Obama Corrupt With YOUR Money: 80% Of DOE Boondoggle Loans Went To Obama Donors

This is what political corruption looks like:

Report: 80% of DOE Green Energy Loans Went to Obama Backers
Lachlan Markay
November 14, 2011 at 10:43 am

A new book by Hoover Institution fellow Peter Schweizer details the startling extent of the cronyism that has pervaded President Obama’s “green jobs” push. According to Schweizer, 4 out of every 5 renewable energy companies backed by the Energy Department was “run by or primarily owned by Obama financial backers.”

Those companies’ “political largesse is probably the best investment they ever made in alternative energy,” Schweizer explains. “It brought them returns many times over.”

Such is the inevitable consequence of large government interventions in private markets. Leaving aside the losses associated with transfers of funds from self-sustaining industries to ones that rely on government support, such interventions also encourage unproductive business activities by making “subsidy suckling” far more profitable than run-of-the-mill business expansions or product improvements.

Doug Ross spotted the relevant excerpt of Schweizer’s book (h/t Ben Domenech’s Transom):

When President-elect Obama came to Washington in late 2008, he was outspoken about the need for an economic stimulus to revive a struggling economy… After he was sworn in as president, he proclaimed that taxpayer money would assuredly not be doled out to political friends…

…But an examination of grants and guaranteed loans offered by just one stimulus program run by the Department of Energy, for alternative-energy projects, is stunning. The so-called 1705 Loan Guarantee Program and the 1603 Grant Program channeled billions of dollars to all sorts of energy companies…

…In the 1705 government-backed-loan program [alone], for example, $16.4 billion of the $20.5 billion in loans granted as of Sept. 15 went to companies either run by or primarily owned by Obama financial backers—individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party. The grant and guaranteed-loan recipients were early backers of Obama before he ran for president, people who continued to give to his campaigns and exclusively to the Democratic Party in the years leading up to 2008. Their political largesse is probably the best investment they ever made in alternative energy. It brought them returns many times over.

…The Government Accountability Office has been highly critical of the way guaranteed loans and grants were doled out by the Department of Energy, complaining that the process appears “arbitrary” and lacks transparency. In March 2011, for example, the GAO examined the first 18 loans that were approved and found that none were properly documented. It also noted that officials “did not always record the results of analysis” of these applications. A loan program for electric cars, for example, “lacks performance measures.” No notes were kept during the review process, so it is difficult to determine how loan decisions were made. The GAO further declared that the Department of Energy “had treated applicants inconsistently in the application review process, favoring some applicants and disadvantaging others.” The Department of Energy’s inspector general, Gregory Friedman, … has testified that contracts have been steered to “friends and family.”

…These programs might be the greatest—and most expensive—example of crony capitalism in American history. Tens of billions of dollars went to firms controlled or owned by fundraisers, bundlers, and political allies, many of whom—surprise!—are now raising money for Obama again.

Keep in mind, Obama was actually WARNED that his Solyndra loan that cost the American people more than HALF A BILLION DOLLARS was illegal.  And the disgrace to the White House pushed it through anyways.  From the Washington Post:

The e-mails show that Mary Miller, an assistant Treasury secretary, wrote to Jeffrey D. Zients, deputy OMB director, expressing concern. She said that the deal could violate federal law because it put investors’ interests ahead of taxpayers’ and that she had advised that it should be reviewed by the Justice Department.

“To our knowledge that never happened,” Miller wrote in a Aug. 17, 2011, memo to the OMB.

In February, the restructuring was approved by Energy Secretary Steven Chu.

Obama is all over the Solyndra debacle.  Just as is the wealthy donor who gave Obama thousands so he could get HALF A BILLION DOLLARS.

Obama is a corrupt thug who is using fascist crony capitalism to bleed America dry before it collapses.

[Update, 11/16/2011]: The examples of Obama’s liberal corruption and fascist crony capitalism never end.  Here’s another story about Robert Kennedy Jr.’s company scoring a $1.4 billion taxpayer bailout.  It must be nice to be a liberal fascist when a liberal fascist thug is in power.

[Update, a little bit later on 11/16]: And when I say there’s no end to this Obama thug crony capitalist fascist crap, I MEAN THERE’S NO END.

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2 Responses to “Obama Corrupt With YOUR Money: 80% Of DOE Boondoggle Loans Went To Obama Donors”

  1. UNeverKnow Says:

    And Obama can do no right in yours.

    Find someone to introduce a bill to stop the political cronyism, or to end all energy subsidies for private companies and I’ll support it. What I will call out are these rediculous hit pieces that revolve around actions that republicans have been doing more, better, and for decades…. But are suddenly now a problem. I wonder why that is?

    Sometimes the political machines manage to do the right thing, even if it’s for the wrong reasons and they arrived there entirely by circumstance. They still don’t get a pass for being malicious and duplicitous asshats who will line their pockets at every opportunity because the other side got a little taste.

  2. Michael Eden Says:

    UNeverWIllKnow

    You dishonest little vermin! You actually come here and try to claim that conservatives have no right whatsoever to confront Obama when he is caught RED-HANDED pursuing the grossest kind of political cronyism!!! After eight unrelenting years of Bush derangement syndrome!!!

    You blather on about how self-righteous you are about condemning “these rediculous [sic] hit pieces.”

    YOU SHOW ME WHERE YOU WERE OUTRAGED WHEN IT WAS YOUR DAMN LEFT DOING IT AGAINST THE RIGHT.

    If you “transcend the political divide” the way Obama said he would do, you’ll have no problem showing me how you stuck up for Bush when all the factual evidence suggested that he had just pulled a partisan crony shenanigan like Obama clearly did. You show me where you stood up for Bush over and over again and how now you are merely standing up for Obama the same way you stood up for Bush.

    I’m blocking you as the worst kind of liar and disgrace. As far as I’m concerned, cockroaches are a vastly superior form of life to creatures like you. How DARE you condemn this crap that your side did for YEARS!!!! How DARE you be such a self righteous LIAR?!?!? If you can produce proof that you were just as outraged when the left were doing it to Bush during the Bush years, I’ll let you back in. And even apologize. But I think we all know that’s not going to happen.

    You self righteous hypocrites who dishonestly and smarmily claim to be shocked by the right simply piss me off to no end.

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