Pelosi’s Klan Gets $737 Million DOE Loan

[flacaltenn]

Gee -- I was told by hippy-dippy greenies 20 years ago, that the BEST part of Green Alternative Energy was that it would kill Big Energy and make the energy business more competitive.

How come all they're doing is sucking off the govt and making GE into a weak and flabby welfare case???

the oil and gas industry has sucked the gvt teet for nearly 75 to hundred years.....

they did not begin on their own, they had tons and tons and tons of gvt help....with infrastructure, with the gvt building the roads for the gas guzzlers, giving tax breaks, and tax credits, oil leases at no charge, putting in pipelines etc etc etc etc......

Oil leases cost money. They are not free. Costs more in regulations, permitting, and compliance. I don't buy that building roads is a break for the oil companies.. It's reality. If you insist, count those road subsidies against your GREEN cars as well.

The most successful pipeline in recent history, the Alaskan pipeline was ENTIRELY privately owned and constructed. With the exception of Congress VOLUNTEERING (during the 70's oil crisis) to donate right of way. MORE than returned tax revenue to the state and country.

So what else you got? Ethanol subsidies? Hydrogen Highways? Right now we're discussing how the Green Revolution has been hijacked by the same misuse of government. Not the big oil interests that is the problem here. Should be clear after 4 yrs of GREEN jobs, and GREEN energy scandals.. The problem is GOVT meddling in markets where they SHOULDN'T be picking winners and losers for products that ALREADY EXIST.

In the case of GE -- they BLATANTLY accepted EVERYTHING the govt was giving away willingly to Green causes. $150 tax rebate for every washer/dryer combo they sold. All because they were CERTIFIED green by a govt agency that granted an Energy Star label to a "gasoline powered alarm clock".. Fraud and abuse of power. Comes from govt. Doesn't matter WHO'S industry is doing the sucking does it?

 

[Trajan]

The next fake solar scandal - The Term Sheet: Fortune's deals blog Term Sheet

that interesting, you should have posted the text or some of it at least.no one has a lock on the 'truth'.

I do have a few nits to pick;

this-

But, like with Solyndra, we wait and see. In neither case have we yet found evidence of actual scandal. Just a lot of people shouting the word...

solyndra, wait and see? with its litany of 5th amendment subscribers? and what we know ? not a scandal?..ok, well the author must have a real low bar for what constitutes a scandal.

and-

Ronald Pelosi's political contacts may have been a reason why he was hired by PCG, but not from a federal perspective. The firm has been indirectly caught up in a California pay-to-play scandal, which resulted in it getting fired last fall by the state's largest pension fund. If Pelosi is supposed to get PCG back in political good graces, it's a local issue.

ah a local issue, got it.

and, lets not pretend for a moment his presence there means nothing, please, lets not stretch credulity, if has absolutely nothing to gain or lose...why, is he there?

And influence at the federal level? As if Auntie Dearest doesn't have state-wide pull....seriously?

ever heard of the Treasure Island flimflam?

 

[Trajan]

I wonder how much Cheney made off of haliburton?

why don't you explore that and get back to us?

 

[Trajan]

The next fake solar scandal - The Term Sheet: Fortune's deals blog Term Sheet

You link to an article which points out previous fraudulent activity of the company Pelosi's brother in law works for and expect that to allay everyone's suspicions?

Yup, they're straight as an arrow. They wouldn't try to pull strings or use political connections to get ahead.

And as for the Pelosi doesn't have a financial interest line of reasoning. He WORKS for a company that has a large stake in this company. Of course he has a financial interest. If the company he works for does well, he's going to do well. Oh wait, most people don't give a shit about making their employer money because they don't give a shit about having a job, getting promoted, or getting a fat bonus. I forgot about that.

hes a rain maker, thats exactly what he is.

and remember, Solyndra? no 'there, there'...

