Keystone XL: The Art of NGO Discourse

Gloat Like Rockefeller When Watching Trains

Keystone XL: The Art of NGO Discourse

by CORY MORNINGSTAR

On Nov 3, 2009, Berkshire Hathaway, the investment vehicle of Warren Buffett, announced its plan to purchase the 77.4 percent of Burlington Northern Santa Fe (BNSF) that it did not already own for $26 billion in cash and stock – the largest deal in Berkshire history. The deal, which included Berkshire’s prior investment and the assumption of $10 billion in Burlington Northern debt, brought the total value to $44 billion. Buffett remarked it was a big bet on the United States.

It was TO be a bet that both President Barack Obama and Secretary of State, Hillary Clinton, would ensure he DID not lose.

“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.”
― Warren Buffett

Fait Accompli

Fait accompli: “An accomplished fact; an action which is completed before those affected by it are in a position to query or reverse it.”

Barack Obama owes much gratitude to 350.org et al. Under this administration, grotesque atrocities and ecological devastation are accelerating around the world at an unparalleled speed – all in the name of the American people. Despite this fact, 350.org, Sierra Club, Natural Resources Defence Council, Greenpeace and friends all excel “beyond the call of duty” in painting this same regime in the clean, shiny patriotic colours of red, white and blue; glossed over in an emerald green vellum, drenched in the hope industry’s PR slogans and feel-good symbolic campaigns. In reality, 350.org and other Obama sycophants could not care less about stopping the tar sands. Hence, they wittingly draw your attention to a pipeline the industry doesn’t need.

The Show’s Over

… “[T]here are about 18 billion dollars worth of other pipeline projects that [are] totally approved, ready to go, nothing standing in their way, shovels essentially in the ground and these all will be ready by about 2015….” Nov. 8, 2012 Globe & Mail video, Canada’s pipelines: Beyond Gateway and Keystone

The proposed KXL pipeline through Montana, South Dakota and Nebraska has seemingly provoked strong opposition from environmental NGOs and activists who argue that extraction of crude oil from tar sands increases greenhouse gas emissions that cause global warming. The second highlighted point of contention is the safety of the pipelines, which are prone to spills and leaks. Yet this is a strategic public relations campaign on the part of 350.org et al: brilliantly executed misinformation by design. In the case of KXL, a design whereby the NGO frames the main objections (in this case pipeline safety) while industry quietly implements a “solution” that will be somewhat condoned by the public. Case in point: Tar sands oil pipelines (and all other pipelines) leak. They are difficult to maintain and require ongoing maintenance. Contamination of fresh water, soil and sensitive ecosystems is a very real threat and concern. The main selling feature of the rail tanker put forward by industry as a solution is that they are nearly impervious to puncture and leaks, having been designed to bounce if a trains derails. In response, the NGOS within the complex will issue little to no rebuttal, effectively signaling to the public that rail must be a safer option.

“Anthony Swift, an attorney for the Natural Resources Defense Council and co-author of one of the critical pipeline safety reports, said railroads don’t offer a feasible alternative to pipelines from Canada. He said tar sands producers aim to triple oil output by 2030, which would outstrip railroads’ capacity. But the U.S. State Department, in a report on Keystone XL issued Friday, said ‘the proven ability of rail to transport substantial quantities of crude oil profitably’ means that denial of the project ‘is unlikely to have a substantial impact on the rate of development in the oil sands, or on the amount of heavy crude oil refined in the Gulf Coast area.’

“As anti-pipeline groups have pressed the White House to kill the project, the oil and railroad industries have been building oil-loading terminals and buying tank cars to ship Canadian crude oil by rail. ‘There is no permitting required — you can put oil on rail and nobody can complain,’ said Sandy Fielden of RBN Energy, a Houston-based consulting firm that has tracked the oil-by-rail boom. In the campaign against Keystone XL, the National Wildlife Federation and other groups have issued two reports since 2011 critical of pipeline safety, singling out Canada’s heavy oil called bitumen as especially hazardous. Neither report mentioned the risks of shipping it by rail. Yet the dramatic growth of the crude-by-rail business in North America illustrates how quickly shippers can adapt to a new option. North Dakota, the nation’s No. 2 oil-producing state behind Texas, ships the majority of its oil by rail from loading terminals built mostly in the past three years.” — March 3, 2013, Canadian crude oil finds a new pathway through Minnesota.

