Wednesday, October 26, 2011

Obama's Corporate Cronyism Strikes Again!

President Obama with solar panels
Washington DC. Oct 26, 2011. The Energy Department announced Wednesday that is has finalized a $737 million loan guarantee for a solar project in Harry Reid's Nevada.

The decision comes several weeks after a California-based solar manufacturer that received a $535 million loan guarantee from the Obama administration in 2009 filed for bankruptcy and laid off 1,100 workers, setting off a firestorm in Washington.

The $737 million loan guarantee will help finance construction of the Crescent Dunes Solar Energy Project, a 110-megawatt solar-power-generating facility in Nye County, Nev. The project is sponsored by Tonopah Solar, a subsidiary of California-based SolarReserve.

Crescent Dunes is the latest solar project to receive a loan guarantee from the Energy Department in recent weeks. The department announced a $1.2 billion loan guarantee to Abengoa Solar for a solar generation project in California and a $150 million loan guarantee to 1366 Technologies for a Massachusetts solar manufacturing project earlier this month. The Energy Department says the project will result in 600 construction jobs and 45 permanent jobs. That's costing us just $16 million per job. 

Any "jobs bill" that creates jobs that cost the government $16 million per job isn't a jobs bill at all. It's a sweetheart deal sponsored by the taxpayers to reward the President's corporate donors, friends or special interests.

The Pelosi family cashes in on your generosity
But few people know the connection between this massive taxpayer funded giveaway and Nancy Pelosi's brother in law.

One of the investment partners in this endeavor is Pacific Corporate Group (PCG).The PCG executive director is Ron Pelosi who is the brother to Nancy's husband. 

And don't let anyone kid you and tell you these are "loans" and not gifts.  Because when these shady projects go belly up the government never gets our money back. Just like what happened in the Solyndra case, in which our $535 million disappeared into thin air.

This is just more Obama style corporate cronyism.

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