Quantcast

Green Corruption: 80% of $16 Billion in Department of Energy "Junk Loans" Went to Obama Bundlers and Donors

Ken 2012/05/24 02:40:05
Massive fraud and corruption -- heads should roll!
This from the "most transparent" administration in history?  Transparently corrupt beyond redemption!!!
Undecided
All of the above
None of the above
You!
Add Photos & Videos

http://capoliticalnews.com/2012/05/04/lkatos-green-corruption...

Green Corruption: Department of Energy “Junk Loans” and Cronyism, Part One



By Christine Lakatos, Intellectual Conservative, 4/29/12


The most outrageous part of the House Oversight’s investigation:
Obama energy officials funded solar firms despite ‘junk bond’ ratings
from S&P; and Fitch.

While the media was “tripping out” over Energy Secretary Chu giving
himself “an A grade on controlling the cost of gasoline at the pump” during his testimony before a House panel last month, they missed the real scandal!



As insulting as that seems (especially since gas prices have significantly increased under Chu’s watch), Gene Koprowski of The Daily Caller
unleashed the most outrageous part of the House Oversight’s
investigation –– “Obama energy officials funded solar firms despite
‘junk bond’ ratings from S&P; and Fitch.”
Koprowski detailed the
Department of Energy’s (DOE) lack of caution in backing hundreds of
millions of dollars in loans for “tainted solar power projects.” Also
documented are “other dramatic abuses at the green energy firms,” the
most egregious being those firms which, received DOE funding, went
bankrupt, “but not before paying their executives bonuses.”


In fact, the report
released last month by the Committee on Oversight and Government Reform
(led by CA Representative, Darrell Issa) “painted a startling picture
of mismanagement at the Department of Energy.” The most damaging is that
of the 27 loan guarantees under the 1705 program, of which the DOE
doled out in excess of $16 billion, “23 of the loans were rated “Junk
grade” due to their poor credit quality, while the other four were rated
BBB, which is at the lowest end of the ‘investment’ grade of
categories.”
According to Issa’s Team, the DOE’s 1705 loan portfolio
overall average was BB-.” Now, I’m no financial guru, but I wouldn’t
want that grade on my report card.


So why did the DOE back so many high-risk investments, particularly at a time when we are drowning in tsunami of debt?


In a gripping line of questioning,
Ohio Representative Jim Jordan confronted this issue head on during
that same hearing where he pressed Secretary Chu on nine of the firms
that received loans, revealing their political connections. Chu
countered that the loans were based on merit.
Yet Jordan was perplexed,
“so if you weren’t helping your buddies, and you were basing your
decisions on the merits of the loan, how do you explain the fact that 23
of 27 recipients of the loan guarantees were rated as junk status
investments?” Jordan concluded, “If it wasn’t your political buddies, it
had to be incompetence.”


Finally, the probe into the DOE and how they “pick winners and
losers” for “green ventures” has gone in the right direction, however,
Congressman Jordan overlooked the fact that it’s not just nine –– it’s the majority of the 27 projects recorded by Issa’s Team.


Political buddies indeed –– 21 energy firms are behind the 27
projects found in the House Oversight investigation, and 18 of them are
politically connected to President Obama (15 alone) and the Democratic
Party, that’s over 85%! 13 were bundlers, donors, and supporters for Obama’s 2008 campaign, and two are members of the president’s Job Council, while three are allied to Senator Harry Reid –– all with ample other Democrat links in the mix.



Nevertheless, before Congress caught on, Peter Schweizer’s New York Times bestseller, Throw Them All Out –– released last November and featured on 60 Minutes, exposing the “permanent political class” and the insidious practice of “Congressional insider trading” perpetrated from both sides of the political isle –– devotes an entire chapter to alternative-energy,
“Spreading the Wealth… to Billionaires!” [But these are Obama's Billionaires!]Whereas, others players in
this clean-energy scheme are uncovered by Schweizer, this chapter digs
into a few of the major DOE programs operating under the stimulus,
including the tens of billions of dollars that was dished out through
the 1705 Loan Guarantee Program.


That’s right –– millionaires and billionaires got their fare share
of green funds!
Interesting enough, Schweizer’s book divulged over half
of the energy firms listed in the Houses Oversight’s investigation, and
what’s astounding is that once again, the majority, 80%
of the DOE loans, grants and special tax credits, reviewed by
Schweizer, “went to companies with Obama-campaign connections or large
donors to the Democratic Party,” and that was as of September 2011!


