U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

[andymays]

http://www.cnsnews.com/news/article/feds-plan-284-billion-loan-oil-refinery

Excerpt:

The U.S. Export-Import Bank, an independent agency of the federal government, is now planning a $2.84-billion loan for a massive project to expand and upgrade an oil refinery--in Cartagena, Colombia.

The money would go to Reficar, a wholly owned subsidiary of Ecopetrol, the Colombian national oil company.

Excerpt:

Also according to NPRA, the last time a new oil refinery was built in the United States was 1993, when a small facility was built in Valdez, Alaska. The last time a new large oil refinery was built in the United States was 1976, says NPRA. Older U.S. refineries, however, have been upgraded and expanded in recent years.

http://www.cnsnews.com/news/article/feds-plan-284-billion-loan-oil-refinery

[prospector]

this after spending billions in brazil..
HEY obama..how 'bout spending some money here..

[mostpost]

First some definitions from Dictionary.com
Spend: to pay out, disburse, or expend; dispose of (money, wealth, resources, etc.):

Loan: something lent or furnished on condition of being returned, especially a sum of money lent at interest:

Prospector, we are not spending, we are loaning. Read the definition again. The money will be repaid with interest.

You guys have the memory of a marshmallow and the cognitive powers of a grape. Obama did not give money to Columbia, just as he did not give money to Brazil. The Import-Export bank is an independent agency. Look up independent in the dictionary. Then look up Import-Export Bank and read its mission. It loans money to entities in foreign countries. That money must be used to buy products and services from American companies.

This particular loan will result in the creation of 15,000 jobs in the United States for a period of at least four years. That is in the CNS article. And the money will be repaid with interest. That means we create jobs and make a profit. From my previous reading, I recall that the default rate on these loans is extremely low.

This is twice now that I have debunked similar stories on this matter. Yet I am supremely confidant that if a third story should arise, the mentally challenged on this board will once again rise in righteous indignation over an imagined wrong. It makes one tired.

[Tom]

Loan it here.

[mostpost]

Loan it here.
The Export-Import Bank is prohibited by law from competing with private sector banks on domestic loans. The money the EIB loans is not taxpayer funded. It is a bank. It receives its funding from interest and fees and investments.

[prospector]

Loan: something lent or furnished on condition of being returned, especially a sum of money lent at interest:

Prospector, we are not spending, we are loaning. Read the definition again. The money will be repaid with interest.


This is twice now that I have debunked similar stories on this matter. Yet I am supremely confidant that if a third story should arise, the mentally challenged on this board will once again rise in righteous indignation over an imagined wrong. It makes one tired.

you should be tired..carrying obama water ..wow, who's mentally challenged?
we "loaned" to general motors...just heard today we may never see all of it come back..its like the stimulus..loans to keep union people working..
grab another pail..up the hill

[Tom]

The Export-Import Bank is prohibited by law from competing with private sector banks on domestic loans.

Then don't loan it at all.

[HUSKER55]

when does this loan get repaid and how much interest?

[mostpost]

you should be tired..carrying obama water ..wow, who's mentally challenged?
we "loaned" to general motors...just heard today we may never see all of it come back..its like the stimulus..loans to keep union people working..
grab another pail..up the hill
General Motors has already paid back all the money we loaned it with interest.
What you are referring to is the GM stock that the government bought. It is unknown if the government will be able to sell that stock at a profit. It is also unknown if they won't be able to do so.

What is with this phobia you people have about unions. Union workers have every much of a right to a job as anyone else. Your constant attempts to make union workers second class citizens is disgusting. We will not allow you to succeed.

And Obama has nothing to do with this. If you had even the tiniest amount of knowledge, you would know that the EIB is an independent agency. You would know that the majority of the EIB board was appointed by George W. Bush. They are the one's who approved this loan and the Brazil loan. God forbid that by doing so they might give a union worker a job. Who is mentally challenged? You.