 

[Trajan]

btw, why in the heck are we paying for runways at airports etc? Why aren't the businesses that operate out of the airports pay for the airports reconstruction needs? Isn't that considered a subsidy for the airlines?

Do you have any clue the amount of money that airline traffic generates for a metropolitan area?

sure, but why do my income taxes or gas taxes have to go towards someone elses metro area? shouldn't the metro area that benefits from it be the ones who pay for it, if government does have to be involved, instead of the airlines.... ?

welcome to stimulus? why I should the feds pay (me and you, taxes) for a school teachers salary in Massachusetts?

 

[Care4all]

Do you have any clue the amount of money that airline traffic generates for a metropolitan area?

sure, but why do my income taxes or gas taxes have to go towards someone elses metro area? shouldn't the metro area that benefits from it be the ones who pay for it, if government does have to be involved, instead of the airlines.... ?

welcome to stimulus? why I should the feds pay (me and you, taxes) for a school teachers salary in Massachusetts?

today, we went to the town office to pay our property taxes...oct 1 is the last day to pay, before they charge you 7% for being late....on the tax bill, it said 75% of my taxes went towards schools....17% towards the town functions, 3% towards county taxes etc....

i was in an evil mood....and i let myself think....why the heck do Matt and me have to pay year after year for other kids schooling? I was in a selfish mood i suppose, cuz matt and i have had trouble and were never able to have children....yet year after year, even in struggling times, we still get hit, with that bill....

anyway, i came to my senses and accept it is for the overall betterment of our nation, and its future.

see, the stimulus is not the same as the regular budget to me....and yes, saving any jobs, even gvt jobs at the state level could have been important, at the time....at lleast this is what the States must have been thinking at the time....I believe they could have used the money in the manner they felt was best for their State, I don't believe the stimulus dictated that for them? Do I think some of the States wasted the stimulus money...sure I do....and that's very frustrating, trust me, it is, even for a liberal...

 

[waltky]

He any relation to Sen. Mitch McConnell's wife Elaine Chu?

GOP’s Solyndra probe threatens to ensnare Energy Secretary Chu
9/29/11 : The controversy over a $535 million loan guarantee to the now-bankrupt California solar firm Solyndra is threatening to dim the star of Energy Secretary Steven Chu, a physicist and Nobel Prize winner who had, until now, rarely been thrust into the political spotlight.

Republican lawmakers have set their sights on Chu, who for three years has managed to avoid being dragged into a litany of political battles waged by Republicans and the White House on energy and environmental issues. The GOP has for weeks lobbed a slew of allegations at the administration, arguing officials rushed a final decision on the loan guarantee and missed a series of red flags that hinted at the company’s financial troubles. Solyndra declared bankruptcy two years after receiving the Energy Department loan, resulting in layoffs for 1,100 workers.

Now, Republicans on the House Energy and Commerce Committee are increasingly turning their attention to the role that Chu played in overseeing the loan guarantee program. The ongoing fight over Solyndra could put Chu, who is not known as a political brawler, in uncharted waters. Republicans are pointing to a recent Los Angeles Times story that says Chu disagreed with Treasury Secretary Timothy Geithner and others when they raised concerns about the loan guarantee program during a meeting last October. “We need to hear from Secretary Chu and [White House Office of Management and Budget Director Jack] Lew to fill in some of the blanks,” Rep. Michael Burgess (R-Texas), who sits on the Energy panel’s investigative subcommittee, told The Hill in a phone interview Wednesday. “The buck has to stop someplace, and presumably it stops with the heads of those agencies.”

Burgess and other Republicans on the subcommittee have called on Chu to testify on the Solyndra loan guarantee. Republicans on the panel wrote to Chu last week to request all communications between the Energy Department and the White House on the Solyndra loan guarantee. The document request is part of a broader effort by Republicans to determine if the White House rushed consideration of the loan guarantee. The committee, which launched its investigation into Solyndra in February, has already received more than 35,000 documents and has released select emails that Republicans say show that the White House tried to rush a decision on the company’s financing so that the loan guarantee could be announced at the Sept. 2009 groundbreaking of the company’s factory.