As the president doubles down on clean energy –– all the way from his 2012 State of the Union address, to his2013 budget, and off to “algae pushing” –– many of the “green lottery winners” are bundling and campaigning for Obama again, including Secretary Chu, albeit with Hatch Act restrictions. And you can bet your bottom dollar that these large donors are banking on President Obama’s 2012 reelection victory, counting on more government subsidies.



Within the pages
of the House Oversight report, are disturbing charges –– backed up with
corroboration –– that range from poor to disastrous management, to bias
and favoritism, as well as wasteful spending, in some cases a series of
DOE violations, and how the DOE touted “misleading job creation
statistics.”


Even so, the DOE has come under fire by other federal watchdog
agencies, especially since their loan programs have significantly
expanded under the American Recovery and Reinvestment Act of 2009, which
was meant to stimulate the economy and create jobs. But now it has
become clear that it’s stimulating the pockets and securing jobs for those that have significant ties to the Democratic Party and the White House –– “green cronies.”



Political buddies indeed –– 21 energy firms are behind the 27
projects found in the House Oversight investigation, and 18 of them are
politically connected to President Obama (15 alone) and the Democratic
Party, that’s over 85%! 13 were bundlers, donors, and supporters for Obama’s 2008 campaign, and two are members of the president’s Job Council, while three are allied to Senator Harry Reid –– all with ample other Democrat links in the mix.



Nevertheless, before Congress caught on, Peter Schweizer’s New York Times bestseller, Throw Them All Out –– released last November and featured on 60 Minutes, exposing the “permanent political class” and the insidious practice of “Congressional insider trading” perpetrated from both sides of the political isle –– devotes an entire chapter to alternative-energy,
“Spreading the Wealth… to Billionaires!” Whereas, others players in
this clean-energy scheme are uncovered by Schweizer, this chapter digs
into a few of the major DOE programs operating under the stimulus,
including the tens of billions of dollars that was dished out through
the 1705 Loan Guarantee Program.


That’s right –– millionaires and billionaires got their fare share
of green funds! Interesting enough, Schweizer’s book divulged over half
of the energy firms listed in the Houses Oversight’s investigation, and
what’s astounding is that once again, the majority, 80%
of the DOE loans, grants and special tax credits, reviewed by
Schweizer, “went to companies with Obama-campaign connections or large
donors to the Democratic Party,” and that was as of September 2011!

. . . .

The
entire story is available at the link at the top of the page. Why was
this not on the headlines of every newspaper in America and the lead
story on every TV news network show? I can guarantee you if this
happened during the Bush administration the press would be all over it.

Add a comment above

Top Opinion

Sort By
  • Most Raves
  • Least Raves
  • Oldest
  • Newest
Opinions

  • Cognito22 2012/06/13 04:13:13
    Massive fraud and corruption -- heads should roll!
    Cognito22
    +1
    What's worse than crony capitalism is crony capitalism with taxpayer money.
  • texasred 2012/06/07 16:22:52
    Massive fraud and corruption -- heads should roll!
    texasred
    +1
    I think we all know there has been corruption in our government for years. But this administration has made an art of it.
  • Cognito22 texasred 2012/06/13 04:17:05
    Cognito22
    +2
    DC is doing it Chicago style now.
  • texasred Cognito22 2012/06/13 22:38:44
  • goatman112003 2012/05/25 03:05:22
    All of the above
    goatman112003
    +2
    All of this crap was for political gain and governmental control and nothing to do with exceptional work. This is pure cronyism at its worst.
  • No nonsense NanC...don't BS... 2012/05/24 15:15:11
    This from the "most transparent" administration in history? Transparently co...
    No nonsense NanC...don't BS me!
    +1
    Instead of the usual "trickle down" philosophy which provides funds to the middle
    class, 0bama's chrony capitalism has produced "gushers which spread our
    taxpayer funds up" to

    "millionaires and billionaires..... 80% of the DOE loans, grants and special tax credits, reviewed by Schweizer, “went to companies with Obama-campaign connections or large
    donors to the Democratic Party,” And these funds didn't produce jobs, but instead
    after receiving $billions in government gauranteed loans, the companies went banckrupt and produced no jobs at all.