Very few in the environmental movement wish to discuss, let alone acknowledge, the very ugly reality that the “Stop the KXL!” campaign has absolutely nothing to do with shutting down tar sands production. The actuality is that behind the protest signs (that conveniently blur lines and bear much semblance to the Obama branding campaign), we have an entire rail transport industry burgeoning to transport the oil formerly designated for the KXL pipeline.

The show is over. It matters little whether Keystone is approved or not. If it is approved, we have a flourishing rail economy plus the KXL pipeline. Bread and circuses have never been so skillfully orchestrated. Immense quantities of the Canadian oil that the KXL pipeline is designed to carry will still roll into the United States – on railroads with tracks through Minnesota. If the KXL is denied, Obama gains symbolic credibility and legitimacy under the guise of “green” leadership, which automatically extends to 350.org and friends. This would build much trustworthiness for both Obama and for future campaigns to advance the illusory green economy. One must also consider, as Forbes pointed out on January 19, 2012, that even TransCanada shareholders will not lose: Goldman Sachs (GS) estimates that if TransCanada, which has already invested $1.9 billion in the project according to Business News Network, canceled the project, its earnings per share in 2012 and 2013 would rise between 5% and 10% due to a reduction in TransCanada’s capital expenditures and financial costs.

With the “light sweet oil” (note the terminology/framing of the US oil in the media, which is in stark contrast to Canada’s “heavy sour crude” (bitumen), singled out as especially hazardous in two reports issued by the NGOs since 2011) now flowing from Texas and North Dakota, perhaps Obama can afford to nix the KXL in exchange for adoration from the non-profit industrial complex who would shower him with (more) undeserved praise. Yet, because the non-profit industrial complex is no doubt considered nothing more than useful idiots by the oligarchs, and because quarterly profits bear more credence than does credibility among a small percentage of the populace that the oligarchs care nothing about, it is more than likely the pipeline will be approved by the corporatocracy. After all, America’s thirst for continued rabid consumption is insatiable – a thirst that can only be quenched by oil.

Either way, Obama unequivocally demonstrated his immense loyalty to Warren Buffett. Buffett has revitalized rail – an industry thought to be essentially dead. The delay of the pipeline was all he needed. His investments are secure. The pipeline will not interfere with the firm foothold this revitalized industry has achieved. Few notice. The non-profit industrial complex is silent.

Another Hard Lesson for Humanity

The March 25, 2013 Market Watch slideshow 21 stocks to play the crude-by-rail trend makes clear what transpired over the last 3 years while progressive media and progressive greens ensured that your attention stay focused on the KXL campaign.

Jan 14, 2013, North American energy companies are starting to invest more in railroad terminals than the railroads themselves:

“A group of oil and gas pipeline operators led by Plains All American Pipeline LP (PAA) announced plans just in the past three months to spend about $1 billion on rail depot projects to help move more crude from inland fields to refineries on the coasts. Warren Buffett’s Burlington Northern Santa Fe LLC, the largest U.S. railroad, spent $400 million on terminals in 2012…. Producers and refiners such as Devon Energy Corp. (DVN) and Irving Oil Corp. say they’ll turn even more to rail to get domestically pumped crude to the highest-paying refineries…. More than 200,000 train cars of oil will be shipped in 2012, the most since World War II, according to forecasts from the American Association of Railroads. About 1 million barrels a day of rail-unloading capacity is being built in the U.S., Olsen wrote in a note. That’s more than double the current level of shipments, which averaged about 456,000 barrels a day in the third quarter, according to the Railroad Association.”

Of course, all new railroads will also lead to new refineries and new tank cars. On Feb 4, 2013, it was reported that Phillips 66 and Valero Corp.plan to purchase 2,000 and 1,000 rail cars, respectively. Phillips 66′s rail efforts will focus on moving Bakken crude while Valero will utilize rail to move oil sands away from Alberta. [1] Such corporate entities will require the use of Buffett’s Berkshire Hathaway (Burlington Northern’s) rail lines to achieve their stated goals. Berkshire’s latest quarterly earnings show that the largest revenue growth for the railroad company has come from increased petroleum shipments. Union Tank Car Co. is already working at full capacity to produce rolling containers that carry the fuel in trains. Union Tank Car Co. is owned by Marmon group. In 2007, 60% of Marmon Holdings was acquired by Buffett’s Berkshire Hathaway, with the remaining 40% to be acquired in the next five to seven years. Note that on July 13, 2012, Buffett announced it had invested in shares of Phillips 66 (27 million shares). Shares of Phillips 66 (which was spun-off from Conoco) have already surged more than 83% since May 2012 when the deal was completed. [Jan 29, 2013] Phillips 66 recently finalized a five-year agreement with Global Partners LP to ship 50,000 barrels a day of Bakken crude to its New Jersey refinery by train in a deal worth an estimated $1 billion.