The administration has insisted that it thoroughly reviewed the project, and has strongly denied any wrongdoing. Though Republicans say they want to hear from Chu, Sean Bonyun, spokesman for committee Chairman Fred Upton (R-Mich.), said the panel has not yet formalized plans for the secretary to testify. Democrats and clean-energy advocates have criticized Republicans for their investigation, arguing it is a transparent attempt to score political points. "This is not about Solyndra, this is not about the loan guarantee program, this is about Republicans going after the president," said Marchant Wentworth, who focuses on clean energy at the Union of Concerned Scientists. Before Obama chose him as his Energy secretary, Chu had little experience running a massive bureaucracy like a federal agency. In 2004, Chu became the director of the Energy Department's Lawrence Berkeley National Laboratory in Berkeley, Calif. The laboratory employs about 4,000 people. By contrast, the Energy Department employs about four times that number.

MORE

 

[Avorysuds]

I sure would like a billion dollar loan at like ooooh, .02% interest. Guess I'm not "close friends" with Obama... Oh well.

 

[Remodeling Maidiac]

As you so often like to point out...."how many of these threads do we need?"

Just sayin

 

[francoHFW]

Another Fox scandal for a day. Can a dupe figure out why it's total BS? I didn't think so...

 

[oreo]

1. Our DOE and Obama throws another billion in the fire. This time it’s to a Solar Company where Pelosi’s brother-in-law is number 2 at PCG … How Did Nancy Pelosi’s Brother-in-Law Become No. 2 at PCG?
Pelosi’s Klan Gets $737 Million DOE Loan « Tarpon's Swamp



2. The latest line-up includes FINRA mediation expert and San Francisco political insider Ron Pelosi.

It’s an unusual biography for a person listed second in the “Leadership” section of a private equity advisory firm’s website: “[A]ccomplished Financial Industry Regulatory Authority (FINRA) mediator. . . has served in a number of positions as a public official.”

But perhaps the unusual circumstances of Pacific Corporate Group call for the unusual skills of Ronald Pelosi, a San Francisco political insider and financial industry polymath who happens to be the brother-in-law of Nancy Pelosi, the Minority Leader of the United States House of Representatives.

Pelosi’s bio reads in part: “Mr. Pelosi brings to PCG Asset Management a distinguished career in business and public service. He has an extensive background in the securities industry, mutual funds, and private equity.” Among his other political accomplishments, Pelosi was a long-time president of the San Francisco board of supervisors. In addition to his congressional connection, he also is San Francisco Mayor Gavin Newsom’s uncle.

It is unclear what Pelosi’s ties are to Bower, or what his exact role will be at the firm. His only other listed PCG affiliation is as a member of the board of trustees of a 1998 fund of funds controlled by the firm.
How Did Nancy Pelosi

3. It’s as if Solyndra never happened. The Obama Administration is giving $737 million to a Tonopah Solar, a subsidiary of California-based SolarReserve. PCG is an investment partner with SolarReserve. Nancy Pelosi’s brother-in-law happens to be the number two man at PCG.http://www.thegatewaypundit.com/


4. The White House Blog
Change has come to WhiteHouse.gov
Posted by Macon Phillips on January 20, 2009 at 12:01 PM EDT
Change has come to WhiteHouse.gov | The White House


Well, in a way it is tranparent.......
merged

You know--if one of us peasants out here--tried this crap we would be thrown in prison for the rest of our lives. This is total B.S.--and someone has got to stop it.

 

[clevergirl]

It’s as if Solyndra never happened. The Obama Administration is giving $737 million to a Tonopah Solar, a subsidiary of California-based SolarReserve. PCG is an investment partner with SolarReserve. Nancy Pelosi’s brother-in-law happens to be the number two man at PCG.

link
merged- del

 

[waltky]

Hope they evaluated `em better than Solyndra...

