Picking the Losers With the Losers
As was reported yesterday, the Energy Department has decided to loan out around $1.1 billion to other “green” energy companies, with $740 million going to a California-based company called SolarReserve. This follows on the administration’s incompetence with lending money to Solyndra, which was backed by Argonaut Private Equity, owned by Obama bundler and Oklahoma billionaire George Kaiser. As is also known, via Gateway Pundit, Nancy Pelosi’s brother-in-law is the No. 2 guy at one of SolarReserve’s investment partners, Pacific Corporate Group (PCG).
Well, there are two other entities of interest on that list of investment partners. One is CalPERS, California’s pension fund for public employees. Until late last year, PCG handled the investment of funds for CalPERS until the latter cleaned house and fired PCG (see more here). The other entity is none other than…drumroll, please…Kaiser’s Argonaut Private Equity. I’m sure once the DoE gets questioned on all this, they will rush to assure the American people that politics played no role in loaning SolarReserve all this money for 45 permanent jobs. To paraphrase a question given by Big Daddy in Cat on a Hot Tin Roof, don’t you notice the powerful and obnoxious odor of mendacity coming from the administration?
I’m with Ed Morrissey on this. The government is picking losers since even Obama-supporting billionaires and politically-connected private equity firms aren’t ponying up all the dough to back these enterprises. Talk about a trade-off; the DoE gave away over a half-billion dollars to a loser company and over 1000 jobs were lost. So now they are going to loan out three-quarters of a billion dollars of taxpayer money for 45 jobs. Brilliant.
Another question. Per the Solyndra timeline, the company was running out of money and the administration restructured their loan such that the Obama bundlers will get paid back before the taxpayers. What I want to know is have the useless idiots who authorized the restructuring been identified and fired yet?
Cross-posted at Scipio the Metalcon.