Obama: $$ billions to Petrobras for oil drilling??????

[BucsLose]

Originally Posted by WilliamSmyth

Ex-Im Bank :: Facts About the Proposed Ex-Im Bank Loans for Petrobras' Brazilian Offshore Oil Exploration and Development

Facts About the Proposed Ex-Im Bank Loans for Petrobras' Brazilian Offshore Oil Exploration and Development Background on Ex-Im Bank:

• The Export-Import Bank of the United States’ (Ex-Im Bank) mission is to help create and sustain jobs for American workers. The Bank does this at no cost to the American taxpayer; in the past sixteen years the Bank has netted the American people $4.9 billion and the jobs those exports have supported.
• More than 80% of Bank authorizations during the last fiscal year directly benefited small businesses.

Charges and facts:

Charge: The U.S. government is giving away more than $2 billion in taxpayer dollars to Brazil’s largest oil and gas company to drill for oil in Brazil.
Fact: The Bank has approved a preliminary commitment to lend up to $2 billion to Petrobras for the purchase of American-made goods and services. The funds will go to American exporters as payment for their sales to the company. Of note, the Bank is self-sustaining and no taxpayer dollars are involved.
Charge: The loans to Petrobras represent a giveaway of U.S. tax dollars.
Fact: The Bank’s activities do not cost the American taxpayer a dime. In fact, since 1992 the American people netted more than $4.9 billion and the jobs those exports created.
Charge: America is exporting jobs to Brazil as a result of the loans.
Fact: Only American made goods and services qualify for Ex-Im Bank loans or guarantees. This is the government doing what it's supposed to do - helping to create U.S. jobs, making sure that Americans get a fair shot at selling goods and services, and helping American workers compete on a level playing field against foreign competition.
Charge: The loan to Petrobras represents a reversal of the Obama Administration’s policies on off-shore drilling.
Fact: The Bank’s bipartisan Board unanimously approved the preliminary commitment to Petrobras on April 14, 2009, before any Obama appointees joined the Bank. In fact, at the time the Bank’s Board consisted of three Republicans and two Democrats, all of whom were appointed by George W. Bush.
Read Chairman Hochberg's Letter to the Editor that appeared in the August 21, 2009 editions of the Wall Street Journal.

Updated: August 20, 2009

Oh please. That $ 2 billion is going to offshore drilling and it has NOTHING to do with American jobs. NOTHING. You know it and I know it. You know damn well if it was to benefit America, Obama and the news media would be touting it. Funny how they are silent on it. They are silent because it isnt going to help America one bit.

[WilliamSmyth]

Originally Posted by BucsLose

Oh please. That $ 2 billion is going to offshore drilling and it has NOTHING to do with American jobs. NOTHING. You know it and I know it. You know damn well if it was to benefit America, Obama and the news media would be touting it. Funny how they are silent on it. They are silent because it isnt going to help America one bit.

Yes it is going towards offshore drilling. The money has to spent buying American products. It is what the ExIm Bank does, has done and will continue to do. They lend money to foreign companies in order to promote the purchase of American products. The Petrobras project is going forward whether or not American is involved. I have don't a problem with the bank promoting the use of American products.