Re: HERESY AND TREASON ON THE SUPREME COURT *PIC*
Gosh, how many errors can occur in a single post????
This is all quite mistaken, and where it isn't exactly false, it is
misleading.
Gore COULD NOT SELL ANYTHING TO ANYBODY, and certainly did NOT sell Elk Hills
to Occidental Petroleum. Nor was this a 'NO BID' DEAL, as the headline
proclaims, oddly enough, omitting to consider that as alluded to in the text it
quotes itself, some 22 different bidders, for all or parts of this holding, are
mentioned.
Oxy was the HIGH BIDDER, which is how it got the deal (which somehow is left
unmentioned, although it firmly trumps the notion of anything nefarious
there).
Was this such a 'windfall' that Oxy profited immensely, their stock rose
significantly, and Gore himself, through family holdings, was vastly enriched?
Hardly. Do the research, look up the stock price for Oxy around this '98 time
frame. What you will find is that after Oxy hit a high of around $15, around
the range of price it had been, it dipped, rehit the high of $15, and then
promptly tanked by about 66%, to the $5 dollar range, where it lingered for a
considerable amount of time, only slowly re-rising to re-hit $15 several years
later.
That is, according to the investing community, Oxy had not gotten a tremendous
value or super cash flow enhancer, and the smart money in the market sold OFF
Oxy stock to a third its pre-existing high level, a 2/3rds loss of stock value.
Meaning, Oxy probably paid nothing less than market value for these holdings,
as vouched for by the fact that nobody else in the oil industry was willing to
pay more for this than was Oxy, and the markets firmly discounted the claimed
value of this to Oxy by discounting its stock price.
The effect on Gore's family Oxy stock holdings? They lost 2/3rds of their value
in the immediate aftermath of this supposedly sweetheart deal that was
supposedly vastly enriching Oxy's bottom line at a supposed fire sale price for
those assets, supposedly for Gore's corrupt reasons of making himself, his
family, and his corporate backer an unearned windfall.
In other words, there is no 'there' there. This is a madeup scandal with no
apparent unearned benefit to either Gore or Oxy, and in fact, the opposite.