    How stupid the 99% are to think that the 1% they protest against aren't benefactors
    of 0bama's cronyism!
  • prayer ... No nons... 2012/05/24 19:06:45 (edited)
    prayer warrior
    Well are you aware that most big companies spread the money on both sides of the political postion
  • No nons... prayer ... 2012/05/24 19:12:05
    No nonsense NanC...don't BS me!
    +3
    There has never been such blatant crony capitalism as has been practiced
    by 0bama. No wonder he predicted he would have a $billion campaign
    war chest. He put too much faith in his ability to buy votes with rewards and
    punish those who donated to others. Nixon was known for his enemies list,
    but he was am amateur compaired to 0bama and Axelrod.............the Chicago
    dirty tricks guys.

    nixon enemies list
  • TrudyGirl No nons... 2012/05/26 23:43:59
    TrudyGirl
    OMG do you even slightly remember the Bush Boys oil buddies? Not only do their buds rip the American public but we give the all kinds of breaks and bonuses for doing so..STILL today. Talk to me when you don't live in a house with glass walls..they are not good for people like you to throw stones.
  • Ken TrudyGirl 2012/05/26 23:49:03 (edited)
    Ken
    +1
    Would you care to give us some facts? This is a factual story about a $16 billion boondoggle where 85% of the money went to failed or failing "green energy" companies, the owners of which are all big-time Obama supporters.

    Give us some FACTS, if you have them, about all of the "breaks and bonuses" given by Bush to his "oil buddies." I personally don't recall anything on the order of a $16 billion payback to donors using taxpayers' money, do you?
  • TrudyGirl Ken 2012/05/27 16:08:42
    TrudyGirl
    I have copied facts and put them on this site many times. They are ignored, called lies, etc etc..I am tired of wasting my time on cut and paste for you people because you don't have the ability to read and understand what you are reading. I no longer allow myself to be baited by your foolishness. Look it up yourself. That is what my parents and teachers always taught me was the way to learn; not from other people GIVING you the answers.
  • Ken TrudyGirl 2012/05/27 21:34:10
    Ken
    +1
    You have done no such thing, not on this blog. You come in here and try to justify Obama's corruption by saying "Bush did it too!" and you can't even come up with a single instance that is any where near being comparable to Obama's blatant payback to his supporters with $16 billion of taxpayers' money.

    Speaking of "baiting", you are the one doing the baiting with claims you can't support.
  • No nons... TrudyGirl 2012/05/27 02:54:55
    No nonsense NanC...don't BS me!
    +2
    WTF of whar are you talking? Crony capitalism is bad no matter who is doing
    it, and the taxpayers have given billions to 0bama's donors. Start with
    the half billion to Solyndra and the guranteee that the share owners would
    be paid instead of the taxpayers when the company when bankrupt!
  • Ken No nons... 2012/05/24 22:26:59
    Ken
    +3
    Even when Solyndra went bankrupt, losing the taxpayers' money, Obama's DOE cut a deal with his Solyndra supporters, subordinating the DOE loans to Obama's investors' investments -- meaning they got whatever was left after the bankruptcy and the taxpayers got "screwed"! That never happens in business, no lender would ever subordinate their interests to the interests of the investors who are borrowing from them!
  • No nons... Ken 2012/05/25 02:13:31
    No nonsense NanC...don't BS me!
    +2
    I knew that...........once again taking care of his donors. Was that even legal?
  • Ken No nons... 2012/05/25 02:45:59
    Ken
    +1
    It is legal in a civil contract for one party to subordinate certain rights to another, but there is always some consideration for the party giving up its rights to do so. In the instance of the DOE subordinating the U.S. taxpayers' rights to the Solyndra investors so they could recover more of their investment, I'm aware of no such consideration.
  • No nons... Ken 2012/05/25 19:08:08
    No nonsense NanC...don't BS me!
    +2
    The voters can only protest in the voting booth, and by the sounds of
    some of 0bama's whoppers being applauded on the campaign trail, there are still too many uninformed voters!

    God help us!
  • Ken No nons... 2012/05/25 22:35:17
    Ken
    +2
    When over 40% of Americans still view the SOB favorably you know there's a lot wrong with our education system - it turns out too many ignoramuses!
  • ordman 2012/05/24 13:21:11
    Massive fraud and corruption -- heads should roll!
    ordman
    +2
    Green Corruption: 80% of $16 Billion in Department of Energy "Junk Loans" Went to Obama Bundlers and Donors.

    Hum puts that whole “Are you in” Obama reelection campaign slogan in a whole new light doesn't. Or should I say more transparent.
  • Jackie G - Poker Playing Pa... 2012/05/24 12:56:42
    This from the "most transparent" administration in history? Transparently co...
    Jackie G - Poker Playing Patriot
    +1
    Good post Ken - Obama administration makes Nixon look like George Washington -- this bunch must go
  • Ken Jackie ... 2012/05/24 22:30:18
    Ken
    +1
    Thanks. I can't recall an administration and president in my lifetime that was so blatant about its corruption -- but Obama feels he can get away with it because the media will protect him, and he's right! The newspapers and TV didn't bother to mention the fact that 43 Catholic entities had filed lawsuits in 12 federal district courts against Obama over Obamacare and his mandate that they provide contraception -- 26% of our population is Catholic and you would think that was pretty big news!
  • Jackie ... Ken 2012/05/25 14:10:27
    Jackie G - Poker Playing Patriot
    +1
    Yes, and a good start. I am hopeful that more will file suits on this administration - they are so very corrupt.
  • rknothead 2012/05/24 12:51:11
    Massive fraud and corruption -- heads should roll!
    rknothead
    +1
    yes, heads should role, and we should start at the top in Nov.
  • Bearish~PWCM~ 2012/05/24 10:43:25
    Massive fraud and corruption -- heads should roll!
    Bearish~PWCM~
    +1
    rotting fish

