Biden’s ‘good friend,’ donor receives $20M federal loan to open foreign luxury car dealership

Originally posted by RealSpoke
This is crony capitalism, can you please stop calling the Obama admin communist/socialist now? Thanks

Obama supported the wallstreet bailout with no strings attached, but in order for the auto corps to be bailed out they had to reduce their pension and employee wages...this is the exact opposite of what a communist would do.

edit on 17-8-2012 by RealSpoke because: (no reason given)

I can't believe you just tried to justify Obama's failures in such a fashion...

All for the sake of protecting him from being labeled a socialist. You don't need to give a $20 Million foreign investment to be called a socialist or a communist but there are certainly many things to do to earn the coveted title. And boy oh boy has Obama done them.

Thank you for finding this and posting.

This is awesome...not.
Now I know why small business isn't getting any domestic support. They don't care about loans to Veteran owned and operated companies trying to employ other vets. How else could they create unemployment among the returning veterans. Sure, makes sense to me now.

CCR.GOV registered with Duns&Bradstreet and CAGE code, yet no support. But they waste no time only money by investing in yet more foreign markets instead of our own....

I just don't get it some times. Do you know what a $20 million stimulus could do for Michigan and its unemployed, veteran preference and qualified citizen or otherwise, that approximately 600 new jobs.

Where is the news media? This makes me sick. The corruption with this Potus and gang is everywhere you look yet everyone looks the other way. What's wrong with everyone? Crazy.. dn:

reply to post by jibeho


You post awesome content Jibeho!

If this story becomes a Romney talking point then I doubt any investigation will ever happen because something even more ridiculous is bound to happen not long after to make us all 'forget' this charade.

It's getting awfully hard to not roll my eyes at people these days. Things have become painfully transparent lately & yet there are tons of people still buying into the garbage lies that the televisions are so adept at programming people with.

Jibeho, I look forward to reading nearly ever post you seem to create, S&F's good sir.

String im up! Unless he gives the taxpayers the money back. I don't see how the rest of us are benefiting from this.

If only we could have some sort of justice around here.

If Obama was really socialist he would be for the people. Fascist is probably a better word to describe. Or buddyist, lol. Can I be your buddy Obama/Biden? Give me some of those mils that are extorted from the masses?

reply to post by jdub297


I did not insinuate that the families or those affected by this situation are "chump change", drawing this type of conclusion is the definition of ignorant, so deny yourself mate.

All i was trying to point out that the difference of scale on a national level, between the national bailout and this 20 million loan, which i have stated many times as ridiculous, as per the other users post.

Reading the entire thread is part of denying ignorance, do not just read one post without reading the context it was positioned. Assumptions are bad mmmkay?

Originally posted by FlyersFan
Jeeeeze .. if he's going to pay off a buddy with this kind of crap, the least he could have done was have the buddy build here in Delware (Bidens home state).

You should know by now that Biden, and everyone else in Washington for that matter, couldn't care less about American jobs. In fact, they are actively working every day to destroy the economy here by any means possible.

If the Obama administration really cared about fixing the economy he'd repeal NAFTA, end The Fed, bring our troops home, reduce the size of government, and stop spending our tax money like a drunken sailor.

They're not stupid, they all know what the answer is, however we all know it's not going to happen no matter who's in office because if the economy collapses and violence breaks out, martial law will be declared and then we will live the rest of our lives with their boots on our necks, and that's exactly what they want.

Thinking of Washington this way is the only way that anything makes sense.

i want a friend like that

GIEF ME

Originally posted by Foxybrain
reply to post by glasshouse

 

Its the truth, I'm not the only one thinking this, the way BLACKS thinks that is OK to get and receive without doing anything, Blacks thinks that are entitled to get from others Just because!
What I'm saying is basically that a black person is not capable to handle or do any thinking at all by themselves, specially being on charge of things. Don't you see that the First Lady Monkey wants to show on TV and travel like she is a celebrity? Don't you see what's going on, we are living in "The Planet of the Apes"?
And Obama and his Monkey family should go straight to the Zoo.

I'm truly sorry if the truth hurts you.

Oh geez...Really?! My friend is a CPS worker and sees mostly WHITE people on welfare who refuse to get off their duffs and apply for a job.

reply to post by texasgirl



Texas do not represent the entire United States.

Originally posted by Foxybrain
reply to post by texasgirl

 

Texas do not represent the entire United States.

And you represent the entire United States?

reply to post by texasgirl


Big part of it.

reply to post by Foxybrain


HEY MODS;

Can we get these racist posts removed and take this thread back from the hijacking racist troll?
Sheesh.

On topic: A good reason we may never hear Romney say anything about this is because he likely had some friends paid off while he was governor, and the media would recirculate any story accusing Romney of cronyism for weeks.

-Mordeen

Since they will need to hire sales specialists, IT people, etc...how many jobs is USA going to lose to Ukraine? And for someone who donated less than $80,000 over a period of years how did he secure a 20M loan?

reply to post by jibeho
Er, this isn't a Federal Loan, OPIC is clearing house for obtaining financing from the Private Sector for US Firms operating overseas, so no Taxpayer money was used for the loan.

IMO, it is legitimate to question if organizing a loan to build a Luxury Car dealership is within OPICs remit or even appropriate, and whether the recipient's relationship with the VP had anything to do with being granted that loan, but OPIC does not loan Federal funds to private companies.

OPIC provides financial products, such as loans and guaranties; political risk insurance; and support for investment funds, all of which help American businesses expand into emerging markets. By mobilizing private capital to help solve critical development challenges, OPIC advances U.S. foreign policy, and catalyzes revenues, jobs and growth opportunities both at home and abroad.

reply to post by Foxybrain


You're finished!! I won't tolerate you're nonsense in on one of my threads.

reply to post by agentoftrvth


Thanks for the info. OPIC is definitely a complicated beast

Congress created OPIC in 1969 through an amendment to the Foreign Assistance Act, and the agency began operations in 1971, during the Nixon Administration, with a portfolio of $8.4 billion in political risk insurance and $169 million in loan guaranties.

Organized as a corporation with a corporate structure, OPIC is governed by a Board of Directors,[5] President and CEO,[6] and Executive Vice President,[7] all nominated by the President of the United States and approved by the U.S. Senate. Although it operates on a self‐sustaining basis at no net cost to American taxpayers, OPIC is appropriated administrative funding, and reauthorized on a regular basis, by the U.S. Congress.

Here is the how they dance around in the finance ring

As required by congressional statute, OPIC’s participation in private equity funds is in the form of a senior secured loan. OPIC issues certificates of participation (COPs) in the U.S. debt capital markets, and the proceeds are provided as a loan to the private equity fund. The COPs are guaranteed by the full faith and credit of the U. S. government. The base interest on each COP, while dependent upon duration (determined by the fund manager), is generally comprised of the applicable U.S. Treasury Strip yield and a spread that accounts for illiquidity. For the avoidance of doubt, the base interest is not paid to OPIC but rather to the investors in the COPs.

www.opic.gov...

It's not my bag and sounds rather complicated. Just glad it is NOT taxpayer money. Regardless, I have to agree that Opening a luxury car dealership in Ukrains goes against the mission of OPIC.

I don't see any of this as justification for opening a Porsche dealership with these funds.

All OPIC financed investments must comply with OPIC’s policy requirements related to environment, worker rights, human rights, and US economic impacts.

www.opic.gov...