In several previous posts, I expounded on the corrupt green energy dealings of this Administration but even at that, little did I realize the significance and level of corruption that permeates this rotten bunch.
Now, I am not going to sit here and pretend that it is only this Administration that is guilty of cronyism. God only knows that Republican establishment type politicians are not exempt from the temptation of cashing in on their power. Obama Administration, however, carries cronyism to new levels that are unheard of in advanced countries.
According to the explosive new book 'Throw Them All Out' by Peter Schweizer, which blows the lid off Washington corruption, green energy cronyism is worse than we know. Schweizer’s research reveals that of the $20.5 billion in the DOE’s 1705 Loan Guarantee Program, $16.4 billion in taxpayer money–roughly 80% of all loans in the program–went to green enterprises “either run by or heavily owned by Obama financial backers–individuals who were either bundlers, members of Obama’s national finance committee or large donors to the Democratic Party.”
The returns on investing in Obama’s 2008 campaign have been incredibly lucrative, according to Schweizer. For every dollar committee members raised, they received $24,783 in return in the form of DOE sweetheart loans, on average.
We also know that at least a third of those loans have (or are in the process of) gone bad, costing the taxpayers billions of dollars.
That is about $50 per household. Yes, in other words, we all are contributing to the Obama re-election fund whether we like it or not since these bundlers are all Obama supporters - just like with non Democrat union members contributing to Democrat party whether they want to or not, thanks to forced union dues.
So, how was such a brazen swindle made possible? Easy. Instead of scientists and other professionals evaluating the worthiness of businesses applying for the loan program, the Administration appointed Steve Spinner who served on the Obama campaign’s National Finance Committee as the “chief strategic operations officer for the DOE’s loan programs. Spinner himself was a top bundler himself. He was joined at DOE by another Obama fundraiser, Sanjay Wagle, and by Democrat donor Jonathan Silver, who would serve as executive director of the program. In other words, a team of foxes were guarding the henhouse in the most transparent Administration in history.
To make matters worse, Government Accountability Office red-flagged this apparent–and historic–pattern of crony capitalism in its March 2011 report, which found that the DOE’s loan and grant programs had doled out federal monies through a process that appeared “arbitrary,” lacked proper documentation, and that “had treated applicants inconsistently in the application review process, favoring some applicants and disadvantaging others.”
In a country governed by laws, media as well as law abiding citizens (including honest politicians) would be calling this a huge scandal. Unfortunately, apparently that does not include us as a nation. We have become a banana republic America, whether we realize it or not.