Billionaire investor George Soros bought an $811 million stake in Petroleo Brasileiro (Petrobras) in the second quarter, making the Brazilian state-controlled oil company his investment fund's largest holding.Fine, Soros can invest in evil oil, I don't have a single problem with that! I appreciate that, it reduces the cost of my gas!
As of June 30, the stake in Petrobras, as the Rio de Janeiro-based oil producer is known, made up 22 per cent of the $3.68 billion of stocks and American depositary receipts held by Soros Fund Management, according to a filing with the US Securities and Exchange Commission. Petrobras has since slumped 28 per cent.
Soros has increased his mining and commodities holdings, a move that accelerated in the first quarter with purchases of such companies as Cia. Vale do Rio Doce, the world's largest iron-ore producer, and Talisman Energy, a Canadian oil and gas company. In November, Petrobras announced the discovery of Tupi, a field with as much as 8 billion barrels of reserves, making it the largest find in the Americas since 1976.
"Petrobras has something that other oil companies don't have: oil - lots of it and they're going to find more," said Ricardo Kob-ayashi, equity fund manager with UBS Pactual in Rio de Janeiro.
"If you can buy now and hang on, if you have the staying power, it's great."
Tupi is part of a new deepwater offshore region known as the pre-salt that may contain as much as 50 billion barrels, according to Peter Wells, oil analyst with the UK's Neftex Petroleum Consultants.
Here's what I have a problem with:
- Soros has already been convicted in France of insider trading -- INSIDER TRADING, AKA; buying a security with info not available to the general public so that you can cash in on the security.
- Soros has invested in a Brazilian company that drills for oil off of Brazil. They have made huge discoveries in oil that no one suspected might be there! That company makes more money when the price of oil goes up and stays up.
- Soros is funding the Democrats to the tune of millions and the Democrats have dug in their heels on the "All Of The Above," energy plan because it includes drilling.
- Because of this the price of oil goes up and stays up because we aren't allowed to drill off our own shores or in many places in the US.
- Circle complete -- Money for money! International insider trading to the max! The man knows how to run an investment!
He is the perfect example of the culmination of every socialist society so far. The rich and powerful take advantage of the system for their own enrichment.
So what if you can't afford food or gas, he has important things to do with his money like getting guns off the street and electing Barack and he needs that oil to continue his good works!
Soros is the major sponsor of the nutroots who bragged that the Democratic party was theirs because they had bought and paid for it! Every time they block an all of the above energy plan they pay him dividends on that investment!
This man is really a slimy individual!