Saturday, September 6, 2014

Liberal Billionaire Tom Steyer: Dems' 'Cash for Climate Change'


Meet the latest wealthy political powerhouse, California liberal billionaire Tom Steyer, who has emerged as an environmental hero and major source of cash for Democrats. 

This is not just any Big-Bucks liberal. He's the extremely successful hedge-fund manager with oil and coal investments, turned ferocious climate change crusader, and is the notorious, outspoken opponent of the Keystone XL Pipeline.

He is directly linked to the powerful left-wing think tank Center for American Progress (CAP) –– the dark, driving force behind President Obama's massive green energy scheme.

Steyer is two-time Obama bundler, a 2008 Obama "consultant," and a frequent White House visitor. In 2012, Steyer was handpicked to make a cameo appearance at the Democratic National Convention and was even on the short-list to replace the departing Energy Secretary Steven Chu.

A darling of the Washington Post, they've label him as "the man that has Obama's ear when it comes to energy and climate change. Steyer is helping drive policy in Washington."

Even though he made a fortune in oil and coal, he's aligned himself with the president's "war on coal." As John Hinderaker at Power Line  appropriately puts it: "Tom Steyer was for coal before he was against it."

Additionally, his former mega-firm Farallon Capital Management, L.L.C. (“Farallon”) has an invested interest in a rival pipeline that would compete with Keystone.

Steyer is a also big financial supporter for Greener Capital [now EFW Capital], a venture firm that invests in renewable energy, of which, so far, at least two of their green energy firms have snagged millions of free stimulus funds, Energy Department grants, and Department of Defense contracts.

While he has been a strong and consistent Democrat donor for some time (occasionally to Republicans), as of late, Mr. Steyer has set his sights and tons of cash on the 2014 midterms, supporting Democrats who are partaking in his "war on climate change," while attacking Republicans he deems unfriendly to the environment.


Steyer's "Cash for Climate Change" machine

In April 2013, Steyer told The Hill that he was pledging “to make climate change a campaign issue for years to come…” The Hill, at that time, also released some strong language from the California billionaire:
"The goal here is not to win. The goal here is to destroy these people. We want a smashing victory,” Steyer said of candidates he judges to be on the wrong side of the climate change debate.
Those following the "green" money know that Steyer’s impact was felt not so long ago when he “spent millions on the 2013 Massachusetts Senate and Virginia governor’s races, helping Democrats Ed Markey and Terry McAuliffe prevail,” reported POLITICO. And, by the way, both Markey and McAuliffe have their own green corruption tails.

About that same time (2013), Steyer founded NextGen Climate, whereas by February 2014, he laid out what The Guardian headlined as his “$100 million midterm attack on climate change deniers,” catapulting him “as a major player in the growing world of money and politics,” heralded POLITICO.

This despite the Left’s outrage over the Supreme Court’s 2010 Citizens United, as well as their bickering over money in politics –– with Majority Leader Harry Reid continually disgracing the senate floor with his "billionaire Koch Brothers" rubbish.

Even President Obama, "who long cast himself as an ardent opponent of big money in politics," scolded the Supreme Court's ruling on campaign finance reform during his 2010 State of the Union address. Worse is the Democrat's utter hypocrisy, denial and outright lies over their connection to huge amounts of Dark Money –– a fact that has been proven many times over inside this green energy scheme, and more dramatically in my July post on SolarCity on how the president's green revolution, using taxpayer money, is continually subsidizing millionaires and billionaires.

Recently, the Washington Examiner took notice, stating that Steyer's NextGen Climate Action PAC, “is currently playing in seven states — Senate races in Iowa, New Hampshire, Colorado and Michigan, along with gubernatorial contests in Pennsylvania, Florida and Maine. All the targets are Republicans.”

Sure enough, NextGen's election senate targets are:
  • Cory Gardner of Colorado
  • Joni Ernst of Iowa
  • Scott Brown of New Hampshire
  • Terri Lynn Land of Michigan

The gubernatorial targets, which are are all incumbents include the following:
  • Pennsylvania Gov. Tom Corbett
  • Florida Gov. Rick Scott
  • Maine Gov. Paul LePage
Still, Steyer and his minions are not only waging war on the 2014 midterms, but they aim to shape the 2016 presidential election...and beyond.


