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China Deal Benefits Obama DonorsAdministration-approved takeover by Chinese oil company provides Obama backers windfallBY: Andrew EvansMarch 2, 2013 4:59 amThe government watchdog group Judicial Watch is suing the Treasury Department for records pertaining to the department’s decision to grant a Chinese government-backed company access to oil deposits in the Gulf of Mexico, a move that will benefit Obama donors. The Chinese National Offshore Oil Corporation (CNOOC) reached a “definitive agreement†with Nexen, Inc., a Canadian energy company, announced on July 23, 2012, to buy all of the company’s outstanding public shares. Nexen has holdings in the Gulf of Mexico and Canada, giving the Chinese government access to millions of barrels of Keystone XL and Gulf reserve oil. Nexen’s holdings in the Gulf, coupled with the Chinese government’s ownership of CNOOC, meant the Treasury Department’s Committee on Foreign Investment in the United States had to approve the takeover, which it did on Feb. 12. The secretaries of several major executive departments—including treasury, state, defense, and homeland security—sit on the committee. Judicial Watch filed a Freedom of Information Act request for information on the deal in November, but the Treasury Department did not reply within the mandatory 20 days. Judicial Watch then filed suit on Feb. 14 to get access to the documents. Judicial Watch noted that several prominent fundraisers and donors to President Barack Obama’s 2012 campaign stood to make a windfall profit from the Chinese corporation’s expansion in their press release announcing the suit. David Shaw founded D.E. Shaw and Co., which massively increased its shares in Nexen in the third quarter of 2012, according to its SEC reports. Nexen’s stock rose almost 50 percent the week of the announcement, which was early in the third quarter. Shaw bundled between $200,000 and $500,000 for the Obama campaign in 2012. He also sits on a presidential advisory council, Judicial Watch noted. D.E. Shaw and Company did not return a request for comment.<<snip>>“With one ill-chosen action, the Obama administration has managed to undermine our strategic interests and reward its corporate cronies,†said Tom Fitton, president of Judicial Watch, in the released statement.
Ahh, yes! Good old nepotism and political paybacks!
China Deal Benefits Bush Family
Surely this is a misprint.Maybe it was supposed to read:Surely...
Obama is just lining up his supporters for when he runs for President of the World. He'll probably sell off the whole country by the time he's done.
Not President of the World. KING of the world UNIVERSE!.