March 01, 2013, ProgressiveRailroading.com:

“‘Investing in our nation’s roads, rails, and runways will get people back to work, while spurring economic development and productivity,’ said Lautenberg, who chairs the Senate’s Commerce Subcommittee on Surface Transportation and Merchant Marine Infrastructure, Safety and Security. ‘This bill would establish a creative new way to leverage federal funding and increase investment in projects that will expand rail capacity.’ All options ‘need to be on the table’ to rebuild and expand rail systems, ports, highways and airports, said Rockefeller, who chairs the Senate Commerce Committee.”

Obama and Buffett – The Love Affair Continues

On April 18, 2012 the Daily Mail, UK published an article titled “The love affair continues: Warren Buffett’s Time 100 tribute is written by… Barack Obama.” The article states “The close personal relationship between President Barack Obama and financier Warren Buffett is no secret. Though he already awarded Mr. Buffett with a Presidential Medal of Freedom, which is the highest civilian honour in the country, and a tax policy bearing his name, Mr. Obama went a step further and personally wrote an ode to the 81-year-old investment advisor in Time Magazine’s top 100. The list of the world’s most influential newsmakers, Mr. Obama wrote a three paragraph dedication extolling Mr Buffett’s moral values in addition to his economic prowess [sic].”

2007-2008 | Buffett, Gates and Obama

“Buffett, who has made substantial resource investments this decade, after a history of avoiding them, is now interested in the Alberta oil sands. His rationale is that it is a known resource, says Hull, who manages money for clients of Berkshire Securities Inc., recently acquired by Manulife Financial Corp. In contrast to speculative drilling, oil-sands projects are mining operations where the size of the reserves is known. One can calculate with relative certainty the breakeven requirements over 10 years. And production costs tend to drop as the extraction and processing technology improves. Buffett Predicts a Long Flight for Loonie, Toronto Star, Oct 13, 2007

On May 3, 2012 research fellow Steve Horn writes:

Consider this: One month after jointly visiting Arch Coal’s mammoth Black Thunder strip mine in Wyoming with a fleet of nine private jets, billionaires Bill Gates and Warren Buffett sat in President Obama’s Oval Office on December 14th and discussed ways to improve the economy. As the CEO of Berkshire Hathaway, Buffett understands the economics of coal better than anyone: He owns the Burlington Northern Santa Fe Railroad that transports most of Wyoming’s vast coal supply around the country, along with the utility company, MidAmerican Energy, which operates 11 coal-fired power plants, including four in Wyoming. The Buffett/Gates trip took place roughly one year after another key Buffett/Gates visit to the Alberta Tar Sands in August 2008, in which the two of them, according to an unidentified source, “took in the oilsands, apparently with awe.”

2010: Billionaire Warren Buffett Acquires Full Control of BNSF Rail

“Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.” — Warren Buffett, The New York Times, October 2008

On April 24, 2011, the Canadian Globe and Mail writes: “Through holding company Berkshire Hathaway Inc., billionaire Warren Buffett acquired full control of Burlington Northern Santa Fe Corp. of Fort Worth, Tex., in early 2010. Berkshire already owned 22.6 per cent of BNSF before it took complete ownership. Mr. Gates and Mr. Buffett ‘are pretty good buddies. Mr. Buffett must have given a tip to buy railroads at one of their bridge games,’ Mr. Spracklin said with a laugh.”

Buffett’s Berkshire Hathaway (NYSE: BRK-B) began to acquire Burlington Northern Santa Fe railroad stock in 2007.

With a net worth fluctuating around the $53.5 billion mark (2013), Warren Buffett has been an influential and prominent political backer of Barack Obama since the 2008 US presidential campaign. [2] During the second 2008 U.S. presidential debate, candidates John McCain and Barack Obama both made mention of Buffett as a possible future Secretary of the Treasury. In the third/final presidential debate, Obama made reference to Buffett as a potential economic advisor. Buffett was cited the wealthiest person on the planet in 2008, and third wealthiest in 2011, a position that he often exchanges with friend Bill Gates. In 2012, corporate media (Time) cited Buffett as one of the most influential people in the world. Foreign Policy cited Buffett, along with Gates, as the most influential global thinkers in their 2010 report. Framed as the ultimate darlings of philanthropy by corporate media, the charismatic Buffett leads the diversion, donating billions of his monetary wealth to the Bill and Melinda Gates Foundation. [3] In June 2006, Buffett announced he would join the board of directors of the Gates Foundation.

