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Clarifying facts on oil loan

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Rocky Warren (Reader Input,?Dec. 12) has been listening to Glenn Beck too much and needs to check the facts. President Obama did not sign an executive order to loan 2 billion taxpayer dollars to Petrobras Oil. On April 14, 2009, the Export-Import Bank of the U.S. (known as Ex-Im), an agency whose mission “is to assist in financing the export of U.S. goods and services to international markets,” issued a preliminary approval for a $2 billion loan to Brazil’s national oil company, Petrobras, to help fund offshore oil exploration and development. The approval of the loan was an action undertaken not by officials who had been appointed by President Obama, but his predecessor, George W. Bush, as Ex-Im itself stated: “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.” Despite the claim that the money committed to Petrobras is “taxpayer dollars,” Ex-Im notes that “the vast majority of our financing consists of guarantees of loans made by commercial lenders,” that “the bank is self-sustaining and does not receive any appropriated funds from Congress,”, and that “the bank’s activities do not cost the American taxpayer a dime.” I realize you hate billionaire financier George Soros as he has donated large sums of money to groups that support the goals of the Democratic Party. However the implication that President Obama unilaterally directed the issuance of a loan to Petrobras as quid pro quo repayment to George Soros is erroneous since the loan was approved and made by the Republican-majority board of Ex-Im officials who had been appointed by George W. Bush. Bottom line, Glenn Beck wants to make our president look bad and doesn’t not always tell the truth. Roger Perkins, Auburn