NextGen Attack Ads Against Gov Rick Scott fails truth test and omits the clean-energy dirt

At the beginning of August, Steyer's NextGen released two new Florida television ads attacking Governor Rick Scott "over his ties to wealthy energy interests," reported the SaintPetersBlog. 

Unfortunately for those running this Eco-Super Pac, prior to unleashing these smear campaigns, they failed to do their homework.

While Politifact rates the ad entitled "Shock," accusing Scott of "gleaning campaign funds from corporate polluters and energy interests that stiff customers," as "half true," this smear tactic didn't sit well with Scott's camp. Fox News reported that Scott "had his lawyer get a cease-and-desist order against it at a local Fort Myers television station. The ad was pulled."

However, the real shock is what the ad omits: Jim Rogers, the Chairman of Duke Energy, who happens to be a top Obama supporter and donor, made a special appearance at the 2012 Democratic National Convention along with three other wealthy "green cronies" that are tied to billions of stimulus funds, including... wait for it...Tom Steyer.

In fact, Duke Energy and its CEO's participation in the Dem's 2012 convention was vast: a contributor, creditor, and co-host –– as Rogers graced the stage with a speech (as did Steyer), taking his place as a “grandfather, to lay the groundwork for a cleaner, more sustainable future.”

Another NextGen Climate ad called "Secret" aims at Governor Scott's apparent ties to Big Sugar that was recently chronicled at SaintPetersBlog –– an ad that accuses "Scott of hunting for campaign contributions."

From what I gather, this story stems from a "secret garden" that involves funding from "U.S. Sugar, Florida Crystals and Florida Power & Light," with claims that "all are direct beneficiaries of Scott’s policies."

Needless to say, with a slogan that actually surmises Tom Steyer's political wheeling and dealing –– "Sweet deals for the Powerful Few" –– the ad doesn't mention Florida Power and Light (FLP). What the ad neglects to acknowledge (maybe they don't know) is that this large electricity company is a big beneficiary of President Obama's policies and the supporting funds –– more directly from the 2009-Recovery Act, commonly known as the stimulus package, whereas $100 billion was earmarked for renewable energy. 

In October 2009, FPL was awarded the maximum stimulus grant amount of $200 million for Energy Smart Miami, which is a customer of Silver Spring Networks –– an investment of three Big Venture Capital firms with political friends in high places: Foundation Capital, Kleiner Perkins (John Doerr and Al Gore) and Google, which has cashed in big time from the stimulus package.

Moreover, FPL is a subsidiary of NextEra Energy, which is the third largest power company in the world, and whose CEO Lewis Hay was close to the White House for some time as a member of the president's job's council. NextEra ended up becoming the third largest recipient of the Department of Energy risky stimulus loans, which includes these two projects: Desert Sunlight for $1.2 billion and Genesis Solar for $681.6 million.

And that's not all: NextEra was one of the biggest beneficiaries of the Wind Energy Production Tax Credit, and they also snagged wind energy and other stimulus grants. This information and more can be found in my January 2013 Green Corruption File.

NextGen Climate also failed to mention that while Mr. Hay and FPL have a long history of political contributions (mostly Republicans), they had a very “cozy relationship” (even a 2008 wedding guest as well as 2009 donations) with career politician former Governor Charlie Crist —the Republican-turned-Independent-turned-Democrat, that recently won his primary, and is now running against Governor Rick Scott.

You can't make this stuff up... 

Still, the Florida attack ads are just a sample of their handy work. Billionaire Steyer's climate change machine is also targeting New Hampshire Republican Senate candidate Scott Brown, "linking him" to the libertarian billionaire brothers Charles and David Koch and the oil industry.

But what makes this comical (other than the billionaire rivalry) is that while Steyer recently "bought Harry Reid," these two (Reid and Steyer) are also fundraising pals and partners in killing the Keystone pipeline. Moreover, as Steyer emerges as "the face of the liberal equivalent of the Koch brothers," Reid is the same senator that has been on a "jihad" against the Koch brothers for some time –– with Reid also the career politician directly linked to over $3 billion in green energy stimulus loans.

