government that they have hijacked.
Let them pay for their own power plant.
The owners of the power plant are in your state. Maybe you should do something to kick them out.
I agree completely! It's crazy to subsidize the people who were cheering in their streets 9/12/2001.
Slip the Israelis' leash. Let `em go.
If an American insurer will take that risk,
"`Tough titty', said the kitty."
The Morganti Group also did a "Palestinian" water project (paid for by taxpayers through USAID as part of $72 million in projects).
http://telaviv.usembassy.gov/publish/peace/archives/1999/december/me1206b.html
Ridiculous. This is why the war never ends.
Someone should double check on this. The IDF struck 2 transformers. How much do those cost to repair/replace?
Why are we in this business at all! Time to make sure there are no more little surprises like this.
So the good news for the Palestinians is that thousands of dollars will be coming their way very soon!
The bad news is that FEMA will be handling the disbursement.
I.AM.SCREAMING! In my head of course. Wouldn't want the neighbors to think I was being butchered.
Lets all gather around a campfire in the desert and engage in primal scream therapy ping :(
This has to be a joke ?
Are you kidding? We're talking about primitive homo sapiens who still use their hand to wipe their rear ends, and teach their kids to blow themselves up. They know transformers?
I don't care how much it costs to repair or replace them. Suha Arafat can put a call in to So Cal Edison, and charge it to her credit card.
It's hard not to laugh at the ridiculously sublime nature of the misfortune of US taxpayers in this situation.
Actually, this U.S. taxpayer is finding it difficult to see anything amusing about this.
It's entirely possible that we might actually pay out up to 2.7 times the installation cost of this power plant to make up for loss of future earnings and capital equipment. From OPIC's web pages:
Extent of Coverages
Term
The term of an insurance policy for an equity investment may extend up to a maximum of 20 years. For loans, leases, and transactions covered by the contractors and exporters program, the term is generally equal to the duration of the underlying contract or agreement.
Self-Insurance Requirement
OPIC can insure up to 90 percent of an eligible investment. OPICs statute generally requires that the investor bear at least 10 percent of the risk of loss. However, loans and capital leases from financial institutions to unrelated third parties may be insured for 100 percent of principal and interest.
Coverage Multiples
For equity investments, OPIC typically issues insurance commitments equal to 270 percent of the initial investment 90 percent representing the original investment and 180 percent to cover future earnings. Coverage amounts may be limited for investments in countries where OPIC has a high portfolio concentration.
Can't we use our terrorist financing programs to freeze that $48 million asset immediately upon paying it? Or can we get Israel to drop an octet of MOABs on Gaza, then pay the $48 million in live pigs to eat through the rubble? Let's get creative here.
Shaking my head over this one...whew..
JUST SAY NO!
Welch on the deal. How stupid can we be?
The article says this policy "covers instances of political violence, which include wars and acts of terror." Doubtless that's why they went to the Clinton insurance agency; nobody else would cover such.
Stupid enough to ensure a Palestinian power plant apparently. What's next? Is some American agency insuring North Korea's nuclear reactors?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.