Sorry, no results found!

Searching...

      More...
    LIE


    Obama tried to enrich George Soros by giving $2 billion in taxpayer money to the Brazilian oil company Petrobras

    TRUTH

    The Export-Import Bank, which doesn't use taxpayer money, offered a loan to a Brazilian oil company


    This conspiracy theory arose when the U.S. Export-Import Bank, an independent federal agency, offered a $2 billion loan to Petrobras in early 2009. (Soros is a liberal financier who has owned varying amounts of stock in Petrobras.)

    But as the Export-Import Bank explains, it does not use taxpayer money: “the Ex-Im Bank is a self-sustaining agency that operates at no net cost to the taxpayers. Ex-Im Bank pays for itself by charging fees or interest to its customers for loans, credit insurance and loan guarantees that they receive.”

    Furthermore, the bank notes the decision to loan the money to Petrobras was made by appointees of President Bush:

    It is notable that the Bank's bipartisan Board of Directors 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 President George W. Bush.