Author Topic: Obama directive to cost town 1,000 Jobs while he funds Soros & Petrobas. (FUBO!)  (Read 2109 times)

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U.S. agency's action may kill Bucyrus deal, cost 1,000 jobs
Export-Import Bank denies loan guarantees for coal project in India
By Rick Barrett of the Journal Sentinel

Posted: June 26, 2010 |(67) Comments


________________________ ________________________ ________



Up to 1,000 jobs at Bucyrus International Inc. and its suppliers could be in jeopardy as the result of a decision by the U.S. Export-Import Bank, funded by Congress, to deny several hundred million dollars in loan guarantees to a coal-fired power plant and mine in India.

About 300 of those jobs are at the Bucyrus plant in South Milwaukee, where the company has 1,410 employees and its headquarters. The remaining jobs are spread across 13 states, including Illinois, Minnesota and Indiana.

On Thursday, the Export-Import Bank denied financing for Reliance Power Ltd., an Indian power plant company, effectively wiping out about $600&enspmillion in coal mining equipment sales for Bucyrus, chief executive Tim Sullivan said.

The fossil fuel project was the first to come before the government-run bank since it adopted a climate-change policy to settle a lawsuit and to meet Obama administration directives.

"President Obama has made clear his administration's commitment to transition away from high-carbon investments and toward a cleaner-energy future," Export-Import Bank Chairman Fred Hochberg said in a statement. "After careful deliberation, the Export-Import Bank board voted not to proceed with this project because of the projected adverse environmental impact."


The bank's decision is puzzling, Sullivan said, because the power plant will meet international standards and the bank's environmental criteria.

The plant is under construction in Sasan, central India, and is scheduled to be up and running in 2012. Coal mining will take place for the plant whether it's done with Bucyrus machines or equipment from China and Belarus, Sullivan said.

"Unless the Obama administration jumps all over this and corrects a wrong fairly quickly, I am confident this business is going elsewhere," Sullivan told the Journal Sentinel on Saturday.

"The bank's decision has had no impact on global carbon emissions but has cost the U.S. nearly 1,000 jobs," he added.

The Export-Import Bank would not elaborate on the board's 2-1 vote - including Hochberg's - to deny the loan guarantees.

The U.S. State and Treasury departments recommended against making the loan guarantees. Neither agency could be reached for comment Saturday.

Political backlash

Democratic Gov. Jim Doyle and Sen. Herb Kohl, Republican Rep. Paul Ryan and Mayor Tom Barrett, the Democratic candidate for governor, voiced their objections to the Export-Import Bank decision, which may be irreversible since there isn't an appeals process.

Doyle said he met with Hochberg to stress the importance of the mining equipment sale, which was contingent on the loan guarantees, for sustaining jobs here.

"I was absolutely stunned by their decision. It was the most shortsighted, unconscionable decision you could imagine, and I can't see any justification for it," the governor said.

Doyle said he hopes the bank's decision can be reversed before India turns to China or Belarus for mining equipment.

The decision could set a precedent that would keep other nations from buying U.S. mining equipment, especially since China offers discount financing on machines built there, which puts the U.S. at a competitive disadvantage.

"My discussions with the bank chairman were hardly confidence-building," Doyle said. "They really could not justify their decision except somehow, somebody told them that if the word coal is anywhere in a plan, then they can't move forward with it."

Obama is scheduled to be in Racine on Wednesday.

Doyle said he wants to meet with the president and urge him to ask the Export-Import Bank to reconsider its decision.

"I am a green-energy guy," Doyle said. "But I also understand that we need coal as a major source of energy. What that means is, we need to develop and support the technologies and businesses that are involved in the production of energy from clean coal. Bucyrus is one of those businesses."

Barrett, too, said he would press the issue with Obama.

"By rejecting the Bucyrus proposal, the bank has guaranteed companies who care little for carbon emissions in Russia or China will get these jobs. These are the common-sense arguments I will make to the bank to reverse this awful decision. And they are points I'll personally share with the president when he is in Wisconsin this week," Barrett added.

Ryan said he was angered by the "slippery explanation" given by the Export-Import Bank for denying the loan guarantees.

"This is an ominous preview of the economic damage from Washington's environmental overreach. Should they fail to overturn this decision, the administration is sending a clear signal to the Midwest that political ideology is a higher priority than the livelihoods of Wisconsin families," Ryan said.

Kohl said he has met with federal officials about the loan guarantees.

"It is surprising and disappointing that, in this difficult economy, the bank passed on this opportunity to create good-paying jobs. While I am aware of the environmental concerns, denying this deal doesn't prevent a coal power plant from being built. It only ensures that the jobs connected to it are not American," Kohl said in an e-mail.

