I truly hope green sustainable energy becomes viable without depending on government subsidies which only lead to politicians lining their pockets.
Everyone who pays any attention to the news knows the name Solyndra. It has become synonymous with the overall failed green energy program administered by the Obama team. Politicos know there are many other companies that have received loan guarantees for various green energy projects that have since become a source of ridicule for the White House. Some might even be able to name a few. There is the now-bankrupt company that made batteries for electric cars: Ener1. The plug-in electric sports car company, Fisker, that made its cars in Finland and hastroubles too numerous to cite. And, of course, we know about the Chevy Volt—that our taxpayer dollars bailed out only to have demand so low that Chevrolet had topull the plug on the production line and lay off workers for five weeks earlier this year. But few know the full story.
Connecting the dots will make your head hurt. There are various programs and special tax breaks and different kinds of companies that received green energy loans: solar, wind, and geothermal; and car companies, battery manufacturers, and biofuel producers. While the projects differ, they have several startling similarities. The vast majority of the green energy loan guarantees were given to companies that could not obtain enough financial backing from private investors. Their “junk” or “speculative” grade kept people from putting their own money into them —yet your money and mine was given to them, and we had no say in the matter. Of the 27 loans issued through the 1705 Loan Guarantee Program to 21 firms, virtually all of them have “connections” to either President Obama or other high-ranking Democrats—or both! The loans were made to fill a market created not by free-market demand, but by government mandates. And, all of the “special seven” got fast-tracked approvals through the Department of Interior with little scrutiny over environmental damages that would have taken any other energy company months, if not years, to get, and EPA regulations were applied selectively.
Many of the companies that received the funds had involvement with large donors and/or bundlers for the Obama campaign, and there is an amazing revolving door through which the players pass many times. They worked, for example, for Senator Harry Reid. Then they are on the staff of an investment firm that invested in one, or more, of the companies. Next you find he or she is on some White House commission—or worse, became part of the Obama Department of Energy team. Some 460 companies applied for DOE loans, but only 27 projects, 21 companies, got the funds. And 85% of these have been found to have “connections.” The remaining 15% may well have connections too, albeit more guarded or hidden.
These are not wild assertions. I have the data to back them up.
Following the publication of my column a couple of weeks ago on crony capitalism, I was connected with Christine Lakatos. She’s a private citizen and a single mom with a nose for research. Beginning in 2009, she was hired to work on investigative projects, following the green energy money. But when those projects were completed, she didn’t stop digging. She kept finding more and more. With no outlet for her work, she started a blog where she “brain dumps” her findings—which for a total unknown has received an impressive number of readers. For anyone but the most stalwart, her Green Corruption Blog is like getting a drink of water from a fire hydrant.
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