There is little doubt that Buffett is brilliant, albeit tragically short-sighted. Buffett’s modest lifestyle (in relation to his wealth) demonstrates unequivocally that it is not the love, nor need, of money that inspires one to pursue such wealth – rather, it is the addiction to power.

Influential Networking Tycoons

Clintons, Warren Buffett, 1Sky/350.org, Berkshire Hathaway

“Philanthropy, we are told, is to replace the welfare state: instead of attempting to redistribute wealth via taxation and democratic planning, austerity politicians are in the process of dispatching with what they view as an irritating relic of working class history. In its place we are informed that we should rely upon the charity of the greediest and most exploitative subset of society, our country’s leading capitalists. A group of individuals whose psychological temperament is better described as psychopathic rather than altruistic.” — Michael Barker citing Joel Bakan, The Corporation: The Pathological Pursuit of Profit and Power, Free Press, 2004

Warren Buffett is an avid admirer of Hillary Clinton and has endorsedher for the 2016 US Presidential campaign. Buffett’s admiration and support for Clinton (financial and otherwise) is much warranted. The delay of the KXL has meant billions of profit in Buffett’s investment in the booming rail industry.

Buffett began to “purchase” Obama and Clinton as far back as 2007. One can safely say he “owns” them both outright today. It matters little. A man of such monetary wealth such as Buffett has the capacity to bring down the entire US economy if he were to fail. One can be certain of one thing: there is absolutely nothing Obama or Clinton would not do for Warren Buffett.

On June 18, 2007 Bloomberg reported that “[T]he blind trust of New York Senator Hillary Clinton and former President Bill Clinton invested in such companies as Rupert Murdoch’s News Corp., Wal-Mart Stores Inc. and Warren Buffett‘s Berkshire Hathaway Inc…” Clinton had dissolved the trust earlier in the month due to the visible conflicts of interest this would pose in light of her democratic presidential nomination. The Clintons “owned between $15,000 and $50,000 in Buffett’s Berkshire Hathaway.” The trust represented $5-$25 million of the Clintons’ overall assets which were valued between $11 million and $51 million. On February 1, 2013 ABC News reported that Bill Clinton was #2 in “The 50 Most Influential Networking Tycoons” by Wealth-X who “estimates his net worth at around $38 million. However, the value of his circle of influence is $227 billion.”

What the environmental “movement” does not wish to acknowledge is the fact that the Clintons were integral to the creation of 1Sky (1Sky/350.org) as were the Rockefellers. In the Rockefeller Family Fund 2007 annual report, it is clear that 1Sky is an actual Rockefeller-initiated NGO. Such incubator projects are common within powerful foundations, although the public has little knowledge of such practices. An example of a Rockefeller incubator for an in-house project that later evolved into a free-standing institution is The Climate Group, launched in London in 2004.

“The Clinton Global Initiative and Power Shift 2007 helped put us on the map, and EchoDitto donated time to help launch our interactive website… Indeed, the growth trajectory of this campaign has been breathtaking.” — 1 Sky’s (350.org) first Annual Report: 2007-2008

For anyone familiar with the Rockefellers’ elitist, racist, classist and anti-democratic history, or the ideological framing and expansion of neoliberalism under the Clinton administration, this in and of itself should sound off alarm bells as to the political incentives guiding the financial support (i.e., investment) that launched 1Skys/350.org’s existence.

In April of 2011, 1Sky and 350.org announced their “official” merger, even though they were already intertwined from the outset [The Climate Cartel: 1Sky, 350.org and Rockefeller Brothers | Stronger as One, July 9, 2011]. 1Sky Education Fund was the legal entity of 350.org [Page 35 of the 2011 350.org 990 filing: "April 5 – Amending the articles of incorporation and bylaws to change the name of the corporation from 1Sky Education Fund to 350.org]. An obvious question would be why the Clintons would help create, partner with (via the Clinton Global Initiative), endorse and heavily promote an NGO that would, within 3 years (Feb 4, 2010), come to oppose the Keystone XL under the watch of then secretary of state, Hillary Clinton.