Environmental lawsuit

Environmentalists praised the Export-Import Bank's decision Saturday, saying it should not support coal-fired power plants.

"Coal is the dirtiest form of energy that exists. There is no such thing as 'clean coal,'&ensp" said Oliver Bernstein, spokesman for the Sierra Club, based in San Francisco.

Sierra Club is active in India, working to support solar power and green energy.

"Green technology is the fastest way to help the environment and create jobs that will last," Bernstein said.

The bank's decision has its roots in a 2002 lawsuit filed in federal court in San Francisco by Friends of the Earth, Greenpeace and four cities claiming they would suffer environmental and economic damage from global climate change.

The plaintiffs alleged the Export-Import Bank and the Overseas Private Investment Corp. provided more than $32&enspbillion in financing and loan guarantees for fossil fuel projects over 10 years without studying their impact on global warming or the environment as required by the National Environmental Policy Act.

In 2009, the two agencies agreed to provide a combined $500&enspmillion in financing for renewable-energy projects and take into account the greenhouse gas emissions associated with projects they support.

But one of the bank's duties is to support the export of U.S.-manufactured products, such as mining equipment.

"In fact, they are doing just the opposite in steering our customers to our foreign competition," Sullivan said.

Lining up support

Sullivan plans to seek community support, including help from Bucyrus suppliers and the United Steelworkers of America, which represents Bucyrus employees, to urge the Export-Import Bank to change its decision. Otherwise, Sullivan said, there is no appeals process for votes by the Export-Import Bank board.

Bucyrus has 250 suppliers in Wisconsin that employ 15,000 people, according to the Metropolitan Milwaukee Association of Commerce.

"These companies are dependent on Bucyrus' ability to capture international sales and export their machines," said Tim Sheehy, MMAC president. "If Bucyrus catches a cold on this, there are hundreds of employers that get sick."

National Mining Association spokeswoman Carol Raulston called the Export-Import Bank's decision shortsighted and said it sets a dangerous precedent for other developing nations wanting to do business with Bucyrus.

"India has millions of people living in poverty, and coal is going to be their most affordable source of electricity," Raulston said.

The Bucyrus equipment that was ordered for India included two draglines, which are machines weighing millions of pounds and tall enough to loom over a 20-story building.

It takes three years to build a dragline at a cost of more than $100&enspmillion.

The initial equipment order also included eight electric-powered rope shovels and 180 mining trucks. With additional options, services and other products, the order could exceed $600&enspmillion, according to Bucyrus.

"This is a huge deal for us," Sullivan said. Without the order, he added, the company must find other work to avoid layoffs.

"We are going to fight hard to keep this order, but frankly, India can probably find better partners than the U.S. to develop its energy sector," Sullivan said.
 

________________________ ___________

Hope & Change you stupid fools. 

 

Soul Crusher

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U.S. Loan to Brazilian Oil Company Riles Conservatives in Favor of Offshore Drilling
By James Rosen

Published August 20, 2009
| FOXNews.com


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President Obama has opposed any expanded oil drilling off American shores largely on environmental grounds, turning a deaf ear to conservative cries of "Drill, Baby, Drill."

But now Obama may start hearing cries of "foul" after the U.S. Export-Import Bank promised Petrobras, Brazil's state-owned oil company, $2 billion in loan guarantees to help finance lucrative drilling off the shores of Rio De Janeiro.
Some see a contradiction in an executive branch agency, independent but with board members appointed by the president, facilitating abroad the very kind of energy exploration Obama opposes domestically.

White House spokesman Robert Gibbs said Thursday he wasn't prepared to address the issue.

"I have not seen the story," he said. "I'd have to take a look."

But former Alaska Gov. Sarah Palin, a vocal proponent of offshore drilling, had plenty to say.

"So why is it that during these tough times, when we have great needs at home, the Obama White House is prepared to send more than $2 billion of your hard-earned tax dollars to Brazil so that the nation's state-owned oil company, Petrobas, can drill off shore and create jobs developing its own resources?" she asked on her Facebook page.

In fact, the Export-Import bank receives no appropriations from Congress and thus does not rely on American taxpayer dollars and is also not "sending" $2 billion to the Brazilian company but offering lines of credit to U.S. firms so they can compete to land contracts as part of Petrobras' drilling operations.

The $2 billion "preliminary commitment" by the Export-Import Bank to Petrobras is expected to grow, as the U.S. competes on behalf of American exporters of goods and services against those from China. Beijing has extended a commitment of $10 billion -- but the Brazilians are said to prefer U.S. management and technology.

Then there is the George Soros angle.

The New York-based hedge fund firm controlled by the billionaire philanthropist and backer of Democratic causes and campaigns bought and sold millions of shares in Petrobras -- the largest of the firm's holdings -- prior to public disclosure of the Export-Import bank's offer of new credit guarantees to the Brazilian energy giant.