Oh the irony of green energy and its confused advocates...

Meanwhile the folks at Power Line are keeping tabs on Steyer and his campaign cash, labeling NextGen Climate as “a global warming scare group, peddling pitiful science”–– and it seems that as of late, there's trouble in paradise.

But Steyer is not only using his climate change machine to sway elections, he's spending big bucks in a "Bid to Rescue Democrats' Majority," headlined the National Journal last month. According to American City Business Journals (and documented by the Center for Responsive Politics), "Steyer leads the list of individuals who have donated the most to congressional candidates, parties and political action committees so far during the 2014 election cycle," placing that figure over $20.4 million to "Democratic and leftist causes."


Steyer's Influence: Another Big Green corruption villain

Money talks, but when you ad influence into the equation, it's even more powerful, marking Mr. Steyer as another "green corruption villain” that I've been following for a while –– even highlighting some of his involvement on September 2012, March 2013, September 2013 and March 2014.

Although the beginning of this Green Corruption File presented an enticing brief bio on the billionaire from California, here's a look at some notable and more detailed points. 

Center for American Progress: Donor, board member & more 

Mr. Steyer has been active in politics for some time, but what's interesting is that he has strong and expensive connections to the left-wing think tank Center for American Progress (CAP), who is closely aligned with the Obama administration –– even with CAP taking over key White House positions.

In their February 27, 2014 gushing spread of Steyer, the Washington Post shares a "look back at some of his most notable forays into American politics," which goes as far back as the '70s and '80s. The New Yorker even notes, "In 2004, Steyer raised significant funds for John Kerry, and in 2008 for Hillary Clinton" –– only to eventually end up as a two-time Obama bundler.

As of late, at Senator Harry Reid's annual energy conference in Las Vegas, the former Secretary of State Clinton and the likely 2016 Democratic frontrunner for president made her voice known with this statement: "Climate change is the most consequential, urgent, sweeping collection of challenges we face."  

Nevertheless what's relevant at this juncture is this: "Before Steyer got very involved in congressional races and ballot measures, he was already a generous donor to CAP, giving millions to the organization since its founding in 2003." The Post also notes that "Steyer is currently on CAP's board, and co-wrote an op-ed with John Podesta, the think tank's chair and founder, and a White House special advisor since last December."

Just days after Steyer's $100 million bounty, he met with White House climate adviser Mr. Podesta… –– a meeting that "marked Steyer’s twelfth visit to the Obama White House," POLITICO reported.

As revealed by the Washington Free Beacon, also in attendance at that meeting were none other than the liberal billionaire George Soros (another big CAP donor and green corruption villain) as well as "Michael Vachon, a top Soros lieutenant.” Additionally, The Beacon alerts, "Both Steyer and Soros are also involved with the shadowy left wing donor network the Democracy Alliance, which has steered large sums to CAP, one of its top dark money beneficiaries."

Those paying attention to President Obama's late 2013 pick of Podesta to serve as his "executive power czar" could read the tealeaves: We are smack dab in the middle of a climate change shift like no other. But Podesta and CAP have been in full operation inside this climate plot for some time as the dark, driving force behind the president’s massive green energy scheme.


Obama's Green Billionaire Bundler Buddy and Big Dem Fundraiser

Like most of the green corruption villains, Steyer, the Big Oil investor (American and abroad), is a two-time Obama bundler, whose carbon footprint is massive. As documented by the Heritage Foundation in 2012 and according to the New York Times, Steyer “said he had spent time consulting with the Obama administration after last November’s [2008] election.”

