All Politics is Local: Sid Harth
navanavonmilita
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U.S. Export-Import Bank Reconsiders Rejecting India Coal Financing
Deal
By Mark Drajem - Jun 30, 2010
The U.S. Export-Import Bank will reconsider its rejection of a loan
guarantee for Bucyrus International Inc. so it can sell coal-mining
equipment for a power project being developed by India’s Reliance
Power Ltd.
The bank acted after Democratic lawmakers in Wisconsin, where Bucyrus
is based, appealed the rejection last week of $560 million in
financing on environmental grounds. Reliance told the bank it may buy
U.S. equipment for a renewable energy project, bank Chairman Fred
Hochberg said in a letter.
The bank “will take into account Reliance’s expressed commitment to
invest in the renewable energy sector” in its review, Hochberg wrote
to Reliance chairman Anil Ambani today.
Bucyrus would lose an order worth as much as $560 million for electric
drag lines and rope shovels to mine coal without getting the Export-
Import bank’s guarantee, Bucyrus Chief Executive Officer Timothy
Sullivan said in an interview June 28. The financing request was
turned down last week as part of the lender’s review of the project
because of its potential carbon emissions.
Reliance Power of Mumbai was awarded the project to build a power
plant in Sasan, India, in July 2007, using coal mined nearby with
Bucyrus’s equipment.
According to Hochberg’s letter, which was provided by the office of
Wisconsin Senator Herb Kohl, both sides have the “desire” for Reliance
to use equipment from U.S. companies at its 250 megawatt renewable
energy power plant.
To contact the reporter on this story: Mark Drajem in Washington at
mdr...@bloomberg.net
Union, Political Leaders Pressuring Reversal of Bucyrus Decision
Posted Tuesday June 29, 2010 1 day, 11 hours ago
MILWAUKEE, Wis. (WTAQ) - Wisconsin’s political and union leaders are
pressuring the U.S. Export-Import Bank to reverse a loan decision that
could cost a Milwaukee firm up to 1,000 jobs.
The bank rejected loan guarantees last week for a new coal-fired power
plant in India. And the move could nullify the utility’s purchase of
$600 million in mining equipment from Milwaukee’s Bucyrus
International.
An unnamed bank official told the Journal Sentinel that it’s looking
for a way to keep the project moving forward, while considering its
environmental impact and the borrower’s ability to repay the loan. He
also questioned whether 1,000 jobs were really at stake.
U.S. Senator Russ Feingold said the power plant will still be built if
the loan guarantees are not restored – but the company will look to
China instead of Milwaukee for its mining equipment.
Feingold and Milwaukee Mayor Tom Barrett were among those pressuring
the bank and the White House to reverse the decision. Barrett also
said he would talk to President Obama about it when he visits Racine
Wednesday.
The head of the United Steelworkers of America wanted his members to
show up in force at Obama’s town hall meeting, and to stage a letter
writing campaign to the bank.
http://www.whbl.com/news/articles/2010/jun/29/union-political-leaders-pressuring-reversal-bucyru/
Congress-backed bank reaches deal in Bucyrus sale
By SCOTT BAUER (AP) – 4 hours ago
RACINE, Wis. — Word of a deal that could save 1,000 jobs across 13
states, including 300 in Wisconsin, broke Wednesday just hours before
President Barack Obama spoke about the economy at a town hall meeting.
Democrats who were pressuring the White House to intervene on behalf
of Bucyrus International Inc., a South Milwaukee manufacturer, praised
the decision by the U.S. Export-Import Bank to reconsider a vote that
effectively killed the project. The bank cited environmental concerns
last week when it voted to deny loan guarantees to Reliance Power
Inc., which is building a coal-fired power plant in India.
Without those guarantees, Bucyrus would lose its $600 million contract
with Reliance for mining equipment, which the Wisconsin company said
would jeopardize 1,000 jobs both at its main plant in Wisconsin and at
suppliers across the country.
The issue was a hot political one for Obama, who held a town hall
meeting on the economy in Racine, a city 15 miles south of Bucyrus
headquarters that's suffering under 14.2 percent unemployment. A
Republican candidate for governor, Scott Walker, took out a full page
ad in the The Journal Times newspaper of Racine blaming "radical
environmental policies" for putting the Bucyrus deal at risk.
Democrats and Republicans alike urged reconsideration of the vote,
arguing that the Indian company would turn to other suppliers outside
the U.S. if the loan guarantees weren't made.
Both Democratic Gov. Jim Doyle and Milwaukee Mayor Tom Barrett, who is
the only major Democratic candidate governor, said they personally
thanked Obama before the town hall for the bank's decision to
reconsider the issue. Barrett said he didn't think Obama got
personally involved but White House officials had been working with
the bank.
"I'm very excited they reversed their decision," Barrett said.
Doyle said the agreement "will support good manufacturing jobs at
Bucyrus and clean energy jobs, both of which are critical to driving
our economic recovery."
Obama did not mention Bucyrus during his 70-minute town hall visit.
News of a deal broke Wednesday morning just before Obama landed in
Milwaukee.
