Tuesday, December 30, 2008

CONservative republicans get bailed out and Flying J update

Ceberus and GMAC get bailed out. Cerberus is run by Dan Potatoe Qualye, John Snow (former Bush Treasury Sec) and about 10 other CONservative republican lobbyists.:

WASHINGTON (Reuters) - The Bush administration on Monday expanded its bailout of the U.S. auto industry, saying it was buying $5 billion in equity in auto and mortgage finance company GMAC and increasing a loan to General Motors by $1 billion.

The action was the latest in a lengthy series of emergency government moves aimed at easing the worst credit crisis since the 1930s and limiting the severity of a year-long recession.

The Treasury Department said it would buy $5 billion in senior preferred equity with an 8 percent dividend from GMAC as part of an effort to ensure the solvency of a company considered crucial to GM's survival.

Flying J Update (& Berry Petroleum):
Flying J's bankruptcy has prompted at least one of Kern's large oil companies to scale back production here and other local suppliers to seek out new customers for crude.

The Big West refinery on Rosedale Highway may even have stopped refining oil -- at least temporarily -- as a result of the Dec. 22 Chapter 11 bankruptcy filing of owner Flying J Inc.

But questions remain as to what the company is doing now that some local oil producers are so worried about being paid that they won't sell crude to Big West.

On Monday, one of Flying J's biggest creditors, Denver-based Berry Petroleum Co., said in a federal filing that Big West last week turned away its oil shipments because of "interruptions in (Big West's) other
relationships."

"They're not refining right now," Berry Chief Financial Officer David Wolf said in an interview. He added that Big West may have shifted to plant maintenance.

For its part, Berry has cut way back on Kern oil production because of Big West's dilemma. On Sunday, Berry's filing said, the company was producing 5,000 barrels a day in Kern instead of the normal 17,000.



4 comments:

MiamiPete said...

I do not agree with the government solution, of just throwing money, at the problem. Do we even know, what the balance sheets of this and/or any of these bailout companies are ? We, the little people, will be paying for this bailout, sooner or later, but we will pay. Why ? Simple, our government doesn't have this money, but never gets denied for a loan. Amazing...I should go apply for a bailout too...

Realestateslasher said...

Now if they only throw some big big money into more Jobs

Benji Franklin said...

Of course Cerebus got bailed out: with heavy-duty Republican Party connections like those, no one really thought Bush would leave the White House without leaving milk and cookies on a plate for Santa before leaving office, did they?

It's called 'crony capitalism', AKA 'corporatism', and they don't even feel the need to hide the association any more. It is simply more of the same graft that brought the war in Iraq as a gift for Halliburton, etc.

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