Moreover, "like most prominent Obama fundraisers, Steyer has enjoyed relatively easy access to the White House," and as of the summer of 2012, it was reported that "he had met with senior White House officials in the West Wing on at least four occasions." Additionally (as noted in the intro), Steyer was even handpicked to make a cameo appearance at the 2012 Democratic National Convention –– along with three other wealthy Obama green cronies:
  • Steve Spinner: Obama Bundler and Former DOE Loan Programs Advisor
  • Steve Westly, Founder and Managing Partner of The Westly Group: Obama Bundler Serving on Energy Secretary Chu's Advisory Board
  • Jim Rogers, Chairman of Duke Energy: DNC Host and Obama Donor
Even though this scoop was covered in my post, "Obama’s Green Cronies Made DNC Cameo: Bundlers and Big Donors Tied to Billions of Stimulus Funds," it's worth repeating that Mr. Steyer opened his DNC speech with a Romney tax joke; then quickly moved to his green energy pitch and President Obama's vision:
"This is about investing for the long haul, not for a quick-and-dirty buck," Steyer proclaimed.
It's important to reiterate that at the time of this DNC speech, Steyer was the senior managing partner of Farallon –– the firm that he founded, which made him extremely wealthy with oil and coal investments (quick and dirty bucks?) that will be addressed in the next section.

By January 2013, there were rumors circulating that Steyer was being considered as a possible secretary of Energy in the second Obama administration.

Obviously that didn't happen; that job went to Dr. Ernest Moniz. Yet, that hasn't stopped Steyer from influence with the Obama administration's energy policy, regulations, and most likely in stalling the Keystone pipeline decision.

Besides Steyer's campaign cash, he has "considerable influence in the White House," pointed out the Washington Post in February 2013. From Steyer's wealth and political connections that have "played a critical behind-the-scenes role in helping shape the country’s national energy policy” to the fact that "he has spoken with President Obama about how to pursue climate and energy policy in a second term."

In February 2014, The Post acknowledged that "[Steyer] still holds Democratic Party fundraisers at his house, sometimes with the president visiting, sometimes with former vice presidents visiting, always raising lots of money."

In April 2013, Steyer hosted a high-dollar fundraiser for our Campaigner in Chief –– even defending the president's intrusive and expensive, yet futile efforts to save the planet.

This past February, the guest list included an appearance by former Vice President Al Gore, Majority Leader Harry Reid, other Democrats as well as some environmental groups. Of course, Reid, at that event, bashed the "billionaire fossil-fuel backers Charles and David Koch," however, not a peep on the source of Steyer's billions.


Big Oil Investor Steyer: Climate Change believer and benefactor

The New York Times, in 2011, shared some of Steyer's thoughts in addressing measures of climate change and the Environmental Protection Agency (EPA):
“It’s all about public health and clean air,” he said. “It’s all about creating new jobs and really what we’re fighting is self-interested dirty energy companies."
Steyer, the hedge-fund billionaire and megabucks Obama bundler and Democrat donor that was also a Big Oil investor, may be a true believer in global warming, man-made and otherwise, but the hypocrisy is palpable –– very well chronicled in John Hinderaker's April 2014 masterpiece, "The Epic Hypocrisy of Tom Steyer."

But no matter how you slice it, Steyer has placed himself in a "win win" situation under the Obama administration, especially as they step on the gas with their climate change agenda, starting with the fact that Farallon has an invested interest in the rejection of the pipeline. Additionally, according to the Washington Free Beacon, "Farallon stands to profit from government policies that increase consumption of natural gas."

Finally, as a financial backer of Green Capital, now EFW Capital, which invests in alternative fuel companies, Steyer not only stands to benefit from the anti-oil policies of the Obama administration, but the tens of billion of subsidies being doled out to support green energy.

While, I'm confident there is much more to expose, the next few sections will briefly address the aforementioned key areas and how they fit into this rich story.

Farallon Capital Management

Farallon Capital Management, the investment firm that Steyer founded in 1986, "has grown to become one of the largest and most successful hedge funds in the United States with over $20bn in funds under management. Mr. Steyer’s net worth is reported to be $1.6bn," documents Hinderaker.

Mr. Steyer retired from Farallon in the fall of 2012 –– with some suggesting that this move was more political than ideological, because around that time he was being considered as Team Obama's second term Energy Secretary. 

Then around the time that Steyer started his Eco-Super-PAC, "he said in July 2013 that when he had left Farallon, which manages much of his estimated $1.6 billion wealth, he had instructed the fund to divest his holdings in fossil fuels," reported Reuters.   