No one has accused Soros of wrongdoing, but some say the transactions do not pass the "smell test."

Soul Crusher

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Wake the hell up you morons!  He is INTENTIONALLY destroying the nation. 


Soul Crusher

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I want just one person to defend this. 

KC, Mons, Blacken, anyone?

Soul Crusher

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I want just one person to defend this. 

KC, Mons, Blacken, anyone?

Bump for Blacken or 240 to defend this latest pofas move by the communist traitor in chief.   

Fury

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So Obama, who supposedly cares deeply about preventing more rig accidents in the gulf (hence his moratorium), is sacrificing American jobs to give a company Soros has stock in $2bn to drill in the gulf. Am I missing something about the point of his moratorium here? It's wrong for American firms to drill in the gulf but OK for Petrobas to do that? Ha, Obama "cares" alright.  ::)

Paging pandering far-left tards, paging far-left tards. It's amazing how well 240 and co. can avoid any thread that challengers their Utopian view of things.

Soul Crusher

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Blacken, Straw, Mons, 240, Lurker, et al won't go near this with a 100 foot pole. 

Fury

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Blacken, Straw, Mons, 240, Lurker, et al won't go near this with a 100 foot pole.  

I'll help to keep bumping this.  8)

Would love to hear them justify taking away 1,000 American jobs for a moratorium on dangerous drilling while turning around and giving $2bn to a foreign firm to do that same dangerous drilling.

Parker

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So Obama, who supposedly cares deeply about preventing more rig accidents in the gulf (hence his moratorium), is sacrificing American jobs to give a company Soros has stock in $2bn to drill in the gulf. Am I missing something about the point of his moratorium here? It's wrong for American firms to drill in the gulf but OK for Petrobas to do that? Ha, Obama "cares" alright.  ::)

Paging pandering far-left tards, paging far-left tards. It's amazing how well 240 and co. can avoid any thread that challengers their Utopian view of things.
Maybe if you get a map and see that Rio is not in the gulf of Mexico.
That would help your understanding of things....

Soul Crusher

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Maybe if you get a map and see that Rio is not in the gulf of Mexico.
That would help your understanding of things....

Or maybe that Soros is one of Obama biggest backers? ? ? ? ? 

Fury

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Maybe if you get a map and see that Rio is not in the gulf of Mexico.
That would help your understanding of things....

No shit? Because the USA is the only oil company that drills in the Gulf (Hint: Petrobras drills in the gulf). Anyway, I was referring more towards signing off on deepwater drilling but you got me.

Still mad because I pointed out that you don't understand using millions as the set units for population figures? It's alright, I know you like trying to fill the "know-it-all" role on the G&O.

Why is it alright for Petrobas to deepwater drill but not for American companies?  ::)

Soul Crusher

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The bottom line is that Obama is fulfilling his promise to bankrupt the coal industry and put american workers out in the street and begging the govt for welfare. 

 

Fury

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The bottom line is that Obama is fulfilling his promise to bankrupt the coal industry and put american workers out in the street and begging the govt for welfare.  

 

If it's alright to bankroll Petrobas's deepwater drilling then there's really no point to putting a moratorium on American firms doing it.

Parker

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Or maybe that Soros is one of Obama biggest backers? ? ? ? ? 
Now, that is a good point. Have you been following the issue with "free radio", not being free anymore. Seems like there are dems and repubs wantig to tax radio stations to play music and other developments


No, BF, I am not angry, I was wrong. And I told you what my major was. Hell, I hate math... But your "no shit", comment, is a backpedal, because you explicitly said  "The Gulf", and you went on to compare a Am company drilling there vs a foreign company. Maybe there is a back story, like th fact that Brazil has huge investments in sugar cane alternative fuel, and this is just to help that---Stem the flow. I'm speculating. And with the Indian deal, due to the issue that happened with coal accident, maybe there are concerns of safety protocol, or the fact that the admin is trying to force India's hand on the carbon issue. Or where the mine is located.


And no, I am no know it, I am a polymath, I have varied interests, and what I don't know or know a little about I ask the ones on here who know more, or i defer to them...
We all can't be as self righteous as you.

Fury

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Now, that is a good point. Have you been following the issue with "free radio", not being free anymore. Seems like there are dems and repubs wantig to tax radio stations to play music and other developments


No, BF, I am not angry, I was wrong. And I told you what my major was. Hell, I hate math... But your "no shit", comment, is a backpedal, because you explicitly said  "The Gulf", and you went on to compare a Am company drilling there vs a foreign company. Maybe there is a back story, like th fact that Brazil has huge investments in sugar cane alternative fuel, and this is just to help that---Stem the flow. I'm speculating. And with the Indian deal, due to the issue that happened with coal accident, maybe there are concerns of safety protocol, or the fact that the admin is trying to force India's hand on the carbon issue. Or where the mine is located.


