So what became of the U.S. economy, now being hit hard with the loss of about ¼ of  its GDP due to shut downs/job loss- standstills in the Gulf states?

To be sure, BP will never have enough $$ to refund these multi-tiered losses nor is that company required to so do en toto, slush funds of $20 billion plus notwithstanding.

The Article below notes, “Last August, the U.S. Export-Import Bank issued a "preliminary commitment" letter to Brazil's state-run Petrobras in the amount of $2 billion, with the promise of more to follow. Why are we lending billions to a foreign oil company that made $15 billion last year?... A recent study by Science Applications International Corp. shows that failure to exploit our domestic and offshore resources translates into some $2.3 trillion in lost opportunity costs for the U.S. economy over the next two decades. The American Petroleum Institute estimates that exploiting these resources would generate nearly 160,000 well-paying jobs and $1.7 trillion in federal, state and local revenues, with $1.3 trillion from offshore drilling alone. If the moratorium stands and energy prices rise, the only ones to profit will be foreign-owned companies such as Petrobras and investors such as George Soros, who has an investment in the oil giant in the neighborhood of $900 million. Yes, the same George Soros who also is a major investor in the Democratic Party and President Obama's 2008 campaign. Soros would love to see domestic offshore drilling shut down and those three dozen deep-water rigs sitting idle shipped off to the coast of Brazil. He has a huge investment in both Petrobras and the Democrats. He expects a return on all his investments.”

The answer is… the occasionally named Brazil as capitol of derived capital for synthetic market manipulating, sometimes called opaque cap and trade scams and sometimes called new synthetic currency and sometimes called state hand outs, using taxpayer monies, to political pals. Ecuador’s fervent fraudster Correa wants in on the scam.

The article below is but a small portion of the entire market picture pertaining to the dramatic effects of the Obama shut off of fishing, drilling and tourism in the Gulf states. We do not call this politics but instead the hand in motion to dramatically alter ¼ of the US GDP which carries ramifications we have not yet begun to ascertain. While the US taxpayer-owned General Motors has shifted recently over 100,000 US jobs to Latin America- mostly to Brazil, those jobs and the capital will not be returning any time soon by the Labor Union managed General Motors. One could guess that Armenio Fraga would be making billions off this shift of unknown capital to the new capitol of synthetic derivatives backed by the US taxpayer in Brazil which of course stands to boost politically the Marxist-socialist government of Brazil and market gamesters backed by US tax dollars….but we never guess about the Soros huckster Fraga.

We are told repeatedly in the USA to never, ever complain or explain about Brazil because, like the hard left’s mantra that the poor just need money, General Motors just needs to money. As for the need to expand PetroBras at the expense of hundreds of thousands of American Gulf coast families, that is another matter. The GM company was bankrupt as we know. GM, like General Electric [also called NBC media to hawk political favor for business pass – throughs from statist favors]  makes a lot of money with its bank- yes- they operate like a bank with loans and lots of market hedging….we are told because they ` need the money’ as GM bet badly and lost much with the global mortgage backed securities scams. As with the GM plant in Venezuela, Americans are asked not to look too closely at all at how US tax dollars are moved to prop up a new capitol in Brazil  because GM  `just needs the money.’  The US government and the labor unions today think this is a good plan. US Congresspersons were instructed never to deem Hugo Chavez as a state sponsor of terror because GM [ now joined with GE] wanted to keep its Caracas operations moving for income- income it was not deriving by its over-betting hedge –pension funds and union plans. Many Americans think that US tax dollars should stop funding such efforts and be honest about who and what is happening.  On the invalid excuse that the USA must have Keynesian so called stimulus dollars out of a stock market mismanagement called untaxed unregulated mortgage backed derivatives betting, we do now move markets which are unregulated, opaque and counter to formerly held USA intentions, laws and policies. In other words, ¼ of US monies are now…..heading to boost the unfortunate and utterly corrupt political policies of Celso Amorin of Cuban- loving Brazil which also loves Iran, Syria, Castro,  Chavez, Zelaya and most of the world’s unsavory characters as the US diplomatic corps across Latin America  turns a poignant blind eye, like a water faucet shut off. There exists not one updated Fact Based White Paper or functional Report on any Latin nation today. There are incomplete, inchoate little circular papers- all of which are done by irresponsibly vapid paid contractors, most typically from the Soros based welter of US AID-State Department contractors. These are useless and exist to hide all facts..