Gov't backs 4 more solar loans as deadline looms
Sep 30,`11 WASHINGTON (AP) - The Energy Department on Friday approved four more solar energy loan guarantees worth nearly $5 billion, hours before a controversial loan program was set to expire.

Energy Secretary Steven Chu said the department completed deals on four separate projects, including two that were sold late this week by Arizona-based First Solar Inc., a major solar manufacturer that had been seeking three federal loan guarantees for projects in California. The sales were announced Friday along with the loan guarantees. The loans were approved under the same program that paid for a $528 million loan to Solyndra Inc., a now-bankrupt solar panel maker that has become a symbol for critics of the Obama administration's green energy program.

Two other solar loan guarantees worth about $1.1 billion were announced earlier this week, as the Obama administration pushes forward with the loan program despite pleas from GOP critics to halt it to avoid another Solyndra-like debacle. Chu said the solar projects, which could cost taxpayers as much as $6 billion should help the U.S. as it competes with China and other countries to develop renewable energy. "To win the clean energy race we must invest in projects like this that fund jobs and increase the generation of clean, renewable power in the U.S.," Chu said in a statement. "Deployment of utility-scale solar power will help bring down the cost of solar and strengthen our position as a global clean energy leader."

The deals announced Friday include a $1.5 billion loan guarantee to a team of investors that bought a planned 550-megawatt solar farm on federal land in Southern California from First Solar, as well as $646 million to Illinois-based Exelon Corp. for a 230-megawatt solar plant near Los Angeles. Exelon bought the project from First Solar this week. A third project, worth $1.2 billion, will help San Jose-based SunPower Corp. build a 250-megawatt solar plant in California, while $1.4 billion will go San Francisco-based Prologis Inc. to support installation of about 750 solar rooftop panels in 28 states. The loan program expires on Friday.

Source

 

[The T]

Any suprise to anyone? Obama is paying off his supporters.

 

[waltky]

Granny says, "Dat's right - he guilty as sin...

Energy secretary admits he gave Solyndra breaks on federal loan
September 29 - Chu takes responsibility for loan deal that put more taxpayer money at risk

Energy Secretary Steven Chu acknowledged Thursday making the final decision to allow a struggling solar company to continue receiving taxpayer money after it had technically defaulted on a $535 million federal loan guaranteed by his agency. Chu spokesman Damien La*Vera said in a statement that the secretary approved the restructuring agreement for Solyndra because it gave the company “the best possible chance to succeed in a very competitive marketplace and put the company in a better position to repay the loan.” Also Thursday, a law enforcement official confirmed that the criminal probe of Solyndra is focused on whether the company and its officers misrepresented the firm’s finances to the government in seeking the loan or engaged in accounting fraud. The official spoke on the condition of anonymity because of the sensitivity of the probe.

On the political front, Chu’s admission came as some members of Congress were asking whether Chu went too far in trying to help the company before it went into bankruptcy, leaving taxpayers on the hook for the loan. Chu, a Nobel laureate and physicist who came to the administration from academia, arrived in Washington with a mandate to push billions of dollars in stimulus funds into clean-energy companies and projects. With keen White House interest, Chu rode herd over an $80 billion showcase initiative that was supposed to spur a new “green” industry and economic growth.

Solyndra was the first company approved for a loan guarantee under the Obama administration; its application originated several years earlier during George W. Bush’s presidency. Early on, there were concerns about Solyndra’s finances, but the company was still endorsed by President Obama and received high-profile support from Chu. Both visited the firm at different press events. Chu flew to California to announce the loan approval at the groundbreaking for a $750 million factory that was built mostly with funds from the loan.