And no, I am no know it, I am a polymath, I have varied interests, and what I don't know or know a little about I ask the ones on here who know more, or i defer to them...
We all can't be as self righteous as you.

It's not a back-pedal as much as it was a fuck-up on my part. From what I've read, Petrobras owns the rights to multiple oil fields in the Gulf of Mexico (sharing the rights to a few of those fields with BP, nonetheless). But yeah, I was wrong with saying this loan was for drilling in the gulf. You got me there.

Nor am I self-righteous. I think most on Getbig over the years have labeled me a gigantic douche for the way I post but there's nothing self-righteous about it.  :)

http://seekingalpha.com/article/77511-petrobras-is-hoarding-the-world-s-deep-sea-drillers

Interesting article from 2008 showing that Petrobras has long been planning to become the world's big dog in terms of deep sea drilling. I find handing out a $2 billion loan (supposedly with a guarantee for $8 billion more) to a company that does A LOT of deep-sea drilling when you put a moratorium on it for US firms to be a dick move and pretty slimy. I feel that if it's OK for them to drill like that then American firms should be allowed to do it as well.

Soul Crusher

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Bottom line is that if we have money to spend, it should go to actual US businesses like this, not in brazil. 

They have TRILLIONS to give to the bankers but none to a company like this.   ::)  ::)  ::)

Parker

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It's not a back-pedal as much as it was a fuck-up on my part. From what I've read, Petrobras owns the rights to multiple oil fields in the Gulf of Mexico (sharing the rights to a few of those fields with BP, nonetheless). But yeah, I was wrong with saying this loan was for drilling in the gulf. You got me there.

Nor am I self-righteous. I think most on Getbig over the years have labeled me a gigantic douche for the way I post but there's nothing self-righteous about it.  :)

http://seekingalpha.com/article/77511-petrobras-is-hoarding-the-world-s-deep-sea-drillers

Interesting article from 2008 showing that Petrobras has long been planning to become the world's big dog in terms of deep sea drilling. I find handing out a $2 billion loan (supposedly with a guarantee for $8 billion
more) to a company that does A LOT of deep-sea drilling when you put a moratorium on it for US firms to be a dick move and pretty slimy. I feel that if it's OK for them to drill like that then American firms should
be allowed to do it as well.
now, see that's what I'm talking about! Once you dig deeper, no pun intended, you see the deeper issue. Now, does this ban the Brazilian company from the gulf, or are they strictly going to drill off the coast of Rio?

All I really have to say is that politicians are whores. Doesn't mean you can't be a good whore, but show them the dollars abd they will bend over...

pro nitrousADRL

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how many more people have to say it before people finaly understand??  (cloward and pivon)  Its getting more clear every day!!
down with hussein

Soul Crusher

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Again - we now have 1,000 AMERICAN FAMILIES intentionally being put out into the street on welfare because of this.  

I'm sorry, in my mind this is not only awful, but downright morally wrong on all counts.  

Soul Crusher

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how many more people have to say it before people finaly understand??  (cloward and pivon)  Its getting more clear every day!!

I have said it from day 1, but now I really don't see how anyone cant see what is going on here. 

Fury

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now, see that's what I'm talking about! Once you dig deeper, no pun intended, you see the deeper issue. Now, does this ban the Brazilian company from the gulf, or are they strictly going to drill off the coast of Rio?

All I really have to say is that politicians are whores. Doesn't mean you can't be a good whore, but show them the dollars abd they will bend over...

From what I've read, Petrobras has stopped drilling the two fields they were sharing the rights to with BP and are planning on moving those rigs down to Brazil but they seem to be still drilling the other fields they're leasing. I know that other countries have also continued their drilling unabated after this spill.

pro nitrousADRL

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i know,  i have said it as well before i was even done with the book ???  people dont want to hear it, or they support it..
down with hussein

Soul Crusher

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Notice 240, Straw, Mons, Blacken, - who are all over every Palin thread, wont go near this  ???  ???  ??? 

Soul Crusher

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Bump for 240 & Mal. 

Question:  How does Obama create jobs when he is intentionally destroying them? 

240 is Back

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i'm just looking at this thread for the first time.

I haven't followed this issue at all.

Did soros and his team get approval for everything they're doind before Obama took the oath?  I heard something about a 5 man BUSH team approving his current actions the repubs are bitching about?  I dont know the details.  Since I've been "bumped" about 40 times on this thread... um, creepy!.... I'll debate it, sure! 

So how is this 1000 job loss and Soros related?