Bucyrus chief executive Tim Sullivan said in a statement that he spoke
with the bank's chairman, Fred Hochberg, who told him the bank now has
a broader understanding of Reliance Power's development of other
renewable power, calming concerns about the environmental impact of
building the coal plant.
Sullivan said Hochberg committed to an expedited review and approval
of the loan guarantees.
Hochberg issued a statement saying the bank tries to balance jobs and
the environmental impact of the projects it supports.
"We are pleased that Reliance has submitted new information about its
renewable energy plans that allows us to continue a dialogue aimed at
sustaining U.S. jobs and promoting renewable exports," the statement
said.
The plant is under construction in Sasan, in central India, and is
scheduled to be up and running in 2012.
The fossil fuel project was the first to come before the government-
run bank since it adopted a climate-change policy to settle a lawsuit
and to meet Obama administration directives.
Online:
Bucyrus International: http://bucyrus.com/
Copyright © 2010 The Associated Press. All rights reserved.
http://www.google.com/hostednews/ap/article/ALeqM5igZdDYznZ5UFyH7ml56ReEXVRH0wD9GLRDIO0
WEDNESDAY HOT READ: WELCOME TO TOWN, MR. PRESIDENT
By Charlie Sykes
Story Created: Jun 30, 2010
(Story Updated: Jun 30, 2010 )
Dear President Obama:
On behalf of the people of Wisconsin, I respectfully ask you to
reverse the environmental policies enacted by your administration that
are directly killing jobs in our state.
Right now, 300 Wisconsin jobs at Bucyrus International are in jeopardy
because of radical environmental policies created by your
administration. Today, you have the power to help.
Last week, your Export/Import Bank denied loan guarantees for a coal-
fired power plant that was to be built with coal mining equipment from
Bucyrus, headquartered in South Milwaukee. The Bank cited your
administration's environmental directives as the cause of the denial
of the loan guarantees. Because of the Export/Import Bank’s decision,
300 Wisconsin jobs and hundreds more jobs in neighboring states will
be lost.
Mr. President, the ingenuity, work ethic, and determination of
Wisconsin workers is what has made us world leaders in the
manufacturing of everything from motorcycles to mining equipment.
Wisconsin stands ready to compete, however, we can only do this if
government leaders in Washington and Madison are willing to give us
the opportunity.
Wisconsin has already lost 163,000 jobs in the past year. Our state
government was on the verge of passing similar global warming policies
that could have resulted in an additional 43,000 jobs being lost. This
plan, supported by Governor Jim Doyle and Milwaukee Mayor Tom Barrett,
failed to pass in Madison during this past legislative session because
of the impact on our state’s economy.
Mr. President, being green should not be about taking green out of our
pockets. The 300 good paying jobs at Bucyrus are the first of many
jobs in Wisconsin that could be in peril because of your policies.
Anytime the President of the United States visits it shines a national
spotlight on Wisconsin and all we have to offer, and we welcome you to
our state and are eager to hear your plans to get our state working
again. Today, you have the opportunity to help 300 people in
Wisconsin keep their jobs. We hope you will.
Sincerely,
Scott Walker
Milwaukee County Executive
**
And from the Wall Street Journal:
The manager of a Milwaukee custard stand on Friday asked Joe Biden for
lower taxes in return for dessert, and the Vice President told him not
to be "a smartass." Perhaps on his own visit to Wisconsin today,
President Obama will have a better answer for the latest blue-collar
casualties of his Administration's anticarbon obsessions.
Last Thursday, the U.S. Export-Import Bank denied loan guarantees to
Reliance Power Ltd., an Indian utility building a coal-fired power
plant near Sasan, India. Bucyrus International Inc., a South Milwaukee-
based manufacturer, was ready to export some $310 million in mining
equipment—and about $600 million over three years—but Reliance's order
was contingent on the favorable financing rates provided by the Ex-Im
guarantee. Reliance cancelled the order Monday morning and will reboot
with Bucyrus's competitors in China or Belarus if the bank doesn't
reverse in the coming days.
Comments:
1:04 PM Boom Boom Badger wrote ...Hay union people! Keep voting
Democratic for more of the same. You fools!
10:21 AM Robert wrote ...Journal Sentinel Board- OF COURSE YOU DO!!! I
will be so glad when the JS goes under. Hopefully the void will be
filled with people that do not have the heads burrowed in the sand.
10:16 AM Robert wrote ...Algorerythm- How do you tie your shoes you
idiot!!!
10:10 AM MADDOG To Bill wrote ...We didn't ask you to speak for any of
us either. Scott can speak for me anytime.
10:05 AM Bill wrote ...Dear Mr. Walker, You might want to hold your
horses the people of Wisconsin have not asked you to speak for them.
9:56 AM Todd wrote ...I am torn on this issue.Now I would believe that
the majority of voters at BI are union Dem voters,so they are ones
that really voted for this to happen when they voted for Obama.He did
say that he was going to close down these coal mines.You never want
people to lose their jobs but,when they spend millions of $$$ to get
these people in,you are getting what you voted for.Maybe instead of
paying your union dues,you can keep it just in case you need it.
9:51 AM MADDOG @ Dave P. wrote ...We agree.
