US Taxpayer Insurance For A Palestinian Businessman
The Israeli paper “Haaretz” is reporting that Israel may end up providing electricity to Gaza after Israel destoyed a power plant. That was intersting but there was something that caught my eye:
United States officials said Saturday that U.S. funds would be used to pay for the damage caused by the strike. The power station was insured by a U.S. government agency, according to The Boston Globe.
The power station began operating in 2002, reaching full commercial capacity in 2004. The owners of the power station insured it, through the Overseas Private Investment Corporation, for a sum of $48 million due to “political risks.” OPIC is a U.S. government authority that insures U.S. investments in developing markets.
So what exactly is the “mission” of “OPIC.” Here is their website:
OPIC helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing the risks associated with foreign direct investment, and supports U.S. foreign policy.
My next question was ,” exactly what “U.S. businesses” is at risk here?” The original article sheds both light and anger:
The power station in Gaza was built over a period of five years, at a cost of $150 million. In 1999, the Enron Corporation, along with Palestinian businessman Said Khoury, began working on the project. In 2000, Khoury’s Morganti Group purchased Enron’s share of the project.
I want to know why is OPIC, a government organization set up to insure American business ventures, is insuring something that has not had American ownership since 2000!!! If this is not another example of gross government negligence, please explain why not, without nuance.
Hat Tip: The guys/gals that went completely off topic down in the “Jacks Helping to Cut the Pork” thread. **This is why readers (99.9%) that do not venture into the threads need to take a walk on the wide side. **
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