Category Archives: Financial

More Obama Green Nepotism.

It looks like more greenbacks provided by taxpayer’s hard work have flown into a company named Brightsource, conveniently owned by  Robert Kennedy Jr. and conveniently granted $1.4 billion of your tax dollars by an ex-employee who’s now conveniently a Department of Energy big cheese.

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.

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.

It’s amazing how those DOE handed-out taxpayer dollars seem to go to good buddies of Obama isn’t it? Oh well, nothing to see here, move on please. Just another $1.4 billion that will probably go down the tubes never to be seen again ala Solyndra, AKA: More CO2 Insanity.

Source: Big Government

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Filed under Climate Alarmism, Climate Change, Climate Disruption, Climategate, CO2, Co2 Insanity, DEPARTMENT OF ENERGY, DOE, Energy, Financial, Global Warming, Government, Green Energy, Green Tech, Politics, Solyndra

James Hansen Paid by Green Group

Well, well, isn’t it funny how everyone who doesn’t believe in global warming and who doesn’t genuflect at the sight of Al Gore is accused by the warmers of being paid off by the oil companies or the Koch brothers?

Put the shoe on the other foot and find out global warming’s ‘hot’ scientist Dr. James Hansen is being paid by a green group and we see nothing hitting the fan in the MSM at all. Nothing here to see folks, move on now. If the warmers do it it’s perfectly OK. So, what happened?

So on Friday the Obama administration stopped fighting a Freedom of Information Act (FOIA) request and released documents showing that Hansen was paid $250 an hour by a Canadian law firm for testimony against developing Alberta’s oil sands; income which Hansen does not appear to have disclosed.

$250 an hour? Not bad, we wonder if he got meals, hotel and transportation, too? We also wonder why he didn’t report it as required by law? So who was Hansen testifying for?

A January 20, 2009, document shows that the Canadian law firm Ackroyd LLP retained Hansen to prepare a report “regarding the anticipated greenhouse gas emissions from the Joslyn Oil Sand Mine.”

Ackroyd represents the Oil Sand Environmental Coalition (OSEC), a group fighting to stop oil sand development.Federal government employees are not allowed to accept money for expert testimony in proceedings before a court or agency of the United States. (This took place in Canada FYI).

And what about those reporting requirements? Reporting? Evidently Hansen must have a special exclusion for warmers or something.

It is still unclear how much money Hansen received from Ackroyd, however, since his 2010 financial disclosure form did not list them as a source of income. Neither does his 2009 form. There is also no record of his disclosing any travel expenses related to his 2010 oil sands testimony in Canada.

Of course, we also don’t see any rush from anybody at NASA, GISS, the Justice Department, the State Department or any other department to investigate and if need be prosecute. You probably won’t see anything in the warmer MSM either. Hypocrites!

Source: The Washington Examiner

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Filed under Climate Alarmism, Climate Change, Climate Disruption, Climategate, CO2, Co2 Insanity, Financial, Global Warming, Government, NASA

Another Solar Fail

Solargenix Energy - Formerly Duke Solar Energy - The Natural Power For Good

Here’s another example of how government cronyism causes tax-payers to lose money on solar power scams. From Chicago, the home of government corruption we get this new fail. This time, for a change, it’s solar hot water heating systems made by a company called Solargenix Energy LLC.

In March 2004, then-Mayor Richard M. Daley announced a deal that promised to save taxpayer money, reduce natural gas consumption and bring “green” jobs to Chicago.

But taxpayers might see red when they learn how the deal turned out. More than seven years later, the initiative has been quietly suspended amid problems with some of the equipment — and acknowledgements by city officials that taxpayers will probably lose money on the deal and never realize the energy savings that Daley touted, the Better Government Association has learned.

So where’s the cronyism? Right here.

In the end, the BGA found that one of the few beneficiaries of the deal appears to be a businessman with close ties to Daley: United Service Cos. President and CEO Rick Simon, the former chairman of the Chicago Convention & Tourism Bureau and a South Loop neighbor of the ex-mayor.

Seems those solar panels didn’t work properly and now that they’re fixed, the cost to install them exceeds the cost of continuing to use natural gas to heat the water. Regardless of what type of solar it’s a theme that we seem to see more of such as the boondoggle solar installation in Yosemite, which may never really pay off financially.

We’ve seen government cronyism involved with Evergreen, Solyndra, Sun Power, Tonopah Star and now in Chicago. We wonder how many billions will be wasted before someone finally gets a clue that solar has a long way to go and that the government should keep their nose out of it.

If it’s so effing great, the free-market will invest! If it sucks, they won’t. A pure and simple way to save the tax-payers billions of dollars better spent elsewhere and possibly some day get solar that actually works and is cost efficient.