    Something stinks, OH yes we are talking about the most corrupt admin in History..
  • Radlad 2012/05/24 10:28:08
    Massive fraud and corruption -- heads should roll!
    Radlad
    +2
    Gee whiz like this is a big -u-k-in' surprise. I believe the first head to be rolled is obama's.....
  • USAF Vet 2012/05/24 07:47:54
    All of the above
    USAF Vet
    +1
    Tree-hugging green libs continue with the phony mantra 'conservatives want to poison our water and contaminate our air’ – what nonsense! Oh sure, I yearn for poison water and lousy air, give me a break. Green this, green that, green, green green!! Arrrgghhh!!! ther, I got that off my chest.
  • TheTruth1313 2012/05/24 07:33:13 (edited)
    Massive fraud and corruption -- heads should roll!
    TheTruth1313
    +1
    Yet more Obama SOP. Corrupt as corrupt can be.
  • mrdog 2012/05/24 07:22:53
    Massive fraud and corruption -- heads should roll!
    mrdog
    +1
    Stuff happens...bark
  • redhorse29 2012/05/24 06:23:37
    This from the "most transparent" administration in history? Transparently co...
    redhorse29
    +1
    Lord Barry owes the green energy people because they energetically supported is election and share his liberal progressive elitist beliefs. Barry can give them tax payer money with no expectation of success or accountability because there is no one to hold responsible or accountable in his administration.
  • Ken redhorse29 2012/05/24 22:32:13
    Ken
    And his EPA is pushing as much of the Cap & Trade bill through as it can, administratively, even though it failed to pass a Democrat-controlled senate! How is that for responding to the will of the people?
  • AL 2012/05/24 06:12:41
    Massive fraud and corruption -- heads should roll!
    AL
    +1
    Why am I not surprised?
  • sglmom 2012/05/24 04:56:05
    All of the above
    sglmom
    +3
    We must first realize ..
    that Holder is in DoJ for a reason ..
    to sweep 'under the rug' .. the criminal corruption (cabal) indeed ..
    nothing to see here .. just ignore the 'activity' ..
    so what if it is in the open ..
    who cares ..

    (ANY and ALL who participate and refuse to act upon the evidence right in front .. who refuse to prosecute .. should be treated as an ACCESSORY and part and parcel of the criminal cabal .. )
  • apachehellfire65 2012/05/24 04:52:47
    Massive fraud and corruption -- heads should roll!
    apachehellfire65
    +5
    they where not loans! call them what they where! bribes and payoffs!
  • AL apacheh... 2012/05/24 06:16:55 (edited)
    AL
    +2
    How about illegal kick backs as well! You give me billions in wasted tax payer funds- on green energy Scams-And I'll give you millions to run for office later! What a sweet tax payer kick back scam that is!
  • marcuss LIBERALS ARE TRAITORS 2012/05/24 03:19:58
    Massive fraud and corruption -- heads should roll!
    marcuss LIBERALS ARE TRAITORS
    +4
    Just ANOTHER SCAM perpetrated by the Socialist/Marxist/Communist that the LWNJs worship as their evil god.
  • Kane Fernau 2012/05/24 02:55:17
    Massive fraud and corruption -- heads should roll!
    Kane Fernau
    +6
    The Obama regime is a criminal organization
  • Ken 2012/05/24 02:42:37
    All of the above
    Ken
    +5
    This is a sickening story, quite literally, and what is worse is that we heard not a peep from the major TV "talking heads", and read not a line in our local newspapers of what should be a front page story in every city in America. How is it that a $16 Billion "Payback" to Obama's bundlers and donors, using taxpayers' money, is so easily overlooked by our corrupted press?
  • UGH...L... Ken 2012/05/24 04:11:56
    UGH...LIBS ~ PWCM ~ JLA ~
    +3
    You said the right word: CORRUPTED.

See Votes by State

The map above displays the winning answer by region.

News & Politics

2014/10/21 20:04:55

Hot Questions on SodaHead
More Hot Questions

More Community More Originals