Obama’s Green Robber Barons


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This green energy storage plant filed for bankruptcy last fall after a $43 million injection of Obama Department of Energy loan guarantees. Federal election record filings show that CEO William Capp contributed to the 2008 Obama campaign, as well as several left-wing New England Democratic candidates. Beacon Power lobbyist Steve Wolfe was a former aide to the late Sen. Ted Kennedy. Beacon sought bankruptcy shelter two days after the White House responded to fiscal watchdogs’ demands for a review of the DOE’s shoddy loan monitoring programs.

Bankrupt SpectraWatt, red-faced Goldman Sachs. A solar cell company based in New York, SpectraWatt went belly up last August despite a half-million-dollar federal stimulus boost and lucrative backing from politically connected Goldman Sachs — whose ties reach deep into the Obama Treasury Department, Commodity Futures Trading Commission, White House National Economic Council and 1600 Pennsylvania Ave. itself. The eco-failure was dumped in a fire sale for less than $5 million.

Teetering Nevada Geothermal, cheerleading Harry Reid. Despite $150 million in federal DOE and Treasury Department subsidies — not to mention personal lobbying by Senate Majority Leader Harry Reid — this alternative energy project is on the brink of failure. A Deloitte and Touche audit grimly concludes that the company “has incurred net losses over the past several years, has an accumulated deficit of $44.0 million and an anticipated inability to retire its long-term liabilities.” According to CBS News, the company’s latest SEC filings warn of multiple defaults.

My scouring of White House visitor logs shows nine visits from another Green Robber Baron, Illinois-based Exelon’s CEO John Rowe, who met with the president and former chief of staff Rahm Emanuel multiple times. As Forbes magazine reported: The clean energy company “has very deep ties to the Obama Administration. Frank M. Clark, who runs ComEd, helped advise Obama before he ran for president and is one of Obama’s largest fundraisers. Obama’s chief political strategist, David Axelrod, worked as a consultant to Exelon. Obama’s chief of staff, Rahm Emanuel, helped create Exelon” — where he raked in more than $16 million over two years.

Remember: “Fairness” is in the eye of the wealth redistributors.

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  • Red Baker

    More great investigative reporting from Michelle Malkin. More grist for Issa's mill.