Tag Archives: Greed

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$737 million green jobs loan given to Nancy Pelosi’s brother-in-law

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Does Obama give taxpayer money millionaires and billionaires?
Does Obama give taxpayer money millionaires and billionaires?

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.

Excerpt:

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.

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Obama to conduct campaign fundraiser with wind power stimulus recipient

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More green jobs crony capitalism.

Excerpt:

President Barack Obama will raise money in early October with a Missouri businessman whose company benefited from a $107 million federal tax credit to develop a wind power facility in his state.

Tom Carnahan, a scion of Missouri’s most prominent Democratic political family, is listed on Obama’s campaign website as a host of a $25,000-per-person fundraiser to be held in St. Louis on October 4.

His energy development firm, Wind Capital Group, was helped by a sizable credit authorized in the stimulus, for an energy project in northwest Missouri.

Republicans argue that it’s inappropriate for the Obama campaign to raise money from a donor who has benefited directly from the Recovery Act.

Missouri Republican Party executive director Lloyd Smith compared the situation to the Solyndra affair, in which the Obama administration reportedly rushed federal support to a green-energy firm that subsequently collapsed.

“At a time when Barack Obama is under fire for steering hundreds of millions of dollars in stimulus funds to a failed company linked to a major campaign donor, it is stunning that he would come to Missouri and raise money with another recipient of stimulus cash,” Smith said in a statement to POLITICO. “Sadly, Missourians have come to expect this kind of pay-to-play from the Obama administration. November 2012 can’t come soon enough.”

The Obama campaign did not respond to a request for comment.

Read more about the Solyndra affair here:

Do you know how to stop this? I’ll tell you. Put money in the hands of individual workers and businessmen who have to work to earn their money and are more careful with how it gets spent. When you raise taxes on individuals and businesses, big-spending liberal politicians use that to get elected, and to get re-elected. Democrats are also the party of taxpayer-subsidized voter fraud.

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How well did Obama’s green jobs spending work out for taxpayers?

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From Investor’s Business Daily.

Excerpt:

As solar panel manufacturer Solyndra was sliding into a long-predicted bankruptcy, Energy Department officials began negotiations with the company and two of its main investors about restructuring its $535 million loan to keep afloat the business that was supposed to be a good investment.

Under the restructuring agreement, Solyndra’s private investors were moved to the front of the line and taxpayers were put on the hook for at least the first $75 million if the company should default. Subordinating taxpayers to private investors in recovering loan money is an “apparent violation of the law,” according to Fred Upton, R-Mich., chairman of the House Energy and Commerce Committee.

During hearings last week, Rep. Steve Scalise, R-La., and other Republicans noted that the Energy Policy Act of 2005 says obligations, or loan guarantees, shall not be subordinated to other financing.

In other words, taxpayers get first dibs on any money recovered and private investors take a number.

Why was the Solyndra loan restructured in this way? Was it because a major donation bundler for President Obama’s 2008 campaign was also a principal investor in Solyndra? Is that why the administration ignored repeated warning’s of Solyndra’s insolvency?

A 2009 report by the Energy Department’s inspector general warned that DOE lacked the necessary quality control for the $38.6 billion loan-guarantee program. In July 2010, the Government Accountability Office said DOE had bypassed required steps for funding awards to five of 10 loan recipients.

[…]Solyndra was the third U.S. solar manufacturer to fail in a month. SpectraWatt Inc., a solar company backed by units of Intel Corp. and Goldman Sachs Group Inc., filed for bankruptcy protection Aug. 19, and Evergreen Solar filed Chapter 11 on Aug. 15.

Other failed companies receiving stimulus funds include Mountain Plaza Inc., which took $424,000 in grants to install “truck stop electrification systems” so truckers could plug in and shut off their idling diesel engines, and Olsen’s Crop Service and Olsen’s Acquisition Co., which were handed $10 million.

[…]The administration claims that as a whole this loan guarantee program, which was supposed to create 65,000 jobs, was a success, creating or “saving” some 44,000 jobs. An analysis by the Washington Post says the actual number of permanent jobs created is 3,545.

[…]Even if you accept the administration’s questionable job accounting, divide the $38.6 billion by 65,000 and ask yourself if the administration is spending your money wisely — or honestly.

The Obama administration has already spent about half of the 38.6 billion set aside for Democrat cronies. I mean green energy. If you divide 17.5 billion by 3,545 jobs created, that’s $5 million per job. That’s sound Democrat fiscal policy. Bible-thumping morons like Sarah Palin and Michele Bachmann could never think of intelligent policies like spending $5 million per job created. To get to that level of intelligence, you need to have degrees from Columbia and Harvard Law School (grades never released). And to vote for Obama’s policies, you need to be smart enough to watch the Jon Stewart and Stephen Colbert on the Comedy Channel, and think that it’s news.

So we took billions of dollars out of the private economy, in order to punish those evil oil companies and coal companies, and we spent it on magic beans – sold to us by Obama’s Democrat cronies. Instead of lowering energy prices, Obama’s policies have resulted in higher energy prices. Was this unexpected?

Actually, for anyone who was paying attention, Obama made clear that he was OK with higher energy prices before he was elected in 2008.

And that’s what we got:

Gas Prices under Obama and Bush
Gas Prices under Obama and Bush

Only two kinds of people voted for Obama in 2008 – the people who were informed about Obama’s record by watching Ed Schultz and Rachel Maddow on MSNBC, and the people who were about to receive stimulus grants for the green energy companies. The people who think that Michael Moore tells the truth about health care, and that Al Gore is an authority on climate science. The people who think that the New York Times is unbiased news.