SEC Reported to be Considering Investigation of TransCanada U.S. Job Creation Claims

[GTOlover]

Originally Posted by desertdetroiter

Sell it to whomever you want. Most of us don't give a damn who you sell it to. But we don't want foreigners coming down here threatening American citizens with Eminent Domain, and that's exactly what Trans-Canada did.

Iran threatens both you and us and the rest if the Westren world with nuclear weapons.... Canada "threatens" you with $7 Billion dollers of direct investment and 6,000 direct long term well paying jobs in the US with a total est. of 20,000 U.S. jobs if you include the total spin off and temp jobs..

We literally fight the war on terror right along side you and we also offer billions of dollers in direct investment into your Economy and also help fund many mega/Joint projects that Benifit both our Countries and create thosunds of well paying jobs for middle class workers in the U.S... So how Bad Can us Canadians your long time ally, number 1 trading partner and Co-Defender of North American airspace (NORAD) with a nearly 200 year long on very good terms friendship really be here?

[aus10]

Originally Posted by sickofnyc

...and this is a surprise...how?

In his SOTU address, Obama mentioned the insider trading going on in Washington. Boehner must have soiled his pants. I'm just surprised he did not not start to cry.

I posted a link on another thread awhile back about the phony job numbers the GOP was putting forth concerning the pipeline.

Where The Real Job Creation Is: Obama’s Energy Initiatives Create 68,000 Jobs To Keystone XL’s 6,000
Where The Real Job Creation Is: Obama's Energy Initiatives Create 68,000 Jobs To Keystone XL's 6,000 | ThinkProgress

Who's paying for the 68,000 jobs Obama's supposedly "creating"? Taxpayers? If not... good for him. But I have my doubts... I would imagine somehow we'll end up paying....

[buzzards27]

I see you've been hoodwinked, too. This material isn't meant for the us market, whether it goes thru XL or over the Rockies it is heading for China.

Do a little research, they have been trying to find a market for this toxic waste for over a hundred years. It was discovered almost 300 years ago.

Ask yourself where is the "Plains Upgrader" why wasn't built? Why did the Canadian government need to fund the Husky Upgrader? Why didn't Canadian oil producers ramp up refinery capacity years ago and refine this garbage up there? Because there really isn't a market for it, the sulphur and other contaminants make the fuels to dirty to burn in the states. The sand in the crude acts like sandpaper on the pipelines and equipment use to process it. The solvents used to make it flow thru the pipes are highly toxic if a spill occurs. It's heavy nature makes it sink in water, read about the Michigan spill.

Why are we taking the risks for a product headed to China? Why didn't Canada develop the infrastructure to process and refine they own raw material 300 years after there discovery?

Forget about Canada's toxic waste, we have a oil boom going on in North Dakota and we don't need Canada's head aches.

Originally Posted by GTOlover

Look the Middle East is an American election issue, as is most of the world an election issue and has always been in America. Every president for the last twenty years has stated they would make America more independent of Arab oil including Obama. And the ONLY reason Canada/Keystone is a US election issue is directly Obama's doing by choosing to play up to the environmentalists wing of the democrat party to gain their support for his re-election campaign. Pure politics nothing more.

Which in turn made Keystone an election issue for democrats and republicans - that's the nature of the game of politics.

The pipeline will go trough with either Republicans or Democrats in congress or the White House - its as simple as that. And Keystone IS a US energy/security issue and should be an election issue. I say let the people speak - Canada/Alberta will move in their own interest with or without all of America or Americans on board.

That too is the nature of the game. And we (Canada & Canadians) can -play this part of the game better than the Americans can - why? This is Alberta's and Canada's Oil and we will conduct business as normal and sell to who ever is willing to buy-

We owe America no allegiance with our oil. They (You) are just customers... as are the Chinese or anyone else who is interested in it - and that's how the business world works. We find customers for our products and sell it to them.

[OICU812]

Originally Posted by TigerLily24

And it looks like John Boehner is right in the middle of the mess. Will we see another speaker brought up on ethics charges? Hmmmm.