To date, the U.S. Congressional oversight is incompetent on the BP-Obama matter by failing to have the preliminary, essential facts in hand. Not one member of Congress has any fulsome due diligence. To understand the BP-Obama-Gulf matter, again we state:

1. Have and hold full due diligence: all 4-09 Obama approved BP and Transocean contracts must be in hand for review and include all addenda and contract changed through 4-10. To this, a side by side of contracts for equal drills by EXXON, Conoco, Chevron and extant North Sea drills- for all safety and drill mandates review. Once reviewed, what Obama gifted money donor BP for its Transocean drill as opposed to sane, safer other drills will be known.

To this must also be added the investors in the BP-Obama-Gulf drill….who were they and where was that oil pre-sold to?

To this must be added the facts of who and what hold USA federal oil lease holds now being sold off at bargain basement prices due to market machinations by the president of the USA. Who benefits? A complete review of Transocean must be in hand- where that rig was flagged from, who are the major investors out of their Swiss mail box corporation- next to Marc Rich’s Swiss mail box companies, its last inspections and its work force and equipment and sub contracts.

2. Americans need to comprehend the facts about Obama’s Gulf shut down and its cost and benefits. The Report noted below on revenue loss from Obama’s drill ban is inchoate and untimely. The estimate of shutting off ¼ of the US GDP even for 6 months, as is underway with the false claim that BP will restore ¼ of US GDP for 6 months is impossibly irresponsible. The drilling ban was not a BP choice. Obama needs to state what he means by “making whole.”

3. Obama must end the complete drilling bans he has in play. To be sure, all deep water, high risk drills should add the now standard multi-pressure blow out devices….not just the one faulty/used one installed by BP which was destined to blow. It is a simple matter to not waive standard drill procedures in high risk drills as Obama did for BP. On fact, there is no reason not to continue to drill safely in US federal leaseholds. Except…..all this makes the carbon betting scamsters feel as if their fake carbon betting market is growing.

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IBD Editorials  

Salazar's Ban Is Soros' Bonanza 
 
Posted 06/23/2010 06:49 PM ET

While the U.S. seeks to ban drilling in 500 feet of water, Brazil's Petrobras plans to go much deeper to tap oil and gas in a large area off the... View Enlarged Image

Energy Policy: Our interior secretary plans to reinstate the offshore drilling moratorium struck down by a federal judge. But if deep-water drilling is so unsafe, why are we helping Brazil drill nearly three times as deep?

Maybe Secretary Ken Salazar can explain why Britain and others can safely drill in the North Sea and no other nation has suspended its offshore drilling. Yet there he was Tuesday saying he'll reissue a reworded moratorium that will make it clear to dunces like U.S. District Judge Martin Feldman why offshore drilling is unsafe.

As with health care reform and other issues, the administration's position is that we didn't make it clear enough, so we will speak slower and use smaller words. But double talk is double talk no matter how you rearrange the words.

"The decision to impose a moratorium on deep-water drilling was and is the right decision," Salazar said, even after he was caught rewording a report so a team of experts he assembled would look like they supported the moratorium, when in fact, they adamantly opposed it and thought it would do more harm than the Deepwater Horizon spill itself.

"If some drilling equipment parts are flawed, is it rational to say all are?" Feldman asked in his ruling. "Are all airplanes a danger because one was? All oil tankers like Exxon Valdez? All trains? All mines?
"That sort of thinking seems heavy-handed, and rather overbearing." Not for an administration and its environmentalist supporters whose collective goal is not to drill safely, but to drill not at all, at least not here.

Last August, the U.S. Export-Import Bank issued a "preliminary commitment" letter to Brazil's state-run Petrobras in the amount of $2 billion, with the promise of more to follow. Why are we lending billions to a foreign oil company that made $15 billion last year?

These taxpayer dollars finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Apparently there are no pristine beaches full of tourists there. Someday we may be importing that oil we're helping Brazil get at.

Has that letter been rescinded as part of the moratorium? Why are Brazil's offshore fields safe but ours aren't?

The irony is that most of the deep-water rigs idled by the moratorium may shortly be snapped up by a Petrobras apparently undeterred by images of tar balls on Rio's beaches. Petrobras plans to drill to a depth of 14,022 feet, a depth that makes our 500-foot limit laughable. Brazil is going big-game hunting, and we're stuck in the petting zoo.

A recent study by Science Applications International Corp. shows that failure to exploit our domestic and offshore resources translates into some $2.3 trillion in lost opportunity costs for the U.S. economy over the next two decades. The American Petroleum Institute estimates that exploiting these resources would generate nearly 160,000 well-paying jobs and $1.7 trillion in federal, state and local revenues, with $1.3 trillion from offshore drilling alone.

