Sunday, June 27, 2010

Bucyrus a Victim of ObamaGreenOmics

This is a "big f'n deal", as Tax'Em Biden would say, so we'll post it again.

Bucyrus has not been affected by the recession and has been hiring and keeping its employees for the last several years.

No more.

Up to 1,000 jobs at Bucyrus International Inc. and its suppliers could be in jeopardy as the result of a decision by the U.S. Export-Import Bank, funded by Congress, to deny several hundred million dollars in loan guarantees to a coal-fired power plant and mine in India.

...On Thursday, the Export-Import Bank denied financing for Reliance Power Ltd., an Indian power plant company, effectively wiping out about $600 million in coal mining equipment sales for Bucyrus, chief executive Tim Sullivan said.


"President Obama has made clear his administration's commitment to transition away from high-carbon investments and toward a cleaner-energy future," Export-Import Bank Chairman Fred Hochberg said in a statement. "After careful deliberation, the Export-Import Bank board voted not to proceed with this project because of the projected adverse environmental impact."

How very nice.

$600 million in orders, 1,000 jobs--sacrificed on the altar of Obama/Doyle/Feingold Green policies.

The Regime Leader will be in Racine on Wednesday. He needs to be told something.


J. Strupp said...

The adminstration still has an opportunity to set this right.

He better bring his A-game to Racine.

Amy said...

Obama has no A-game.