Source: Chicago Sun Times

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Solargate: Let the excuses begin!

$527 Million Tax Dollars Down the Tubes?

We have barely heard that the Solyndra executives testifying before Congress will invoke the 5th Amendment and we already have propaganda being put forth by Solyndra.

In announcing that Solyndra executives would invoke their Fifth Amendment rights when they appear before Congress this week, a spokesman for the bankrupt solar energy company laid the blame for its demise at the feet of the same Department of Energy that invested $527 million into the failed enterprise.

Sure folks, the same agency that gave Solyndra $527 million when they probably shouldn’t have are now the same agency who pulled in their horns when asked to guarantee more investors and caused Solyndra to shut down and file for Chapter 11 bankruptcy. Come on now, you can’t have it both ways!

Lets hear what Representative Henry Waxman (D-CA) has to say about Solyndra.

I’m particularly concerned because the CEO of Solyndra met with me in July and said they were doing very well economically, they were going to double their revenues. Then a month later they declared bankruptcy. That makes me wonder what kind of misrepresentation they might have made to the administration.”

Misrepresentation sounds too nice to me, but I guess Representative Waxman wants to investigate more to see if he should be using the term fraud or not.

It will be interesting to see if anything turns up at the hearing besides I’ll take the 5th Amendment for $527 million Alex.

Yes more CO2 Insanity, something that seems to almost be akin to perpetual BS motion.

Source: New York Times 

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Solargate: Solyndra execs will take the 5th Amendment

$535 Million Tax Dollars Down the Tubes?

In a what doesn’t surprise me in the least move, Solyndra executives have announced they will be taking their 5th Amendment right when testifying before Congress this week. For those unaware, below is the 5th Amendment to the Constitution of the United States of America.

No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offense to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

While I’m not one of their attorneys, I’d suspicion the part highlighted above is what they’re referring to. This could mean that they have done something illegal and won’t be ratting on themselves before Congress, or perhaps they could be using this to cover for others involved with Solyndra, or both. In either event I find it very reminiscent of testimony by alleged Mafia members during Congressional hearings in the 1950’s and 1960’s.

I’d say you can rule out Attorney General Eric Holder doing anything about this because it certainly appears that, based upon e-mails made public, that Solargate at the very least will lead to some Obama Administration officials and potentially it could even lead to President Obama.

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Solargate: Solyndra Private Investors Get Paid Back Before Taxpayers

In addition to all the other problems surrounding Solyndra,  we now get even more stupidification, also known as the taxpayers get screwed again. According to Associated Press:

 The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors – including a fundraiser for President Barack Obama – moved ahead of taxpayers for repayment in case of a default, government records show.

Gee, talk about covering your buddies asses at the taxpayers expense, this is it. Why should the taxpayers take a back seat to Obama’s buddies? I also mention stupidification because of the next statement:

Administration officials defended the loan restructuring, saying that without an infusion of cash earlier this year, solar panel maker Solyndra Inc. would likely have faced immediate bankruptcy, putting more than 1,000 people out of work.

Now, please tell me who came up with this brilliant idea? The reality is that if Solyndra had been allowed to go bankrupt, like it should have to begin with, the taxpayers wouldn’t be stuck for $535 million dollars. Restructuring the loan to save a whopping 1,000 or so jobs for such a short time was braindead. It would have been much cheaper to use some common sense and let Solyndra fold.

Heads should roll, people should probably be jailed,  but we all know that probably won’t happen and if any do roll, it will most likely be some lower echelon government employee who becomes the sacrificial lamb.

You can read more of the Gore-y details by clicking on the source below.

Source: Associated Press

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Solargate: FBI executing search warrant at Solyndra

There is a new turn in the Solyndra debacle this morning. It is being reported by papers, radio and TV that the FBI is executing a search warrant at Solyndra and the Inspector General at the Department of Energy is also involved.

No word on what they’re looking for but I would suspicion it has to do with the $500+ million in loan guarantees provided by the government and Solyndra’s sudden closure last week, laying off about 1,000 employees without notice.

It makes me also wonder if there are any plans to do a search at Oklahoma billionaire George Kaiser’s place as he is the majority owner of Solyndra, who is reported to be a large fund-raiser for Obama in 2008 and who was possibly instrumental in getting Solyndra the loan guarantees.

Update 1: This now has me wondering what exactly is going on.  Is this a raid to get evidence for a possible prosecution? Or, is this a raid to remove evidence that may come back and haunt the Obama administration? The way things are going these days (Operation Gun Runner and Operation Fast & Furious), I certainly would not be surprised if this turned out to be some move by Attorney General Eric Holder to sanitize things for the President. Reelection is coming up you know.

More later as things develop.

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