If the moratorium stands and energy prices rise, the only ones to profit will be foreign-owned companies such as Petrobras and investors such as George Soros, who has an investment in the oil giant in the neighborhood of $900 million. Yes, the same George Soros who also is a major investor in the Democratic Party and President Obama's 2008 campaign.

Soros would love to see domestic offshore drilling shut down and those three dozen deep-water rigs sitting idle shipped off to the coast of Brazil. He has a huge investment in both Petrobras and the Democrats. He expects a return on all his investments.

While we track the trail of oil gushing from Deepwater Horizon, we should also follow the money that will be gushing into George Soros' bank account, courtesy of the U.S. government and the American taxpayer.

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ECrisis is happy if three to four months later, the Gulf of Mexico oil waste may be taming. We all hope so. We also insist that Obama stop his drilling ban to lift up ¼ of the USA economy and end this ridiculous precedent of shutting down the energy industry. We have seen the awful results of state controls in Ecuador.

We hope that all Ecuadoreans will study the following legal community media It is a tale of fraud. It is a tale of easily seduced men- seduced by money, by extortion and backed by their own incompetent court to lie a lot and seek money from a US company for things the US company did never do. These men were paid to lie and state the horrors of a sex free life. While we are sympathetic with men who cannot have fun, we have no sympathy for liars and perps and fraudsters.

LAW.com

Finding 'Massive Fraud' by Plaintiffs Attorneys, Judge Tosses Out $2 Million Judgment Against Dole
Amanda Bronstad

07-16-2010               A judge in Los Angeles on Thursday threw out a $2.3 million verdict against Dole Food Co., ruling that widespread fraud orchestrated by the plaintiffs' attorneys prevented the food company from deposing witnesses.

07-16-2010               A judge in Los Angeles on Thursday threw out a $2.3 million verdict against Dole Food Co., ruling that widespread fraud orchestrated by the plaintiffs' attorneys prevented the food company from deposing witnesses.

"There was a massive fraud perpetuated on this court," said Victoria Chaney, a judge of California's 2nd District Court of Appeal who was acting as a Los Angeles County, Calif., Superior Court judge in the case.

The case was brought by Nicaraguans who claim they were rendered sterile after being exposed to the pesticide dibromochloropropane, or DBCP, while working on Dole's banana plantations during the 1970s.

Chaney concluded that plaintiffs lawyers Juan J. Dominguez of Los Angeles and attorney Antonio Hernandez Ordenana of Nicaragua coached the plaintiffs, falsified medical records and intimidated Dole's investigators in Nicaragua.

"As a result of the scheme, defendants were unable to conduct reasonable discovery prior to the start of the Tellez trial," she said, referring to the case, Tellez v. Dole.

Dole's lawyer, Scott Edelman, a partner at Los Angeles-based Gibson, Dunn & Crutcher, said the ruling could have a profound effect not just on other cases brought by banana workers, but on all similar cases making their way through U.S. courts.

"This case has shined a spotlight on what can happen in these toxic tort cases," he said.

Chaney, who arrived in the courtroom with an ice pack after having knee surgery the day before, exonerated two Texas attorneys, Mark Sparks of Beaumont's Provost Umphrey and Benton Musslewhite, a Houston solo practitioner, in the fraud. Both had been implicated last year in a related case against Dole called Mejia v. Dole.

In that case, Chaney had found that Dominguez and Ordenana had hired "captains" to recruit and coach workers who joined the cases as plaintiffs. The lawyers and their clients also fabricated work certificates and falsified medical records, she said. She based her findings on statements from anonymous witnesses in Nicaragua who had testified on behalf of Dole.

At that time, Chaney issued terminating sanctions against Dominugez and Ordenana. She referred Dominguez to the State Bar of California. Chaney also threw out the Mejia case and another case against Dole. Tellez, the third case, had ended in a jury award in 2007 for six banana workers.

Following last year's finding, Dole's lawyers began to argue that the Tellez case, like the two that were thrown out, was also tainted by fraud and that the verdict should be thrown out. California's 2nd District Court of Appeal refused to dismiss the verdict but ruled that a prima facie case of fraud existed and returned the case to Chaney to conduct a possible evidentiary hearing.

Thursday's ruling follows nearly a week of testimony during which Steve Condie, a lawyer in Oakland who now represents the six plaintiffs in Tellez, had argued that the verdict should stand because the plaintiffs' lawyers in that case were unable to cross-examine Dole's witnesses during last year's proceedings. At that time, Chaney had issued a protective order for Dole's witnesses, who are referred to in court documents as "John Doe."