[bigmack]

The Export-Import Bank is prohibited by law from competing with private sector banks on domestic loans. The money the EIB loans is not taxpayer funded. It is a bank. It receives its funding from interest and fees and investments.
They seem as well run as any other Government, flunky outfit:
In 2007, WFAA-TV in Dallas revealed that the Ex-Im Bank had given at least $243 million in fraudulent loans to companies doing business with Mexico, including giving loans to companies with no verifiable address and individuals who were known associates of the Sinaloa and Juarez drug trafficking cartels.
...Our review of the facts of more than 100 claims submitted to Ex-Im Bank since 2002 that have been proven, or appeared, to involve fraud indicate that the responsible parties (generally exporters and foreign buyer/borrowers) succeeded in misleading the direct lender, and thereby defrauding the Bank as the direct lender’s guarantor or insurer, by misrepresenting one or both of the following key elements
The bank has long expanded beyond its initial mission of aiding American exporters when times were tough. And a growing chorus of critics -- from free traders on the right to trade unionists on the left -- say the bank has become a tool for an elite group of politically well-connected corporations to get sweetheart deals and cheap financing courtesy of American taxpayers.

In fact, Export-Import policies in recent years have had the perverse effect of sending American jobs, rather than goods and services, overseas. There was, for example, the case of a Chinese steel mill, the Benxi Iron and Steel Group, that received an $18 million Export-Import backed loan in December 2000 to buy American-made equipment only to be found a year later to be dumping steel into American markets and slapped with a 90 percent antidumping tariff. In that year, steel companies in the United States laid off 30,000 workers and more than 20 of the companies filed for bankruptcy.
'In administration after administration, Export-Import was always on the top of the list to get cut,'' said Mr. Moore at Cato. But he added that such efforts ''have never succeeded because of the full-court lobbying blitz by Fortune 500 companies.''
http://www.nytimes.com/2002/09/01/business/a-guardian-of-jobs-or-a-reverse-robin-hood.html?src=pm

[prospector]

mosty...i'm gonna do you a favor
i'd be willing to compare parchments with you any day..or worse for you, job history..
but some people never learn..i count you as one of those..doesn't mean you're not a good person..just not worth the time to argue with no realization of success..
you carry your pail, i'll pay someone to carry mine..:)

[bigmack]

General Motors has already paid back all the money we loaned it with interest.
Are you willing to stand behind yet another in a long line of blundering statements?

[mostpost]

Are you willing to stand behind yet another in a long line of blundering statements?
All the money it was loaned. Which was $6.7B. Don't confuse the loan(S) with the money it got by selling stock to the government. I do not claim the government has gotten that money back. Yet. I thought that was clear in my original.
http://www.politifact.com/truth-o-meter/statements/2010/apr/27/ed-whitacre/ceo-says-gm-has-repaid-government-loans-full/

[bigmack]

Yet. I thought that was clear in my original.
Yeah, it was quite clear you were trying to paint them as "good guys."

You continue to show egregious dishonesty splitting hairs when handy and leaving gaping holes when not.

Let's look at the whole picture:
__________________________

http://i165.photobucket.com/albums/u70/macktime/gmbailout.png

[mostpost]

They seem as well run as any other Government, flunky outfit:




http://www.nytimes.com/2002/09/01/business/a-guardian-of-jobs-or-a-reverse-robin-hood.html?src=pm


There have been several prosecutions involving fraud aimed at EIB. Apparently you think that if I was walking down the street and somebody waved a gun in my face and stole the $3.85 I always keep for emergencies, then I should go to jail. The criminal is responsible for the crime, not the victim.

Let me add that I read in several places that EIB uses money it has earned in interest on previous loans to make new loans. I have since read that it uses taxpayer funds. Don't know which is true or if both or neither are.

[bigmack]

There have been several prosecutions involving fraud aimed at EIB. Apparently you think that if I was walking down the street and somebody waved a gun in my face and stole the $3.85 I always keep for emergencies, then I should go to jail. The criminal is responsible for the crime, not the victim.
Good point. In Government Twilight Zone!

Ya see, if you're a bank and you hand out lettuce, willy-nilly, without showing due diligence to ensure that loan is going to be paid back, you're fired in the private sector. In your world, it's another day at the office.

By the bye, stay away from analogies. I've never seen anyone come up with as many rotten ones as you.

[johnhannibalsmith]

... I've never seen anyone come up with as many rotten ones as you.

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