Monday, March 21, 2011

Senator Questions $2-Billion Loan to Brazil for Offshore Drilling as Domestic Production Languishes

"Sen. David Vitter (R-La.) is questioning how the United States has benefited from a $2-billion loan the Export Import Bank of the United States made to a Brazilian oil company for its offshore drilling operations.

Specifically, Vitter now wants to know:
-- The name of all U.S. companies that have increased exports based on this loan.
-- The specific product exports that have increased based on this loan.
-- The return on investment for this loan during the next 5 and 10-year windows.
-- The name of all U.S. and foreign investors, including institutional investors, that increased their shareholdings in Petrobras in excess of $50 million within a 6 month period before and after the ExIm loan.  [George Soros is a major investor in Petrobas]"
 [CNS]

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