by Tait Trussell
September 02, 2009
from FrontPageMag Website
As the chief moneyman behind left-wing political
action committees like MoveOn.org, Soros, an
early supporter of Obama, played an
instrumental role in drumming up voter mobilization and political
advertising on the novice candidate’s behalf. In no small part, Obama’s
triumph in the Democratic primary over better-known rivals was a testament
to Soros’s deep pockets and his political commitment.
Thus, as a Senator, Obama voted against permitting the U.S. to drill for oil and natural gas in the Arctic National Wildlife Refuge on the grounds that it would be a crime to despoil such “beautiful real estate.”
Similarly, during last year’s presidential
campaign, he warned of the “environmental consequences” of oil drilling, and
insisted that “we cannot drill our way out of the [energy] problem.”
The president has elected to help another nation with the same type of drilling that he opposes so vehemently for this country, and the reason seems to be Soros’s $811-millon investment in Petrobras. The company just happens to be the largest holding in Soros’s investment fund. Soros’s connection to the company is no secret; he has been investing in Petrobras since 2007.
A profitable venture, Petrobras has estimated
recoverable reserves for the so-called Tupi oil field of between
5 and 8 billion barrels. With his
billion-dollar loan, Obama has taken patronage politics to striking new
In fact, the government estimates that there are
30 billion barrels of undiscovered technically recoverable oil on federal
lands currently closed to development. But rather than investing in the
country’s energy future, the administration seems to be offering an
expensive kickback to a political ally in a time of economic recession and
But that didn’t prevent him from plowing money
tens of thousands of people rallied in the nation’s capital in support of
Obama’s health care plan, the demonstrations were organized by Health
Care for America Now! (HCAN), a new national grassroots movement of more
than 1,000 organizations in 46 states encompassing 30 million people
dedicated to winning health reform now.
Soros’s charity, the Open Society Institute,
in 2007 gave CAP $1.75 million and approved added grants of $1.25 million.
Soros certainly did his share for Obama.
Now, with his backing for a billion-dollar oil
loan to a Brazilian company, the president has proven more generous to
Soros than to the American voters who put him in office.