Posted on 12/27/2011 9:06:30 AM PST by jazusamo
Federal funds skew business investment during Obama term
Disturbing revelations continue to emerge about how more than half a billion dollars of taxpayer dollars were shoveled into the Solyndra solar-panel boondoggle. It is becoming increasingly clear that the only “green” involved in this scandal is money.
There is no compelling reason to empower the government to use public funds to engage in risky investments. There also is no reason to believe that government bureaucrats - especially political appointees, not usually known for their business acumen or technical expertise - are smart enough to pick winners in competitive business sectors. Energy Secretary Steven Chu has proved that receiving a Nobel Prize in physics doesn’t make one qualified to make key judgments about which companies can survive in a complex emerging market. The real experts were lined up against Solyndra. They knew the company was a failure waiting to happen, and they were right.
What the experts didn’t know was that the deck already was stacked. The reason Solyndra was given shockingly preferential treatment was not because of its promise as a profitable business venture but because of its insider connections to President Obama and his administration.
This was not the story the public was told originally. The Obama administration defended its actions based on an ideological attachment to “green energy,” a liberal faith bordering on mania. The administration pleaded not guilty by reason of sincerity; the environmental cause...
(Excerpt) Read more at washingtontimes.com ...
Ping!
That’s why I would like to see a breakdown of where every dollar went. I doubt it all went to Solyndra.
I completely agree. I believe Obama and his thugs ripped off a lot of cash for paying off supporters.
Steffy: ‘After Solyndra, the solar boondoggles continue’
http://fuelfix.com/blog/2011/10/11/steffy-after-solyndra-the-solar-boondoggles-continue/
“That’s why I would like to see a breakdown of where every dollar went. I doubt it all went to Solyndra.”
It will probably be hard to spot from a cursory look at the books. You have to go through every receipt, most of which have been carefully “lost” by the FBI. Unless you do that you won’t spot the fraud. For example, the officers of a company I worked for called Elcotel siphoned money off by having the President’s brother in law who owned a tile business tile the bathrooms in the production area with Italian marble. They were fit for a palace and I’m sure the profit was excessive and there was doubtless some graft payback. For Solyndra throw in corporate jets, high living, a few accounting firms; all of which are “legitimate” expenses. The taxpayers have been had. We’ll have to suck it up and eat hotdogs to make up the losses.
Thanks for the link.
The government throwing hundreds of millions and billions at these companies promising renewable energy is a huge rip off of tax dollars.
Some of these companies may be legit but many are in the con business as has already been shown. When people running the companies or people that are large stock holders are supporting Obama and other crooked Dems get tax dollars for those companies it stinks to high heaven and it’s done blatantly.
The corruption of this administration is unsurpassed, IMHO.
It’s not just green energy that that is getting this special treatment. It’s coal, too, coal and railroads, particularly those belonging to Warren Buffet.
Patty Murray has written a bill to fund the coal terminal to ship the PRB Coal to China and Maria Cantwell has smoothed the way for the construction of the receiving terminal to be built in China.
It’s wind energy too. Check out the Shepherd’s Flat Wind Farm in Oregon, that was built with tax dollars by GE for California.
The subsidies, both state and federal, that have and are being paid out with tax dollars for wind energy is a national disgrace, without them the industry would completely fold up and that's exactly what should happen.
WA State tax payers also got stuck with the cost of the new power transmission lines to send the wind energy to California.
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