Anyway, apparently the complaint was substantial enough that the SEC is considering an investigation. I am really glad someone saw through the smoke and mirrors, though of course it was all there in black and white waiting for someone who cared enough to look:

"On Thursday, the Securities and Exchange Commission (SEC) received a complaint from an environmental group [Greenpeace] with accusations that the proposed Keystone XL pipeline’s owners (TransCanada) are in violation of SEC Rule 10b(5) – Employment of Manipulative and Deceptive Practices to bolster stock prices.
...
The complaint specifically highlights that TransCanada asserts that the pipeline will create American jobs “at a rate that is 67 times higher than job creation totals given by the company to Canadian officials for the Canadian portion of the pipeline.” "

Which leads us to Mr. Boehner:

"Speaker Boehner owns shares in seven different Canadian tar sand companies and it is highly likely that he knows the job numbers are inflated as an investor and stands to profit if the pipeline is built.
...
As an investor, Speaker Boehner was privy to the authentic job creation numbers TransCanada reported to investors and Canadian regulators."

And yet, he continued to cite the larger numbers and press for approval.
Tsk, tsk.

The SEC Mulls An Investigation Calls Grow For John Boehner To Resign

This is just using government agencies for purely political reasons.

[EinsteinsGhost]

Originally Posted by southbel

Because someone made a complaint doesn't mean the SEC will investigate nor does it mean the complaint is true. Your article, once you waded through all the partisan nonsense, didn't have any indication that the SEC will even do anything with this complaint, just that the complaint was made.

Don't be disappointed when nothing comes of this because it's a pretty far fetched complaint. TransCanada will get their oil to market either through the Keystone XL pipeline or a pipeline to the western coast of Canada. Their stock prices are not solely hinged upon the approval of the Keystone XL pipeline.

I think you missed the point made in the OP.

[Toyman at Jewel Lake]

It's a shame that the SEC can't focus on where crimes were committed and taxpayer money lined the pockets of the players. Solyidra anyone?

[Hwy phantom]

Originally Posted by Toyman at Jewel Lake

It's a shame that the SEC can't focus on where crimes were committed and taxpayer money lined the pockets of the players. Solyidra anyone?

They're too busy watching porn....


SEC Porn Problem: Officials Surfing Sites During Financial Crisis, Report Finds


http://abcnews.go.com/GMA/sec-pornog...4#.TybJbm1vWk8

[walidm]

Originally Posted by GTOlover

We literally fight the war on terror right along side you and we also offer billions of dollers in direct investment into your Economy and also help fund many mega/Joint projects that Benifit both our Countries and create thosunds of well paying jobs for middle class workers in the U.S... So how Bad Can us Canadians your long time ally, number 1 trading partner and Co-Defender of North American airspace (NORAD) with a nearly 200 year long on very good terms friendship really be here?

So let's get this straight...We OWE you the right to destroy our eco-system?

[Mircea]

Originally Posted by GTOlover

Every president for the last twenty years has stated they would make America more independent of Arab oil including Obama.

Your garbage high sulfur worthless very heavy tar sands oil will not make American independent of foreign oil.

Originally Posted by GTOlover

And Keystone IS a US energy/security issue and should be an election issue.

That is a patently false statement.

The US already exports California Heavy, Louisiana Heavy, Oklahoma Heavy, Uinta Basin Black Wax and Alaskan Heavy. The reason the US exports it is because 1) the US has no use for heavy oil; 2) the US does not have the refinery capacity for heavy oil; and 3) the Sulfur in the oil costs too much to remove to meet EPA standards (which is why they US is exporting gasoline and diesel).

The Keystone Pipeline is neither an energy issue, nor a security issue, and lying and claiming that it is will not alter those facts.

The pipeline will not reduce the price of light or intermediate grade oils on the world market, nor will it reduce the price of gasoline in America.

If the US used Athabasca tar sands oil only for gasoline, the price of gasoline would be $20+/gallon.

