Quantcast

Robert Kennedy, Jr.’s ‘Green’ Company Scored $1.4 Billion Taxpayer Bailout.Is this another "Green Energy" Obama Scandal?

Steverno~POTL~PWCM~JLA 2011/11/17 15:38:44
Yes,it sure is another Obama Administration Scandal !
Nope,I don't see any scandal here!
Other Thoughts!
You!
Add Photos & Videos

President John F. Kennedy’s nephew, Robert Kennedy, Jr., netted a $1.4 billion bailout for his company, BrightSource, through a loan guarantee issued by a former employee-turned Department of Energy official.

It’s just one more in a string of eye-opening revelations by investigative journalist and Breitbart editor Peter Schweizer in his explosive new book, Throw Them All Out.

The details of how BrightSource managed to land its ten-figure taxpayer bailout have yet to emerge fully. However, one clue might be found in the person of Sanjay Wagle.

Wagle was one of the principals in Kennedy’s firm who raised money for Barack Obama’s 2008 presidential campaign. When Obama won the White House, Wagle was installed at the Department of Energy (DOE), advising on energy grants.

From an objective vantage point, investing taxpayer monies in BrightSource was a risky proposition at the time. In 2010, BrightSource, whose largest shareholder is Kennedy’s VantagePoint Partners, was up to its eyes in $1.8 billion of debt obligations and had lost $71.6 million on its paltry $13.5 million of revenue.

Even before BrightSource rattled its tin cup in front of Obama’s DOE, the company made it known publicly that its survival hinged on successfully completing the Ivanpah Solar Electrical System, which would become the largest solar plant in the world, on federal lands in California.

In its Securities and Exchange Commission filings, BrightSource further underscored the risky nature of the Ivanpah venture and, more broadly, the company’s viability:

Our future success depends on our ability to construct Ivanpah, our first utility-scale solar thermal power project, in a cost-effective and timely manner… Our ability to complete Ivanpah and the planning, development and construction of all three phases are subject to significant risk and uncertainty.

Ironically, in 2008, Kennedy wrote a CNN article praising Obama as reminiscent of his famous father and uncle. The article, titled “Obama’s Energy Plan Would Create a Green Gold Rush,” proved prophetic. However, the “green gold rush” came in the form of $1.4 billion of taxpayers’ money flowing into the pet projects of rich venture capital investors like Kennedy, not average citizens.

What’s more, BrightSource touted the Ivanpah project as a green jobs creator. Yet as its own website reveals, the thermal solar plant will only create 1,400 jobs at its peak construction and 650 jobs annually thereafter. Even using the peak estimate of 1,400 jobs, that works out to a cost to taxpayers of $1 million per job created.

As Schweizer writes in Throw Them All Out, “A billion dollars in taxpayer money being sent to wealthy investors to bail them out of risky investments—does this sound familiar to anyone?”

From : Big government.com
By :
Wynton Hall

Another related article from the story's author.On how 80% of "Green Energy" loans went to top Obama Campaign donaters!
http://biggovernment.com/whall/2011/11/16/80-of-green-energy-...

Read More: http://biggovernment.com/whall/2011/11/16/robert-k...

Add a comment above

Top Opinion

  • Theresa 2011/11/17 16:37:57
    Yes,it sure is another Obama Administration Scandal !
    Theresa
    +9
    All these so called green job loans are political payback so the contributors can commit fraud and steal money from all of us!

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

  • Steve Johnson 2011/11/18 04:24:32
    Yes,it sure is another Obama Administration Scandal !
    Steve Johnson
    +1
    Obama greasing the palm of a supporter with green in the name of green. What else is new?

