Obomination: Bankrupt Energy Firms Get Millions In Tax Dollars, Execs Rake It In...

Discussion in 'Politics' started by paulitician, Mar 7, 2012.

  1. paulitician
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    paulitician Platinum Member Supporting Member

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    Many new green energy companies that received enormous loan guarantees from the Department of Energy in 2009 are in trouble — with some even going bankrupt. Their multimillion-dollar loans, written courtesy of American taxpayers, may never be paid back.

    But according to the Center for Public Integrity (CPI) and ABC News, top executives at many DOE-loaned companies received huge bonuses and payouts while their firms dealt with dire financial situations.

    When CPI and ABC confronted the Department of Energy about this practice, the agency responded, saying it was troubled by the practice and would convey this to loan recipients.

    Jen Stutsman, an Energy Department spokeswoman, said, “We don’t begrudge companies or their executives for their success, but it is irresponsible for executives to be awarded bonus compensation when their workers are losing their jobs.”

    While the DOE doesn’t set the salaries and the benefits of the companies it funds, the Obama administration argues that the green energy movement is a way to stimulate the economy and aid the environment.

    The administration does, however, admit that some investments in new “game-changing” technologies don’t work out.

    This is a more optimistic outlook than one from the watchdog group Citizens Against Government Waste.

    Giving a bonus to the executives under these circumstances is rewarding failure with our money with no chance of getting it back,” said the group’s spokeswoman, Leslie Paige.

    “Taxpayers need some representation here. They didn’t really get it.”


    Read more: Green Energy | Bankruptcy | Bonuses | Tax Dollars | The Daily Caller
     
  2. paulitician
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    paulitician Platinum Member Supporting Member

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    All big Campaign donors. Bet on that.
     
  3. Zoom-boing
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    Zoom-boing Gold Member

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    This the same type of thing as all those bailed out Wall Street CEO's getting big assed bonuses.

    Rewarding failure . . . how's that working out for everyone?

    :cuckoo:
     
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  4. paulitician
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    paulitician Platinum Member Supporting Member

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    Not too well. :(
     
  5. Dr.House
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    Dr.House Lives on in syndication!

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    This will be promptly ignored by the left...

    Mainly because it has nothing to do with birth control or Rush Limbaugh... Their attention span is limited to two topics at a time...
     
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  6. Dr.House
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    Dr.House Lives on in syndication!

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    Apparently it's ok to squander money in failure as long as rich liberals get richer...
     
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  7. paulitician
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    paulitician Platinum Member Supporting Member

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    Who's standing up for the Taxpayers these days? Seems like their out in the cold and all alone at this point. Big Government is just pissing it all away. What a sad travesty.
     
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  8. iamwhatiseem
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    iamwhatiseem Gold Member

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    This is actually a pretty old story - but worth repeating.
    As with Solyndra...the White House fast-tracked these loans through - complete with language that protected the business executives should the business fail.
    It is absolutely unheard of in any business loan of any kind to purposely write into the loan agreement that if the business falls into bankruptcy - the executives are the first to be paid from sale proceeds.
    Unheard of.
    Until the Obama administration did this exact thing.
    The Obama administration specifically and deliberately protected these business executives bank accounts before protecting American taxpayers.
     
    Last edited: Mar 7, 2012
  9. paulitician
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    paulitician Platinum Member Supporting Member

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    Cronyism at its worst. All of these idiots were big Obama Campaign donors.
     
  10. WillowTree
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    WillowTree Diamond Member

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    the common every day democrat is an asswipe.
     

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