On Thursday, Chaney found that Dole's investigators in Nicaragua had been threatened with slander charges and in demonstrations, fliers and radio broadcasts that hampered their efforts to conduct discovery. Furthermore, the records of banana workers in the 1970s had been destroyed, which created a "significant hindrance" in Tellez from the start.

Some of the plaintiffs in Tellez dropped out after DNA testing revealed that they had fathered children, Chaney said. Some failed to recognize faces or names of purported co-workers and admitted to having been coached and "actively coerced" by Dominguez, she added. Of the six who obtained the verdict, Dole provided enough evidence that two never worked on its banana plantations, Another, while a legitimate worker, had assisted in perpetuating the fraud, she concluded. She was uncertain about the legitimacy of the remaining three plaintiffs.

Following the ruling, Condie said he planned to appeal.

"She made this ruling based on evidence from secret witnesses that nobody but Dole was permitted to investigate," he said.

Last year, Chaney implicated a Nicaraguan judge who issued a $97 million judgment that Provost Umphrey had been attempting to enforce in U.S. District Court in Miami. According to Chaney's order, in 2003 the Nicaraguan judge met privately with Sparks and Musslewhite, who worked with Provost Umphrey on DCBP cases.

U.S. District Judge Paul Huck of the Southern District of Florida declined to explore the fraud claims, but on Oct. 20 he refused to enforce the judgment on the ground that the Nicaraguan law on which it was based was "unfair and discriminatory" against defendants.

In the past week, Sparks and Musslewhite have denied the existence of the 2003 meeting, or that they were even there.

On Thursday, Chaney said she believed Musslewhite had not participated in the 2003 meeting and that she "could no longer say Mark Sparks actively participated in the fraud." But she criticized both attorneys for not scrutinizing the activities of their clients more closely.

Following the ruling, Sparks said he was "shocked" he had even been implicated in the cases in Los Angeles.

He credited the judge's decision to payments Dole had made to many of the witnesses, including those who had informed her about the alleged 2003 meeting. In some cases, the payments involved cash equal to "10 times their salaries," he said.

Chaney, while acknowledging that Dole made payments to witnesses, said that she found no evidence of "actual, intentional" bribery.

"Plaintiffs contend Dole bribed several witnesses. This court is not persuaded," she said.

Following the hearing, Edelman said that Dole had provided the witnesses with food and lodging, all of which Chaney had approved.

"Dole did what Dole had to do," he said.

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ECrisis actually insists that you review this article. Correa’s Ecuador is engaged in several parallel fraud schemes to collect money for its own. The entire province of Sucumbios- itself a designated fraud and crime zone to grow the FARC, is inhabited not be Colombian refugees as the UN and US AID likes to lie a lot about but is a community of a handful of locals and a massive influx of Hezbollah, FARC, Mexican cartels, drug lab purveyors, money launderers, drugs and weapons traffickers, sellers of white slavery, porn and child prostitution- not to mention slaves for their new heroin poppy fields. This then is Correa’s province of perps and pervs in Sucumbios. These are coyotes writ large- active agents of harm, disgrace, hard crime and global trafficking.

This past week, Uribe released pin point locations of Chavez’s major FARC communities, Of course all of Venezuela, including Caracas, hosts smaller groups. But the large ones are so large that they cannot be overlooked. We are at a loss as to why Ecuador is not enjoying a similar outing of the facts in Sucumbios and across this land. Oh wait. We forgot. Like BP, Ecuador is among their preferred vendors….for carbon trading scams now, protected and gifted with free rights to crime just because Correa loves a good racket, especially one that will make his own wallet some good money from fake carbon betting scams. Why is the USA selling this fraud, already active in ruining Europe where 98% of all carbon betting is fraudulent but still no one shuts it down? We do not know what the Obama team is thinking about but we sure know who is behind the scenes. Just ask Armenio Fraga. No wait- better yet…check in on LuLa and Chavez’s uranium enrichments and ask yourself what will happen about their Iranian backed nuclear bombs? Maybe you will stop pretending that the Chavez-LuLa-Correa weapons build up is irrelevant. It is not irrelevant in the minds of local citizens and North America would do well to actually have the Iranian defense plan and offense plan for its proxy nations in hand. Happy and utterly lazy/vapid idiots tell us that the USA could quash these little vermin in no time. Tell that to the freedom lovers in Iran and Cuba. And do not forget that Obama intends to whap down the US military funding in dire amounts next year. Are you feeling safer yet?

-Pedro Camargo for ECrisis