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$3.9 Billion in Fed Cash Flowed to Energy Firms With Ties to White House... Insiders Had 'Huge Stake In Decisions'?

~ The Rebel ~ 2012/02/16 02:00:29

Sanjay Wagle was a venture capitalist and Barack Obama fundraiser in 2008, rallying support through a group he headed known as Clean Tech for Obama.

Shortly after Obama’s election, he left his California firm to join the Energy Department, just as the administration embarked on a massive program to stimulate the economy with federal investments in clean-technology firms.

Following an enduring Washington tradition, Wagle shifted from the private sector, where his firm hoped to profit from federal investments, to an insider’s seat in the administration’s $80 billion clean-energy investment program.

He was one of several players in venture capital, which was providing financial backing to start-up clean-tech companies, who moved into the Energy Department at a time when the agency was seeking outside expertise in the field. At the same time, their industry had a huge stake in decisions about which companies would receive government loans, grants and support.

During the next three years, the department provided $2.4 billion in public funding to clean-energy companies in which Wagle’s former firm, Vantage Point Venture Partners, had invested, a Washington Post analysis found. Overall, the Post found that $3.9 billion in federal grants and financing flowed to 21 companies backed by firms with connections to five Obama administration staffers and advisers.

Read More: http://www.washingtonpost.com/politics/venture-cap...

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  • Pete 2012/02/16 10:23:59
    Pete
    +1
    Gee, don't they always! That how they get there large bank accounts! And we pay them for this crap!
  • Artist~PWCM~ 2012/02/16 09:46:48
    Artist~PWCM~
    +2
    Gee, and liberals thought Bush was bad. At least with Big Oil you go some money back and real energy...all we get so far is a bunch of bankrupt 'clean' energy companies like Solyndra.
  • CUDDLY BUT STILL CRABBY 2012/02/16 03:31:54
    CUDDLY BUT STILL CRABBY
    +2
    Crony capitalism. You slimy progressives from the top down make me want to

    puke
  • ὤTṻnde΄ӂ 2012/02/16 02:19:03
    ὤTṻnde΄ӂ
    Yes, and the problem is?
  • zbacku ὤTṻnde΄ӂ 2012/02/16 19:12:56
    zbacku
    +1
    Your blindness to the insanity of the Democrats tossing our taxes down Obama's Marxist toilet.

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