Why? Because tar sands only yields about 4 gallons of gasoline per barrel, compared to Illinois Intermediate (16 gallons), West Texas Intermediate (19 gallons) or Bonny Light (from Nigeria -- 22 gallons).

It is cost-prohibitive to reduce the Sulfur to 30 ppm to meed EPA Tier 2 standards and it will cost even more to reduce it to 10 ppm for EPA Tier 3 standards (coming sometime between June 1 and January 2013).

Originally Posted by GTOlover

We find customers for our products and sell it to them.

Except you cannot.

You don't have the port facilities on the west coast and your east coast port facilities are inadequate. That's why you need Port Arthur, Texas.

You don't have the processing facilities to even process (clean) the oil. Again, that's why you want to use the 3 refineries at Port Arthur operated by Motiva (Valero), Premcor and Total SA (France).

None of your refineries are capable of refining tar sands, and none of the have the special coking facilities necessary (but the 3 refineries at Port Arthur do because they already process and refine Uinta Basin Black Wax).

This pipeline benefits O Canada! and only O Canada!.

If you want to sell the oil, then you build the pipeline in your backyard, and you build the processing facilities in your backyard, and you build the refineries in your backyard and you deal with the environmental problems in your backyard.

Originally Posted by GTOlover

Iran threatens both you and us and the rest if the Westren world with nuclear weapons....

Iran has made no such threats, and Iran does not have a nuclear weapons program.

Originally Posted by GTOlover

Canada "threatens" you with $7 Billion dollers of direct investment and 6,000 direct long term well paying jobs in the US with a total est. of 20,000 U.S. jobs if you include the total spin off and temp jobs.

That jobs myth has already been debunked.

Debunking myths...

Mircea

Originally Posted by southbel

Don't be disappointed when nothing comes of this because it's a pretty far fetched complaint. TransCanada will get their oil to market either through the Keystone XL pipeline or a pipeline to the western coast of Canada. Their stock prices are not solely hinged upon the approval of the Keystone XL pipeline.

Actually they are.

TransCananda gets more money for shipping processed oil rather than raw crude. And they would get even more money to shipped refined oil products instead of processed oil.

Canada has neither the processing facilities, nor the refining facilities for their own tar sands.

And TransCanada did grossly exaggerate the number of jobs.

Not disappointed...

Mircea

Originally Posted by SCGranny

Maybe you haven't heard - but I understand that one of Obama's buddies, Warren Buffett, has come to the rescue - he'll happily transport the tar sands oil via his railway company.

That has been debunked.

Oil that is API 10° weighs 8.33 pounds per gallon (tar sands is heavier). One barrel (42 gallons) weighs 349.86 pounds

Gross weight is 263,000 pounds minus the weight of the tank car leaves a load weight of 190,300 pounds (and that is stenciled on the exterior of the car for those who want to see it).

One car can carry about 544 barrels, and 700,000 barrels per day would be 1,286 cars.

Assuming the tar sands was cut with toluene or other petroleum distillates to flow better, it would take 2 hours minimum to drain each rail car. Go to GoogleEarth and look at the three refineries at Port Arthur. None have the rail car capacity or spur lines to accommodate 400+ cars for each refinery.

Someone was just flapping their lips to drive up rail stocks.

Math win...

Mircea

Originally Posted by buzzards27

I see you've been hoodwinked, too. This material isn't meant for the us market, whether it goes thru XL or over the Rockies it is heading for China.

Do a little research, they have been trying to find a market for this toxic waste for over a hundred years. It was discovered almost 300 years ago.

Ask yourself where is the "Plains Upgrader" why wasn't built? Why did the Canadian government need to fund the Husky Upgrader? Why didn't Canadian oil producers ramp up refinery capacity years ago and refine this garbage up there? Because there really isn't a market for it, the sulphur and other contaminants make the fuels to dirty to burn in the states. The sand in the crude acts like sandpaper on the pipelines and equipment use to process it. The solvents used to make it flow thru the pipes are highly toxic if a spill occurs. It's heavy nature makes it sink in water, read about the Michigan spill.

All good points.

Concurring...

Mircea