Crony-Capitalism is alive and well in the Obama Whitehouse. Friend Of Barack, Warren Buffett is the big winner in the Obama Administration's decision to deny the building of the Keystone XL Pipeline. Buffett owns the Burlington Southern Santa Fe Railroad which will be used to transport oil by rail from Canada to the U.S. refineries. Buffett will now be allowed to expand his railway empire to handle the extra business. According to the administration, this will have less of an environmental impact on wetlands, though it will be costlier (higher prices at the pump), and will produce more Greenhouse gas emissions. It also prevents the creation of an estimated creation of a minimum of 20,000 new jobs, and as many as 100,000 jobs. While Americans are out of working and hurting, Obama is laughing all the way to the bank, as this will most certainly ensure a sizable donation (payoff) to Barack Obama's reelection campaign war chest.
This has little to no effect on Obama though, as he simply looks at it as a way to shore up his support with the Hollywood elite and his enviro-marxist supporters. The media and the Obama zombies, for all of their talk about the evils of the capitalist system, will simply ignore the fact that this is the worst kind of cronyism, as people like Warren Buffet get richer through political graft and corruption.
Buffett’s Burlington Northern Among Winners From Keystone Denial
By Jim Efstathiou Jr. - Jan 22, 2012 9:00 PM PT
Warren Buffett’s Burlington Northern Santa Fe LLC is among U.S. and Canadian railroads that stand to benefit from the Obama administration’s decision to reject TransCanada Corp. (TRP)’s Keystone XL oil pipeline permit.
With modest expansion, railroads can handle all new oil produced in western Canada through 2030, according to an analysis of the Keystone proposal by the U.S. State Department.
“Whatever people bring to us, we’re ready to haul,” Krista York-Wooley, a spokeswoman for Burlington Northern, a unit of Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc. (BRK/A), said in an interview. If Keystone XL “doesn’t happen, we’re here to haul.”
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