Skip to comments.Vitter wants answers on Brazil drilling loan; Paul wanted answers too
Posted on 03/22/2011 2:19:36 PM PDT by Crush
Sen. David Vitter (R-La.) wants answers from the US taxpayer supported Export-Import bank about a $2 billion loan to Brazil for offshore drilling. Vitters home state is suffering under a moratorium imposed by President Barack Obama. Vitter said Louisianians are frustrated and he wants to know why permitting domestically is nearly stalled
Rep. Ron Paul (R-Texas) had questions about ExIMnine years ago when he asked Congress to reject the reauthorization of ExIm for economic, constitutional and moral reasons.
Vitter sent a letter to Fred Hochberg, Ex-Im president, on March 17. Vitter asked Hochberg to identify all US companies that have increased exports because of the US taxpayer funded loan to Brazil. Vitter wanted to know which exports have increased, the return on investment and the names of all US and foreign investors that increased their shareholdings in Petrobras in excess of $50 million within a six month period before and after the ExIm loan.
Curiously during the same time frame the loan to Brazil was announced in August, 2009, Bloomberg announced George Soros sold 22 million U.S.-listed common shares of Petrobras Soros is a billionaire who often supports socialist-progressive groups and candidates.
By September, headlines at Businessweek announced Petrobras raised $70 billion in capital. The capital was raised in the worlds largest share sale. Afterwards Petrobras, said the news service, became the fourth largest company in the world.
Scribd featured a list of Petrobras investors. Petrobras is state-controlled.
In 2002, Paul who is known as a fiscal hawk, delivered a passionate speech on the House floor calling ExIm corporate welfare. Paul pointed out ExIm was an agency of the government that allocates credit to special interests and to the benefit of foreign entities. Paul rightly pointed out the establishment of ExIm was unconstitutional...
(Excerpt) Read more at theusreport.com ...
Many years ago I decided our energy policy was to pump every other nation around the globe dry of oil before we seriously tap ours. Pump theirs low price and save ours for future critical need as a last resort.
Sorry, but sitting on my butt whining takes too much time to do anything about it.
Devil man walking!
You got it. This is the most corrupt administration in history. If only there is a Patriot left in the FBI.
Put two and two together, David...
Everything Obama has done has been outside his obligation to the US as its pResident. Impeachment cannot begin to cover it. Jail and a firing squad loom as a possible outcome.
The “Right Wing” hyperventilating morons who are saying “soros controls this” or whatever sound like the total f*****g idiots they are.
This is a Good Loan for American based petro support industries in the United States. Almost every dollar loaned will be spent by Petrobras for services/goods by American companies, on top of that Petrobras will pay banking fees to a US bank, and the interest payments go back to the US I/E Bank, i.e. the US taxpayer. The only part of the loan not being repatriated to the US will be related salaries and some bureacratic/administrative costs for workers in Brasil and the Brasilian gov.
This strengthens the US petroleum industry base, allowing long term growth in broader markets and two of the largest uptapped oil fields in the world.
Vitter needs to get bitch slapped by the offshore support industry leaders based in La. who desperately need to beat European Middle Eastern and Asian competitors in to the Brasilian off shore oil fields, and in the larger Brasilian petroleum extraction marketplace.
zero and admin is so well ensconced into our politics, I'm afraid even armed revolution will not clean us out.
The opportunity was lost Nov., 2008
Geesh...it would be damned easy to interview people about the price of gas and have them look in the camera and say "President Obama...LIFT THE BAN"!!!!
All Soros did was move the shares to another of companies.
"Soros has also put money in Brazil using his Buenos Aires- based Adecoagro venture, which invests in agriculture and renewable energy in Latin America.
The firm said in February it may hold an initial public offering to fund projects including a Brazilian sugar mill."
We have STUPID people in this country.
More of the method to Obama’s madness is being exposed.
We can’t get rid of this idiot fast enough!!
Many actions of Obama’s administration strongly suggest that he is working against the best interest of the American people.
You cannot serious if you think Obama or his representatives signed the deal because it is good for the American people.
I sell to the oil industry, on Petrobras’ projects they will only buy Brazilian product unless there is not a comparable item made in Brazil. So tell me how our money which when to Petrobras has increased exports!
Look, the argument over Salazar’s illegal blocking of permitting in the GoM and the Ex/Im loan to Petrobras are separate issues on most levels.
Blocking GoM permits, and blocking Ex/Im loans to Petrobras are BOTH BAD FOR US BASED BUSINESSES.
The Petrobras 36 platform was built in Italy, converted in Canadian shipyards.
Under the terms of the Ex/Im deal, the future platforms bought by Petrobras could be competitively bid on by US shipyards. Future retrofits/conversions could be competitively bid on by US Shipyards. Shipyards based in La., Ms. and Tx.
Vitter must not get campaign contributions from Avondale Shipyards in New Orleans.