$1.4 Billion Bailout Payoff in Kennedy Green Energy Swindle
from Moonbattery – 11/17/2011
There’s something magic about that Kennedy name. The magic is that the other leftist pigs looting our country into oblivion are sure to give a Kennedy a special place at the trough:
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.
As always with massive green energy fraud, the crime boils down to money laundering by Obama to pay off campaign donors.
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.
Actually, the proposition wasn’t risky at all, considering that under crony socialism, the market no longer determines winners and losers — corrupt bureaucrats like Obama do.
No doubt we’ll hear from the “mainstream” media that the Community Organizer in Chief is creating green jobs.
BrightSource touted the Ivanpah project [a massive solar farm planned for federal land on California] as a green jobs creator. Yet as its own website reveals, the thermal solar plant will only create 1,400 jobs at its peak construction and 650 jobs annually thereafter. Even using the peak estimate of 1,400 jobs, that works out to a cost to taxpayers of $1 million per job created.
As Peter Schweizer writes in Throw Them All Out:
“A billion dollars in taxpayer money being sent to wealthy investors to bail them out of risky investments — does this sound familiar to anyone?”
That’s how business is done, now that America has been fundamentally transformed.