About Us tem vaca na moita tem vaca na moita Of All Categories Academics, Arts, Autos, World & Business, World News, Business & Finances, Consulting, Entrepreneurship, Politics, Career & Jobs, Computers, Education & Training, Entertainment, Celebrities, Movies, Music Television, Food & Drink, Games, Gaming News, Nintendo Wii,PC Games, PlayStation Xbox 360, Health & Fitness, Home & Garden, Humor, Law & Legal, Lifestyle, Fashion, Marketing, SEO, Mobile, Personal, Parenting, Relationships, Pets, Photos, Real Estate, Recreation & Sport, Religion, Science, Shopping, Sports, Baseball, Basketball, Extreme, Football, Golf, Hockey, Motorsport, Soccer, Tennis, Technology, Tech News, Apple, Blogging, Design, Gadgets, Hardware, Internet, Linux/Unix, Microsoft, Programming, Security, Software, Web 2.0, Wireless, Web Hosting, Travel, Video Blogs, Writing, Wallpaper.

Sunday, November 13, 2011

Schweizer's New Book: 80% of Energy Department's "Green Loan" Program Went to Obama's Backers

Peter Schweizer's new book has received attention from across the political spectrum, including law enforcement. Even 60 Minutes reportedly leveraged the book to shine a spotlight on Nancy Pelosi's insider trades.

When President-elect Obama came to Washington in late 2008, he was outspoken about the need for an economic stimulus to revive a struggling economy... After he was sworn in as president, he proclaimed that taxpayer money would assuredly not be doled out to political friends...

...But an examination of grants and guaranteed loans offered by just one stimulus program run by the Department of Energy, for alternative-energy projects, is stunning. The so-called 1705 Loan Guarantee Program and the 1603 Grant Program channeled billions of dollars to all sorts of energy companies...

...In the 1705 government-backed-loan program [alone], for example, $16.4 billion of the $20.5 billion in loans granted as of Sept. 15 went to companies either run by or primarily owned by Obama financial backers—individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party. The grant and guaranteed-loan recipients were early backers of Obama before he ran for president, people who continued to give to his campaigns and exclusively to the Democratic Party in the years leading up to 2008. Their political largesse is probably the best investment they ever made in alternative energy. It brought them returns many times over.

...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. It also noted that officials “did not always record the results of analysis” of these applications. A loan program for electric cars, for example, “lacks performance measures.” No notes were kept during the review process, so it is difficult to determine how loan decisions were made. The GAO further declared that the Department of Energy “had treated applicants inconsistently in the application review process, favoring some applicants and disadvantaging others.” The Department of Energy’s inspector general, Gregory Friedman, ... has testified that contracts have been steered to “friends and family.”

...These programs might be the greatest—and most expensive—example of crony capitalism in American history. Tens of billions of dollars went to firms controlled or owned by fundraisers, bundlers, and political allies, many of whom—surprise!—are now raising money for Obama again...

The ludicrous Jonathan Alter hardest hit.


No comments:

Post a Comment

Search This Blog

Loading...
Preview on Feedage: tem-vaca-na-moita Add to My Yahoo! Add to Google! Add to AOL! Add to MSN
Subscribe in NewsGator Online Add to Netvibes Subscribe in Pakeflakes Subscribe in Bloglines Add to Alesti RSS Reader
Add to Feedage.com Groups Add to Windows Live iPing-it Add to Feedage RSS Alerts Add To Fwicki
Add to Spoken to You
Entertainment Powered by Mysiterank Dr.5z5 Open Feed Directory Feedage Grade B rated

Blog Archive