Obama Loans Billions to Brazilian Oil Company Partly Owned By Dem’s Biggest Contributor

Flopping Aces ^ 08-19-09 Mike's America

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 DrillingToo bad it's not in U.S. watersWall Street JournalAUGUST 18, 2009You 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.

(Excerpt) Read more at floppingaces.net ...

NOTE: So the truth is coming out that Soros is running this part of the Government. Obama supports drilling off shore in Brazil but not in America? Disgusting that Obama wants us to continue to rely on foreign oil thanks to George Soros, one of his mentors.