However, in the same May 2014 piece by Reuters, they note the following: "But he [Steyer] has provided few details of the extent of those fossil fuel investments or how he profited from them... Neither he nor Farallon has said whether that process has been completed."

Meanwhile, the Washington Post, this past June, in an e-mail interview with Steyer spokeswoman Heather Wong, were given the following information: ".... since directing Farallon to divest the coal and tar-sands holdings, Tom expanded the divestment directive to include all of his fossil fuel energy holdings and as of this month [June 2014] he will be divested out of fossil fuels all together."

Now, it's unclear where that process stands today (September 6, 2014), but in looking back at a 2013 Daily Caller report, one of his investments stands out: That would be British Petroleum, the oil and gas giant, that according to POLITICO in 2010, was a huge 2008 Obama donor.

In a 2011 article by The Street, they noted the following: "Thomas Steyer, the billionaire environmentalist and founder of hedge fund Farallon Capital Management, initiated a stake in BP, the oil company responsible for the April 2010 spill in the Gulf of Mexico."

What's interesting is that in 2001, BP began re branding to Beyond Petroleum (BP), and for a while they were heavily in the "green" business via BP Alternative Energy (biofuels, wind and solar). However, in the spring of 2013, BP switched gears and started abandoning renewable energy.

Still, that was after BP had snagged millions in "green" funds from the Obama administration, which I began to unravel in April 2013 due the fact that BP is in cahoots with Sempra Energy, the winner of a $337 million Energy Department stimulus loan for the Mesquite Solar Project in Arizona. BP, at that time too, was part of all five of Sempra's wind projects.

BP Alternative Energy is also an investor in BrightSource Energy, which was the winner of a $1.6 billion DOE stimulus loan that involves CAP corporate donors, a slew of additional Obama cronies, including George Soros, Department of Energy insiders as well as Senator Harry Reid that I tackled a few times –– more recently in my November 16, 2013 Green Corruption File.

Besides BP, "among the oil and gas companies that Steyer and Farallon financed and got rich from were Energy Partners, Ltd., Link Energy LLC, Halcon Resources Corporation, Devx Energy, Inc., and a gold mining company named Global Gold Corporation," recently recorded by Darwin Bond-Graham at CounterPunch.org –– yet other oil interests can be found at Power Line's "Epic Hypocrisy of Tom Steyer" as well as Reuter's "From black to green: U.S. billionaire's 'Road to Damascus.'"


The Keystone XL Pipeline conflict

Ironically, Steyer, the climate change crusader, made his fortune in what environmentalists deem as "dirty energy" (oil and coal), but also in natural gas and pipelines. As reported by the Daily Caller in 2013, "According to SEC filings for the first quarter of 2013, Farallon has invested more than $300 million in companies that develop onshore and offshore U.S. assets and pipelines, including Halcon Resources, Kinder Morgan and Plains Exploration."

It turns out that "One of Farallon's biggest holdings is in U.S. pipeline company Kinder Morgan, which has plans to expand a major competitor to the Keystone XL Pipeline Project — the TransMountain pipeline," noted Investors.com  –– with more insight at the Washington Free Beacon's "Keystone to the Kingdom."

So, it makes sense that "Steyer has mounted an extensive campaign to kill Keystone" –– even using his $100 million political ploy to attack those that support Keystone, while helping elect those (Democrats) who oppose it.

Back in October 2013, Steyer joined two of his fellow CAP friends –– Carol Browner and Van Jones, both former "czars" from Obama's Green Team –– on a panel at CAP’s 10th Anniversary Policy Conference. This is where Browner predicted the following: “There will be some twists and turns” in the political debate over the pipeline, but "at the end of the day, he [Obama] is going to say no."

Meanwhile, The Post, in their June 2014 softball e-mail interview with Steyer spokeswoman Heather Wong, reported that Steyer is planning on donating "100% of his personal profits from Farallon Capital’s investments in Kinder Morgan."