“While many corporate executives may well have numerous commendable personal traits, their commitment to pursuing their own class interests — at the expense of the mass of humanity — necessarily means that they must master the means to mask their illegitimate power and actively encourage a sense of futility amongst the governed. The creation of non-profit corporations, otherwise known as philanthropic foundations, thereby serves a critical function for powerful elites: letting them distance themselves from their psychopathic for-profit offspring, and allowing capitalists to recast themselves as good Samaritans striving to work for the common good.” — Michael Barker, Oct 31, 2012, Return to Philanthropy?

“Through their donations and work for voluntary organizations, the charitable rich exert enormous influence in society. As philanthropists, they acquire status within and outside of their class. Although private wealth is the basis of the hegemony of this group, philanthropy is essential to the maintenance and perpetuation of the upper class in the United States. In this sense, nonprofit activities are the nexus of a modern power elite.” —Teresa Odendahl, 1990, Bill Clinton’s Philanthropic Propaganda

Former president Bill Clinton announced the 1Sky campaign in September of 2007 at the Clinton Global Initiative. Rockefeller Brothers Fund President Stephen Heintz; Betsy Taylor, 1Sky Chair; and Jesse Fink, Mission Point Capital Partners, joined President Clinton on stage in recognition of the Rockefeller Brothers Fund commitment to 1Sky. The Rockefeller family contributed at minimum $1-$5 million to the Clinton Foundation. [Rockefellers' 1Sky Unveils the New 350.org | More $ – More Delusion, April 18, 2011]. Bill Clinton is cited as an ally on the 1Sky/350.org website under “notable people.”

Video: 1Sky at Clinton Global Initiative (running time: 4:14)

Like his friendship with both Obama and Gates, Buffett holds a strong relationship with extensive corporate ties to the Clintons. In June 2011, Nation reporters visited the “hurricane-proof” shelters in Haiti, contracted by Clinton’s foundation:

“June, six to eight months after they’d been installed, we found them to consist of twenty imported prefab trailers beset by a host of problems, from mold to sweltering heat to shoddy construction. Most disturbing, they were manufactured by the same company, Clayton Homes, that is being sued in the United States for providing the Federal Emergency Management Agency (FEMA) with formaldehyde-laced trailers in the wake of Hurricane Katrina. Air samples collected from twelve Haiti trailers detected worrying levels of this carcinogen in one… Clayton Homes is owned by Berkshire Hathaway, the holding company run by Warren Buffett, one of the private-sector members of the Clinton Global Initiative, according to the initiative’s website. (“Members” are typically required to pay $20,000 a year to the charity, but foundation officials would not disclose whether Buffett had made such a donation.) Buffett was also a prominent Hillary Clinton supporter during the 2008 presidential race, and he co-hosted a fundraiser that brought in at least $1 million for her campaign. By mid-June, two of the four schools where the Clinton Foundation classrooms were installed had prematurely ended classes for the summer because the temperature in the trailers frequently exceeded 100 degrees, and one had yet to open for lack of water and sanitation facilities.”

On December 19, 2008, the Wall Street Journal reported that the Bill & Melinda Gates Foundation gave $22.5 million to Bill Clinton’s foundation. By April 2011, during the focus on the Stop the Keystone XL! campaign, Gates had become the largest shareholder of Canadian National (CN) rail.

Professional greens with ties to 350.org/1Sky are privy to secret meetings at the White House, something that has been documented in mainstream press. As an example, on November 1, 2012, the Guardian published the article Revealed: the day Obama chose a strategy of silence on climate change, which reported that “many believe the White House was wrong when it decided in 2009 that climate change was not a winning political message.” While the non-profit industrial complex puts forward the illusion they are representing civil society in regard to critical issues such as climate change, the reality is far different. Rather, the complex is simply an extension of the state. Jessy Tolkan, who at the time was a leader of the 350.org-led climate youth movement, Power Shift, conveys this reality in no uncertain terms: “My most vivid memory of that meeting is this idea that you can’t talk about climate change.” Present at this meeting were Bill McKibben, Betsy Taylor and Van Jones of 1Sky/350.org.

