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sirjohn
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OBAMA'S MAFIA GET RICH WITH THE GREENBACK ENERGY PROGRAM

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OBAMA'S MAFIA GET RICH WITH THE GREENBAKC ENERGY  PROGRAM

THE NEW CLASS OF OBAMA'S PROTECTED  BILLIONARES

Some  get rich off taxpayers in Obama's greenback energy  program

Under the Obama Energy Department, a lot of people are winning  big by losing the taxpayers’ money. In the government-sponsored green energy  industry, working Americans have effectively handed millions in salaries and  bonuses to executives of companies on the road to bankruptcy. At the most famous failed solar company, Solyndra—to which the Obama  administration gave a $530 million loan guarantee—several executives were making  nearly half a million dollars a year, including large bonuses taken in the  months before the company filed for bankruptcy. For them, the failed endeavor  was extremely lucrative. Solyndra was hardly the only  taxpayer-backed firm that paid big bonuses while stumbling to bankruptcy,  however. As ABC News and the Center for Public Integrity recently uncovered in a report, Beacon Power, which received a $43  million loan guarantee, paid bonuses of about $260,000 to three individuals  before going bankrupt last year. Another company, Ener1, the recipient of a grant worth $118 million, paid its CEO a $450,000 bonus. In January,  it, too, filed for bankruptcy. Supposedly, the  Department of Energy approved these loans to foster an industry which the market  didn’t come close to supporting. Certainly most Americans, if they knew about  the program at all, did not imagine leaders at these startups paying themselves  millions in taxpayer dollars.

 

 

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sirjohn
Mensajes: 137,146
Registrado: ‎12-15-2005

Re: OBAMA'S MAFIA GET RICH WITH THE GREENBAKC ENERGY PROGR

 

 

In 2009, after bailing  out many of the country’s financial institutions, President Obama made executive  compensation a major political issue, proposing rules to limit it for firms that  had received the taxpayer money. He observed that “what gets people upset — and  rightfully so — are executives being rewarded for failure. Especially when those  rewards are subsidized by U.S. taxpayers.” He said these words just weeks before  his administration made its half-billion dollar commitment to  Solyndra. Later that same year, President Obama  demanded executives at AIG return their bonuses, asking “How do they justify this outrage to  the taxpayers who are keeping the company afloat?” I  have a couple questions of my own. Why isn’t the  President just as concerned about the looting of failed energy startups at  taxpayer expense? Why isn’t he demanding that  executives at Solyndra and the other bankrupt green energy firms return their bonuses, since we were keeping those firms afloat with gigantic  and unjustified loans? In truth, the real scandal goes  far beyond bonuses and salaries. Many of these companies were dependent on an  enormous amount of government support all along—far more than just a little  boost to get them going. Two numbers give you a sense  of the scale of the bad energy bets the Obama administration is making. Several  weeks ago, in my newsletter on the transition to liquefied natural gas as a less  expensive source of fuel, I reported that Chesapeake Energy had invested more  than $150 million to build a national network of LNG truck stops—an investment  by a private company to be supported by genuine demand. President Obama, on the other hand, is putting taxpayer money into  dozens of risky ventures. Last week yet another green energy firm, Solar Trust  of America, declared bankruptcy after having received a  $2.1 billion loan guarantee from the Department of  Energy. That loan guarantee is more than the value of Regal Entertainment, the nation’s largest chain of movie  theaters, and about the value of HSN, the Home Shopping Network.  It’s one heck of a loan for a startup. And it put taxpayers on the hook  for 14 times the amount Chesapeake invested in its far more viable project to  build a nationwide natural gas highway. Of course,  there could be a lot more where all this came from. The Energy Department’s  current loan program has approved nearly $35 billion in total—more than $110  from every American citizen. Feel like you’re getting your money’s  worth?

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siboneyes
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Registrado: ‎06-03-2009

Re: OBAMA'S MAFIA GET RICH WITH THE GREENBACK ENERGY PROGR

OBAMA"Wanted Higher Gas Prices, and He Got Them"
LA GUERRA DE OBAMA CONTRA LA INDUSTRIA DOMESTICA DEL PETROLEO ES RESPONSABLE DE QUE EN CALIFORNIA YA ESTA A $7 EL GALON.