    Obama and Gore have turned this green energy nonsense into a racket.
  • AMERICAN.FREEDOM 2011/11/18 02:05:14
    Other Thoughts!
    AMERICAN.FREEDOM
    +2
    The Kennedys really need the $... bootleg booze don't pay like it used to.
  • ed 2011/11/18 01:07:04
    Yes,it sure is another Obama Administration Scandal !
    ed
    +1
    of course it's a bailout obama has to try and save some green companies just to save face and save them by bailing them out and look at the one that is getting bailed out that should say something.
  • 4dc 2011/11/17 23:57:23
    Yes,it sure is another Obama Administration Scandal !
    4dc
    +1
    business as usual
  • Soundstorm 2011/11/17 23:11:14
    Yes,it sure is another Obama Administration Scandal !
    Soundstorm
    +1
    Obama scandal, yes. But isn't it true that practically every policy of the Democratic machine has been geared towards funneling more taxpayer money towards them and their supporters over the last 60 years? And now we're all guarantors of their credit.
  • TheTailor 2011/11/17 22:48:39
    Yes,it sure is another Obama Administration Scandal !
    TheTailor
    +1
    There will be many many more.
  • DougR 2011/11/17 20:54:49
    Yes,it sure is another Obama Administration Scandal !
    DougR
  • Tuna 2011/11/17 20:35:32
    Other Thoughts!
    Tuna
    +4
    Hello OCCUPIERS; did you read this. Your fight against American capitalism needs to be a fight against CRONY capitalism; our free market has been hi-jacked by drunken Democrats; drunk with power.

    drunken sailor quit when out of
    %20money
  • Lanikai 2011/11/17 20:05:30
    Yes,it sure is another Obama Administration Scandal !
    Lanikai
    +3
    This is all about Payola for his supporters and donors.

    While we get screwed, he and his friends get richer and richer.
  • Tuna Lanikai 2011/11/17 20:37:00
    Tuna
    +2
    When the drunken sailors run out of money, they quit spending.
  • Lanikai Tuna 2011/11/17 20:40:58 (edited)
    Lanikai
    +2
    True that. Politicians don't quit til they spend EVERYONES money.
  • Tuna Lanikai 2011/11/17 20:44:57 (edited)
    Tuna
    +2
    Before Washington can spend one dollar they must first TAKE it from YOU. president reagan
  • kaZappoo 2011/11/17 19:56:53
    Yes,it sure is another Obama Administration Scandal !
    kaZappoo
    +2
    politics as usual /... bailouts /give aways ....
  • CMackley ~POTL~PWCM~JLA 2011/11/17 19:53:18
    Yes,it sure is another Obama Administration Scandal !
    CMackley ~POTL~PWCM~JLA
    +3
    How do you think Obama gets over a billion dollars in campaign donations when the majority of Americans can't stand him? Kick backs and money laundering.
  • Tuna CMackle... 2011/11/17 20:39:58
    Tuna
    +2
    I believe that whole campaign donation thing is rigged; each candidate gets $3 or $4 million for his/her trouble, in their own bank account, because no decent, intelligent, successful American would get into that filthy arena.
  • sglmom 2011/11/17 19:48:13
    Yes,it sure is another Obama Administration Scandal !
    sglmom
    +3
    Well .. what do you expect when the Grands gained their fortune by Rum Running and Gunrunning/Contraband Running during the Prohibition years ...
    So it just is part and parcel of the /family heritage/ to continue to make back door deals and profit from SHADY ... events ... connections ..
  • J Montana 2011/11/17 19:40:10
    Yes,it sure is another Obama Administration Scandal !
    J Montana
    +6
    I am not surprised!!
  • Tuna J Montana 2011/11/17 20:41:48
    Tuna
    +2
    SURPRISE