In announcing the Solyndra deal in March 2009, Chu boasted of the “speed at which the department can operate,” according to an agency news release. “Secretary Chu initially set a target to have the first conditional commitments out by May . . . but today’s announcement significantly outpaces that aggressive timeline,” the release said. In April 2010, the company’s auditors raised doubts about whether the company could continue as a “going concern” because of cash-flow problems. The following month, Obama visited the company to praise it as an “engine of growth.”

MORE

 

[CentristFiasco]

It’s as if Solyndra never happened. The Obama Administration is giving $737 million to a Tonopah Solar, a subsidiary of California-based SolarReserve. PCG is an investment partner with SolarReserve. Nancy Pelosi’s brother-in-law happens to be the number two man at PCG.

link

Well, I wouldn't put too much on our President because Wall Street risks billions of dollars every day; they crashed our U.S. economy more than three times in one century.

 

[AVG-JOE]

Simple taxes = Fair taxes.

Fair taxes, a budget balanced by law and then build an economy your kids can drive to the stars.

It ain't rocket science, y'all.

The time to end the corruption and favoritism woven in to our economy via our tax code and our politics is now.

 

[CentristFiasco]

Simple taxes = Fair taxes.

Fair taxes, a budget balanced by law and then build an economy your kids can drive to the stars.

It ain't rocket science, y'all.

The time to end the corruption and favoritism woven in to our economy via our tax code and our politics is now.

Why not just balance the progressive taxes? Do we really need to separate head of household with a single persons?

 

[The T]

Simple taxes = Fair taxes.

Fair taxes, a budget balanced by law and then build an economy your kids can drive to the stars.

It ain't rocket science, y'all.

The time to end the corruption and favoritism woven in to our economy via our tax code and our politics is now.

Agreed. Time the TOOL of the Government against the people better known as the 16th Amendment was abolished.

 

[IndependntLogic]

1. Our DOE and Obama throws another billion in the fire. This time it’s to a Solar Company where Pelosi’s brother-in-law is number 2 at PCG … How Did Nancy Pelosi’s Brother-in-Law Become No. 2 at PCG?
Pelosi’s Klan Gets $737 Million DOE Loan « Tarpon's Swamp



2. The latest line-up includes FINRA mediation expert and San Francisco political insider Ron Pelosi.

It’s an unusual biography for a person listed second in the “Leadership” section of a private equity advisory firm’s website: “[A]ccomplished Financial Industry Regulatory Authority (FINRA) mediator. . . has served in a number of positions as a public official.”

But perhaps the unusual circumstances of Pacific Corporate Group call for the unusual skills of Ronald Pelosi, a San Francisco political insider and financial industry polymath who happens to be the brother-in-law of Nancy Pelosi, the Minority Leader of the United States House of Representatives.

Pelosi’s bio reads in part: “Mr. Pelosi brings to PCG Asset Management a distinguished career in business and public service. He has an extensive background in the securities industry, mutual funds, and private equity.” Among his other political accomplishments, Pelosi was a long-time president of the San Francisco board of supervisors. In addition to his congressional connection, he also is San Francisco Mayor Gavin Newsom’s uncle.

It is unclear what Pelosi’s ties are to Bower, or what his exact role will be at the firm. His only other listed PCG affiliation is as a member of the board of trustees of a 1998 fund of funds controlled by the firm.
How Did Nancy Pelosi

3. It’s as if Solyndra never happened. The Obama Administration is giving $737 million to a Tonopah Solar, a subsidiary of California-based SolarReserve. PCG is an investment partner with SolarReserve. Nancy Pelosi’s brother-in-law happens to be the number two man at PCG.http://www.thegatewaypundit.com/


4. The White House Blog
Change has come to WhiteHouse.gov
Posted by Macon Phillips on January 20, 2009 at 12:01 PM EDT
Change has come to WhiteHouse.gov | The White House


Well, in a way it is tranparent.......
merged

Gee. Political cronyism and nepotism. Shocker. Pelosi sucks. Oh well.