This letter is in response to a letter by Peter Courtenay Stephens ("Let’s kick out the incompetent louts," Oct. 7). I wanted to point out that his letter has quite a few errors.
This inaccurate information was put out to the public by Glenn Beck in an op-ed piece in the Wall Street Journal on Aug. 18, 2009:
1. Barack Obama did not sign an executive order to lend Petrobras any money. The approval of this particular loan was an action undertaken not by officials who had been appointed by President Barack Obama; but by his predecessor, President George W. Bush;
2. This loan did not cost the U.S. taxpayer any money as referenced in this rebuttal. That’s because the mandate of the Export-Import Bank of the U.S. (Ex-Im Bank) is to help create and sustain U.S. jobs by financing U.S. exports. They make no grants. The vast majority of their financing consists of guarantees of loans made by commercial lenders, not Ex-Im Bank direct loans....
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