    SURPRISE !!!!!
  • Bronar 2011/11/17 19:39:36
    Other Thoughts!
    Bronar
    +3
    We pissed away $1.4 Billion on this one company, please tell me this isn't true, please!?!?!?
  • Stevern... Bronar 2011/11/17 19:59:35
    Steverno~POTL~PWCM~JLA
    +1
    That $1.4 B giveaway is just the tip of the iceberg.C/O the PDF with this link!
    http://biggovernment.com/whal...
  • Bronar Stevern... 2011/11/17 20:02:16
    Bronar
    +1
    I can't look. Hurts too much. I believe.
  • FordCrews 2011/11/17 19:28:24
    Yes,it sure is another Obama Administration Scandal !
    FordCrews
    +2
    At least it's only 1.5 billion, most of Obama's gifts to friends have been in the half a trillion dollar range, or resulted in the death of innocent Americans.
  • johnc 2011/11/17 19:15:43
    Yes,it sure is another Obama Administration Scandal !
    johnc
    +4
    Obie bundlers and donators expect and demand repayment, billions in tax dollars wasted get Obiie milliions in campaign funds.
  • Ozzyboy 2011/11/17 19:14:26
    Yes,it sure is another Obama Administration Scandal !
    Ozzyboy
    +3
    Kennedy = scandal. He can't help it. Genetics+ politics - what else would you get???
  • Cliff 2011/11/17 18:13:20
    Yes,it sure is another Obama Administration Scandal !
    Cliff
    +3
    Young Kennedy must have missed the part of his uncle's inaugural speech that said, "Ask not what your country can do for you". This is just another fine example of how reckless liberals are with taxpayers' money at a time when they should be very careful not to be wasteful.
  • Rapier 2011/11/17 17:56:30
    Yes,it sure is another Obama Administration Scandal !
    Rapier
    +4
    This needs National attention - another example of this MARXIST PIG using Tax dollars to line the pockets of his socialist friends...this MF needs to go.
  • Stevern... Rapier 2011/11/17 18:05:26
    Steverno~POTL~PWCM~JLA
    +2
    Yep...Along with this story too!
    http://biggovernment.com/whal...
  • keeper 2011/11/17 17:48:09
    Yes,it sure is another Obama Administration Scandal !
    keeper
    +5
    Time to break out the orange jump suits, and put them all behind bars...
  • Always Right 2011/11/17 17:17:30
    Yes,it sure is another Obama Administration Scandal !
    Always Right
    +5
    If there is a gold green energy rush, why does it need such large subsidies from the tax payers? Robert Kennedy, Jr. is just another whinny liberal. His dad and uncle would be ashamed of him. Ask not what your country can do for you, ask what you can do for your country.
  • Larson Whipsnade 2011/11/17 17:06:50
    Yes,it sure is another Obama Administration Scandal !
    Larson Whipsnade
    +4
    Green energy is a hoax, and a scam.
  • Apache 2011/11/17 16:59:14
  • Theresa 2011/11/17 16:37:57
    Yes,it sure is another Obama Administration Scandal !
    Theresa
    +9
    All these so called green job loans are political payback so the contributors can commit fraud and steal money from all of us!
  • Wahvlvke 2011/11/17 16:36:58
    Yes,it sure is another Obama Administration Scandal !
    Wahvlvke
    +5
    Having watched several interviews with this piece of human debris, I wouldn't lend him 1.4 cents. Guess uncle teddy's influence to garner graft and corruption extends beyond the grave.
  • Risk 2011/11/17 16:30:40
    Other Thoughts!
    Risk
    +5
    Do these crooked ass bastard politicians ever take the time to work for their constituents or just how to fill their pockets and get their lifetime pensions. I'm referring to all politicians not just the crooked bastards that are under the Chief in Liar !
  • Allbiz - PWCM - JLA 2011/11/17 16:15:40
    Yes,it sure is another Obama Administration Scandal !
    Allbiz - PWCM - JLA
    +7
    Why is everyone so skeptical about Obama just because all large loans and bailouts were provided to his or Joe Biden's friends and large donors?

    You should be ashamed for picking on such a helpful guy.
  • Stevern... Allbiz ... 2011/11/17 16:33:52 (edited)
    Steverno~POTL~PWCM~JLA
    +8
    Yep...Us Conservatives should be ashamed of ourselves.Because we dare question on how & why $16.4281 B of taxpayer's money.Ended-up going to Obama's and Joe Biden's friends and large donors!
    http://www.docstoc.com/docs/1...
  • Dale Allbiz ... 2011/11/17 18:22:17
    Dale
    +3
    He sez', hopefully, with tongue planted fimly in cheek.
  • Allbiz ... Dale 2011/11/17 18:42:48
    Allbiz - PWCM - JLA
    +4
    Of course.

    tongue in cheek
  • Red Branch 2011/11/17 16:10:59
    Yes,it sure is another Obama Administration Scandal !
    Red Branch
    +5
    Nothing else need saying.
  • jimrthy BN-0 2011/11/17 16:07:38
    Yes,it sure is another Obama Administration Scandal !
    jimrthy BN-0
    +4
    A billion here, a billion there...pretty soon you're talking about a lot of money.

See Votes by State

The map above displays the winning answer by region.

News & Politics

2014/11/27 10:37:51

Hot Questions on SodaHead
More Hot Questions

More Community More Originals