President Obama’s Idea Of The Free Market Is “Crony Capitalism” That Showers Federal Dollars On His Friends And Allies, While Leaving Taxpayers On The Hook For Losses:
The Washington Post: “You
Can Call It Crony Capitalism Or Venture Socialism — But By Whatever
Name, The Energy Department’s Loan Guarantee Program Privatizes Profits
And Socializes Losses.” (Editorial, “The Energy Department’s Loan Guarantee Program Is The Real Solyndra Scandal,” The Washington Post, 11/17/11)
- The Washington Post: “The Problem Is That Bureaucrats Are More Likely To Bet Wrong Because They Are Generally Not Full-Time Investment Experts And Have No Skin In The Game Themselves.” (Editorial, “Solyndra: A Bad Bet Obama Should Regret,” The Washington Post, 10/6/11)
Obama Bundlers Worked In His
Department Of Energy “As It Showered Billions In Taxpayer-Backed
Stimulus Money On Alternative Energy Firms.” “Several of Barack
Obama’s top campaign supporters went from soliciting political
contributions to working from within the Energy Department as it
showered billions in taxpayer-backed stimulus money on alternative
energy firms, iWatch News and ABC News have learned.” (Ronnie Green And Matthew Mosk, “Bundlers On The Inside,” iWatch, 9/29/11)
Politicians Who Supported Obama “Struck Gold” According The Department Of Energy’s Own Numbers.
“At the same time, several politicians who supported Obama managed to
strike gold by launching alternative-energy companies and obtaining
grants. How much did they get? According to the Department of Energy’s
own numbers ... a lot.” (Peter Schweizer, “Obama Campaign Backers And
Bundlers Rewarded With Green Grants And Loans,” Newsweek, 11/12/11)
The Government Accountability
Office Criticized The “Arbitrary” Ways Energy Loans Were Doled Out And
Found That Of The First 18 Loans “None Were Properly Documented.”
“The Government Accountability Office has been highly critical of the
way guaranteed loans and grants were doled out by the Department of
Energy, complaining that the process appears ‘arbitrary’ and lacks
transparency. In March 2011, for example, the GAO examined the first 18
loans that were approved and found that none were properly documented.”
(Peter Schweizer, “Obama Campaign Backers And Bundlers Rewarded With
Green Grants And Loans,” Newsweek, 11/12/11)
The Energy Department’s Inspector General Found That Contracts Were Steered To “Friends And Family.” “The
Department of Energy’s inspector general, Gregory Friedman, who was not
a political appointee, chastised the alternative-energy loan and grant
programs for their absence of ‘sufficient transparency and
accountability.’ He has testified that contracts have been steered to
‘friends and family.’” (Peter Schweizer, “Obama Campaign Backers And
Bundlers Rewarded With Green Grants And Loans,” Newsweek, 11/12/11)
“$3.9 Billion In Federal Grants
And Financing Flowed To 21 Companies Backed By Firms With Connections To
Five Obama Administration Staffers And Advisers.” (Carol D. Leonnig and Joe Stephens, “Venture Capitalists Play Key Role In Obama’s Energy Department,” The Washington Post, 2/14/12)
- “The Administration Tapped Industry Players To Take On Key Energy Department Roles, Both As Agency Staffers And Outside Advisers On Agency Boards.” (Carol D. Leonnig and Joe Stephens, “Venture Capitalists Play Key Role In Obama’s Energy Department,” The Washington Post, 2/14/12)
And The Result Of Those Taxpayer Giveaways To Obama Allies? Lost Jobs And Bankrupt Businesses:
The Obama Administration Loaned
Over Half A Billion Dollars To Solyndra – Which Later Went Bankrupt –
And Engaged In A “Risky Investment Strategy” With Other Similar
Projects. “Solar panel maker Solyndra received a $528 million
Energy Department loan in 2009 – and went bankrupt last year. The
government's risky investment strategy didn't stop there, as a CBS News
investigation has uncovered a pattern of cases of the government pouring
your tax dollars into clean energy.” (Sharyl Attkisson, “Tax Dollars
Backing Some "Risky" Energy Projects,” CBS, 1/13/12)
Solyndra’s Bankruptcy And 1,100 Layoffs Represented “A Blow To The Obama Administration’s Efforts To Create Green Jobs.” “In
a blow to the Obama administration's efforts to create green jobs,
solar-cell maker Solyndra announced Wednesday that it will close its
remaining Fremont factory, lay off its 1,100 employees and file for
bankruptcy. The news marked an abrupt end for a company once considered
among the most innovative in a fast-changing industry. The bankruptcy
also represents a high-profile failure for a federal stimulus program
that gives loan guarantees to green-tech manufacturers.” (David R. Baker
and Carolyn Said, “Solyndra Closes Fremont Plant - Stimulus Hopes Dim,”
San Francisco Chronicle, 9/1/11)
Of The First 12 Obama
Administration Loans To Clean Energy Companies, “Two Firms Filed For
Bankruptcy, A Third Has Faced Layoffs And A Fourth Deal Never Closed.”
“The bonuses and bankruptcies come against a growing wave of trouble
for companies financed with Energy Department dollars. Of the first 12
loan guarantees the department announced, for instance, two firms filed
for bankruptcy, a third has faced layoffs and a fourth deal never
closed.” (Ronnie Greene and Matthew Mosk, “Green Firms Get Fed Cash,
Give Execs Bonuses, Fail,” ABC News, 3/6/12)
The Wall Street Journal:
“The Obama Administration Has Managed The Nearly Impossible Feat Of
Turning Energy Policy Into A Money Loser, Pouring Taxpayer Dollars Into
Green-Energy Busts Like Solyndra.” (Editorial, “The Non-Green Jobs Boom,” The Wall Street Journal, 11/26/11)
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