9:40 AM Dave P. wrote ...Easy, folks. I think "Journal Sentinel Board"
is engaging in some satire here...
9:36 AM Tom M @ J wrote ...Correction, Obama will be asking "how soon
before we get to go to Kewpies"
9:16 AM Lisa wrote ...Global Warming is a sham! These policies are
just another method to increase government control over the private
sector and to spread the wealth.
9:04 AM Journal Sentinel Board @ Robert wrote ...We agree. An
investigation of scott walker is in order. The executive policy of tax
cuts for the rich may have led to the tragic death. In light of this
scandal, we stand with Milwaukee and the surrounding area that scott
walker should step down as county executive and the governors race.
8:49 AM Algorerythm wrote ...@Robert... Mother earth is cooling
BECAUSE of global warming. Jeepers, you people really are ignorant. I
don't get why you right wingers can't get that through your thick
skulls! Keep klinging to those guns and religion, you bitter bunch of
hosers.
8:29 AM Elmer Fudd wrote ...The libs are REALLY getting desperate in
defending the indefensible: "Previous administration"...that's like
pulling the cord on a lawn more out of gas hoping it will start one
more time. Now if the #2 man called a constituent a "smartass" I just
can't wait to hear the barama The Incompetent will have in store when
confronted with a question that puts HIM on the spot from another Joe
the Plumber in Racine.
8:22 AM riich wrote ...revised schedule: stop at Leon's to see if they
have any smart a---
8:16 AM From the White House Schedule Office wrote ...1:15PM Tee Time
6PM Baskeball pick up game at Racine Horlick 7:30PM Party with a
taxpayer funded DJ. 10PM Return home
8:15 AM Robert wrote ...Journal Sentinel Board- Check your info the
planet is not warming it is actually cooling off!!!! That is why you
do not call it "global warming" it is now "climate change". How can a
waged war be illeagal? You really show your cards
8:06 AM R.J. wrote ...@Journtinel Board, You're going to have to turn
on the HTML sarcasm tag.
8:03 AM john olson wrote ...It would be great if the president would
stop talking about the economy and stay in the White House (quit jet
setting) and come up with a rational economic plan for the country.
7:53 AM J wrote ...Obama will not have time to read this letter...
he'll be too busy asking where the closest golf course is.
7:52 AM ijeff wrote ...People should understand it is inevitable and
intellectually necessary for Obama and the liberals to blame all that
is bad on Bush. This is because they can't objectively defend their
policies because they don't work. Never have. Never will. So, what
does that leave you with besides "fool the people", "eliminate your
opponents", "change the subject" and other such diversions.
7:52 AM Journal Sentinel Board @ Tosa wrote ...We agree. You are
hardly in the position to opine on this topic. It is fact the planet
is warming. We agree with the President it is time to move beyond
partisanship. Millions of green jobs are at stake. If the republicans
wish to stand in the way they will be punished by the electorate in
Novmember. Past administrations have left the economy teetering with
illegal wars and banning stem cell research; such damage that the
economy is only now recovering.
7:41 AM Tosa wrote ...Oh and by the wya, he is not "disagreeing" with
the President. He is begging the BO to keep jobs here is Wisconsin -
so where is our own Governor and mighty Mayor of the great city of
Milwaukee - Oh, that's right, they are drooling all over him! THANK
YOU SCOTT FOR SPEAKING UP FOR WISCONSIN!!!!
7:38 AM Tosa wrote ...UMM, Journal Sentinel Board, I guess you did not
see your own headlines this morning - "Dow drops 268 on bad news". But
IT IS BUSH'S FAULT!!!! Right? Did I say that correct? The only jobs
created are government jobs that WE pay for.
7:24 AM Robert wrote ...Journal Sentinel Board, Go suck on an egg!!!!
What do you morons see as "Quickly Improving"? I would rather see
someone disagree than to blindly obey like you and your one sided
views. I do belive we still have the right to disagree or did I miss
some new law impossed by some cZar?
7:06 AM MADDOG wrote ...Nice sarcasm guys.
7:05 AM That One wrote ...Carbon credit trading is a Republican,
market-based idea to deal with inefficiencies of pollution. If you
morons would stop shouting, you would understand that. Remember when
cap and trade was embraced by the administration of George H.W. Bush?
6:57 AM Journal Sentinel Board wrote ...We agree. It is not scott
walker's place to disagree with the President. Obama was left with the
current (although quickly improving) economic conditions from the past
administration. Additionally, we would hope that the President would
subpoena the past administrative staff in regards to their possible
war crimes and radical de-regulation of various economic sectors.
6:06 AM President Obama wrote ...lalalalalalalala I can't hear you.
You radical right wing nuts.
Posted by Sid Harth
Some good paying jobs in Wisconsin, some better paying in India, some
good pork in Wisconsin, some better pork, oops, veggie-pork in India,
why, you cannot the gods of pork in porky heaven. Get real folks.
http://navanavonmilita.wordpress.com/...and I am Sid Harth
Wed Jun 30 21:51:12 EDT 2010
http://www.620wtmj.com/shows/charliesykes/97463609.html
...and I am Sid Harth