The rightwing pundits are also taking note of where 350.org gets its financial support. From the February 14, 2013 Financial Post articleRockefellers behind ‘scruffy little outfit:

“By my analysis of information from the U.S. Foundation Center and the tax filings of American charitable foundations, McKibben’s campaigns have received more than 100 grants since 2005 for a total of US$10-million from 50 charitable foundations. Six of those grants were for roughly US$1-million each…

“Since 2007, the Rockefellers have paid US$4-million towards 1Sky and 350.org, tax returns say. The Schumann Center provided US$1.5-million to McKibben’s three campaigns as well as US$2.7-million to fund the Environmental Journalism Program at Middlebury College, in Vermont, where McKibben is on staff…

“What 350.org’s list of donors fails to convey is that some foundations provide only US$5,000 or US$10,000, while two unidentified donors provide half of 350.org’s budget for 2011, according to its financial statements. Four grants accounted for two-thirds of 350.org’s budget. 350.org declined to identify the donors of those grants…

“During 2011, the most recent year for which tax returns are publicly available, 350.org again had a US$2-million payroll, including US$622,000 for consultants.”

2011: Bill Gates – Now the Largest Single Shareholder in CN Rail

“CN has been rolling 10,000 tons of tar sands crude every day to the Gulf of Mexico for Altex Corp. since October 2011.” — March 19, 2011, Beyond Enbridge, alternatives arise for increasing West Coast shipments

Above image: Warren Buffett, chairman of Berkshire Hathaway Inc., right, and Bill Gates, chairman and co-founder of Microsoft Corp., participate in a newspaper toss event at the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska, on May 5, 2012. [Source: Billionaires Worth $1.9 Trillion Seek Advantage in 2013]

“Bill Gates, Warren Buffett visit Alberta oilsands. Two of the world’s richest people, Microsoft Corp. founder Bill Gates and his friend, American investment magnate Warren Buffett, quietly flew into northeastern Alberta on Monday, where they took in the oilsands, apparently with awe.” — Calgary Herald, August 19, 2008

Bill Gates has been actively investing in Canadian Nation (CN) for years (since approx. 2000) while, simultaneously, CN has been building its power through rapid acquisitions that include provincially-owned BC Rail, positioning itself as the sole rail carrier in northern British Columbia. In 2006, Canadian National railway stock represented approx. $1.4 billion of Gates’ $3.4 billion investment portfolio. With an influx of money, CN seized the opportunity, acquiring a set of short-line railways in Northern Alberta as well as the Athabasca Northern Railway that connected Fort McMurray to Edmonton. [4]

In 2004, Bill Gates became a director of Berkshire Hathaway, the only corporation outside of his own, Microsoft, of which he is a director. Bill Gates’ Cascade Investments LLC is the second largest shareholder of Berkshire and owns more than 5% of class B shares. [5]

On March 21, 2008 it was reported that “the Bill & Melinda Gates Foundation’s trust will sell more than half its nearly 1 million shares of Berkshire Hathaway brkb stock to comply with federal tax rules, according to a Securities and Exchange Commission filing.” This move was strategic in order to appease federal excise tax rules, which limit excess business holdings by private foundations. The rules surrounding Buffett’s gift now require the Gates Foundation to give away the dollar amount of its annual contribution, so the stock sales are likely being done to satisfy that requirement. [Aug 10, 2009]

April 24, 2011 Canada’s Globe and Mail reports: “Bill Gates owns a $3.2-billion train set, making him the largest shareholder in Canadian National Railway Co. …. ‘He has been gradually buying more CN stock,’ RBC Dominion Securities Inc. analyst Walter Spracklin said.”

As of November 19, 2012 Insider Monkey reports “Berkshire Hathaway Inc. (NYSE:BRK.B) continues to be the trust’s [the Bill and Melinda Gates Trust Foundation's] largest holding, now worth 47.5% of its entire 13F portfolio. During 3Q, the trust increased its share count by 14%. A big part of the overwhelming presence of Berkshire is Warren Buffett’s donation of shares. Berkshire shares act much like a traded investment fund, and do not attract many hedge funds as a result. Even with a beta [7] of 0.5, Berkshire has managed to outpace the market (S&P 500) year to date by three percentage points. Check out all of Warren Buffett’s Berkshire holdings.”

CN in the Media

April 9, 2009, CN idea a winner for oil sands:

“The energy and geopolitical ramifications of Canadian National Railway’s ‘Pipeline on Rails’ initiative is a game-changer for Canada… Within months, CN will be shipping 10,000 barrels daily from producers whose reserves are now stranded. The railway will deliver the oil sands production through the use of insulated and heatable railcars or by reducing its viscosity by mixing it with condensate

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