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