China Deal Benefits Obama Donors
Administration-approved takeover by Chinese oil company provides Obama backers windfall
The 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. >>>
“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.
The Treasury Department did not return a request for comment.
Not to worry though. Selling American assets to China and rewarding big donors with insider trading as both China and Cuba finalize plans to drill for oil 50 miles from Key West, is nothing new to our Marxist-in-Chief.