As if Solyndra’s $535 million loan wasn’t enough, now we find out about where more of the stimulus spending went.
Story from the Daily Caller.
Companies like First Solar, SolarReserve, SunPower Corporation and Abengoa SA have already, collectively, received billions in loans through Obama administration stimulus programs to build solar power plants in the southwestern United States.
Yet each, with the exception of the privately held SolarReserve, has seen its stock price hammered at the same time it was lobbying the Obama administration and Congress for billions in loan guarantees.
The Hill newspaper reported Wednesday that the Santa Monica, Calif.-based SolarReserve has secured a $737 million loan guarantee from the Department of Energy for a Nevada solar project.
That company has ties to George Kaiser, the Oklahoma billionaire who raised $53,500 for President Obama’s campaign in 2008. Through his Argonaut Private Equity firm, Kaiser holds a majority stake in Solyndra.
Argonaut has a voting stake on SolarReserve’s board of directors in the person of Steve Mitchell, who also serves on Solyndra’s board of directors.
Additionally, Federal Election Commission records made available by the Center for Responsive Politics show that SolarReserve board member James McDermott has contributed $61,500 to various Democratic campaigns since 2008, including $30,800 to Obama’s presidential election campaign.
McDermott’s U.S. Renewable Energy Group has a significant financial stake in SolarReserve, and has drawn scrutiny for its ties with Senate Majority Leader Harry Reid — and for reportedly driving green jobs to China.
And Lee Bailey, a fellow SolarReserve board member and U.S. Renewables Group investor, has donated $21,850 since 2008 to Democratic candidates including President Obama, Senate Majority Leader Harry Reid, California Sen. Barbara Boxer and then-presidential candidate Hillary Clinton.
SolarReserve’s board of directors also includes Jasandra Nyker of Pacific Corporate Group Asset Management, where former Speaker of the House Nancy Pelosi’s brother-in-law, Ronald Pelosi, holds a leadership position.
Other data from the Center for Responsive Politics show that SolarReserve paid $100,000 in lobbying fees in 2009 to the Podesta Group. That firm’s principal, Tony Podesta, is the brother of John Podesta — who ran Barack Obama’s presidential transition team.
I hope everyone is now very clear on what we got for these three trillion-and-a-half trillion dollar deficits. And very clear on why unemployment went up and not down.