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Immigration Pushed To The Forefront Again.... Thanks! To Everyone Who Has Propelled This Issue To Its' Rightful Position. Years Of Hard Work Are Paying Off.....Keep Up The Good Work!......
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Old 09-11-2010, 10:43 AM
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Jeanfromfillmore Jeanfromfillmore is offline
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Default U.S. Backs $1B Loan to Mexico for Oil Drilling Despite Obama Moratorium

U.S. Backs $1B Loan to Mexico for Oil Drilling Despite Obama Moratorium
Despite President Obama's moratorium on U.S. deepwater drilling in the Gulf of Mexico, the U.S. Export-Import Bank intends to guarantee $1 billion in loans to PEMEX, the Mexican state oil company, to bolster the company's oil drilling in the region.
The bank, which is the official American export credit agency, loaned more than $1 billion to PEMEX in 2009 -- when the company was the bank's largest borrower -- in support of its drilling activities. That year, the bank also guaranteed two loans totaling $300 million made by a commercial lender.
The latest request comes during a drilling moratorium that was first imposed by Obama in May to find out what was the cause behind the April 20 Deepwater Horizon oil rig explosion killed 11 workers and led to 206 million gallons of oil spewing from BP's undersea well.
After a federal court struck down the ban amid complaints that it threatened thousands of jobs in the offshore oil industry, the Obama administration issued a new moratorium in July on most deep-water drilling activities that is in effect until Nov. 30.
The Export-Import Bank said the moratorium doesn't affect its pending deal with PEMEX.
"None of these projects involve deepwater drilling," bank spokeswoman Maura Policelli told FoxNews.com in an e-mail.
The $1 billion deal is awaiting approval by the bank's board, which is expected to reach a final decision by Sept. 30, the end of the fiscal year. Because the bank is an independent agency, the deal is not subject to congressional approval.
"Before deciding whether to approve applications for financing, Ex-Im Bank performs rigorous environmental, safety and financial due diligence activities, including on-site inspections" Policelli said.
"After financing is approved, the bank monitors the company's financial, environmental and safety activities and performs on-site inspections as often as twice a year," she said.
The 2010 request will support multiple PEMEX projects, including offshore drilling and a $200 million facility to finance sales to U.S. small businesses, Policelli said.
By law, the bank's financing is "directly tied to the export of goods and services produced or provided by American workers," Policelli said.
Since 1998, the bank has guaranteed $7.7 billion in loans that U.S. and international banks have made to PEMEX. The bank agreed to make the direct loan of $1.05 billion to PEMEX last year in the wake of the financial crisis when commercial lenders tightened their lending.
"This loan supported the purchase of U.S. goods and services," Policelli said.
Over that 12-year period, Policelli said, the bank's financing of PEMEX has "helped create or sustain the jobs of over 47,000 American workers at over 1,300 U.S. companies, including 915 small businesses and 400 large companies."
http://www.foxnews.com/politics/2010...ma-moratorium/
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Old 09-12-2010, 05:03 AM
Rim05 Rim05 is offline
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the U.S. Export-Import Bank intends to guarantee $1 billion in loans to PEMEX, the Mexican state oil company, to bolster the company's oil drilling in the region.
[B]I read the article and some of the comments. Maybe someone can tell me where the Obama administration is the one backing this loan. Most of the comments are blaming the Obama admin. for this.
I would ask, who has control/any control over the US Export-Import Bank. By the article it seems they can do what ever they wish to do.


WE HAVE FUNDED MUCH TOO MUCH FOR MEXICO. WE SHOULD OWN THE DAMN PLACE BY NOW.
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Old 09-28-2010, 06:00 PM
Don Don is offline
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In the mid-90's we had to fund the "Mexican bail out." Twenty billion dollars, I think. The line was that if we didn't bail out Mexico and pay their debts to Wall Street bankers, the whole world economy would come to an end and civilization would collapse, blah, blah, blah. Newt Gingrich helped push it through the House, Trent Lott helped in the Senate, and Bill Clinton signed the bill.

Rank and file Americans are hanging on by their fingernails, but our rulers always seem to find billions of dollars to bail out Wall Street bankers and third world tycoons. And don't forget earthquake victims in Haiti.
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Old 09-28-2010, 07:33 PM
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ilbegone ilbegone is offline
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In the mid-90's we had to fund the "Mexican bail out." Twenty billion dollars, I think. The line was that if we didn't bail out Mexico and pay their debts to Wall Street bankers, the whole world economy would come to an end and civilization would collapse, blah, blah, blah. Newt Gingrich helped push it through the House, Trent Lott helped in the Senate, and Bill Clinton signed the bill.

Rank and file Americans are hanging on by their fingernails, but our rulers always seem to find billions of dollars to bail out Wall Street bankers and third world tycoons. And don't forget earthquake victims in Haiti.
I'd have to look it up for the particulars, but that was Zedillo and yet another Peso crisis replay somewhat like the one which sent millions of Mexicans illegally into America when Lopez Portillo had to devalue the Peso in the early 80's.

Pemex is mostly scrap iron by now, and my guess is that most of the money will be embezzled or otherwise looted.

I believe it was Zedillo who boasted that Mexico was "reclaiming" the territorial claim forfeited to America in 1848 with every Mexican who comes here now.
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