But the catch is that, despite clearing a major hurdle, the Keystone decision has been delayed for political reasons. Still, the Denver Post alerted last month: "There won't be another Senate vote on Keystone before the election because majority leader Harry Reid [Steyer's pal] won't allow one with some Democrats up for re-election in Keystone-friendly states."

Greener Capital

In late 2012, the Daily Signal noted that Steyer has been "an aggressive activist for more federal environmental regulation and taxpayer backing for green energy companies" –– even "consulting with the Obama administration after last November’s [2008] election."

Even though this "consulting gig" was already mentioned earlier in this post, what's key here is not only Steyer's push for "green" regulations and taxpayer funds, but also his influence with Team Obama that dates as far back as late 2008. 

While Steyer "has contributed millions to charitable organizations that work on climate change issues," according to The Hill, he's also a "big financial supporter for Greener Capital [now EFW Capital], a venture firm that invests in renewable energy endeavors" –– an firm that directly benefits from the regulations and taxpayer cash Steyer has been pushing for.

Forbes, in their 2011 profile of Mr. Steyer, reported that Charlie Finney runs Greener Capital. And according to Mr. Finnie's bio: "In 2008 Charlie founded Greener Capital Partners, the predecessor firm to EFW Capital, focusing on energy, food, and water innovation."

Also an Investment Partner at EFW is Scott Jacobs, whom prior to EFW, "he co-founded and helped lead McKinsey & Company’s global CleanTech practice." What's interesting is that folks from McKinsey & Company have been found inside the president's former Jobs Council as well as the clean-energy dirt, including, but not limited to DOE insiders such as Jonathan Silver, the former executive director of the Energy Department’s Loan Guarantee Program as well as Matt Rogers, the former senior adviser to then-Energy Secretary Chu. However, I have yet to connect the dots to what some refer to as The Firm, which even leads to a Clinton.

Unfortunately, I was unable to locate an entire "green portfolio," but EFW claims that "Greener Capital has 12 portfolio companies, and Charlie sits on the boards of Sungevity, Electratherm, Project Frog, and PeoplePower."

What stands out is Sungevity, which develops remote solar designs and installation services for home solar electric systems. After some digging, I discovered that Greener Capital is a major investor in Sungevity, participating in three sounds –– all beginning in September 2009.

1. $6m / Sep 22, 2009 - Round Details
2. $15m / Dec 15, 2010 -- Series C with 2 other investors 
3. $12m / January 16, 2012 -- Series D with 2 other investors 

In December 2012, news hit casting a shadow over a trio of solar firms –– SolarCity, SunRun Inc., and Sungevity: They were under investigation for potentially inflating costs in order to draw down more money from a stimulus-funded loan program. But the kicker is that "all three boast investors with significant ties to the Obama White House," wrote the The Daily Signal. Translation: all three have friends in high places. 

While it's unclear where that investigation landed, all three of these firms are also members of the American Council on Renewable Energy (ACORE) –– a renewable energy lobby powerhouse that had significant influence over the 2009-stimulus package, and the $100 billion green energy earmark. (NOTE: ACORE and all the other "Stimulus Authors" that benefited from the stimulus funds that I uncovered were detailed in my October 2013 Green Corruption File).

As of the end of 2013, Sungevity had snagged 14 federal stimulus grants from the 1603 Program for "solar electricity" that ranges across 8 states, totaling over $12 million tax dollars. But after a bit of digging, two more green companies from Steyer's Greener Capital portfolio are benefiting from the Obama administration's green push and cash:
  1. ElectraTherm is the maker of the "Green Machine," which according to their site, "produces fuel-free, emission-free power from low grade waste heat using the Organic Rankine Cycle (ORC) and proprietary technology." In an April 2011 Town Hall in Reno, Nevada –– hosted by ElectraTherm –– they got a "special shout out" by the president. It seems too that this green company also snagged "approximately $1 million in Department of Defense contracts and a $1 million grant from the Department of Energy." 
  2. Project Frog, a company that seems to be in the business of helping to "create beautiful and energy-efficient buildings," has its share of projects surrounding private deals. However, they have also been winning tons of public contracts such as the one announced on February 26, 2013: Project Frog Wins the Company’s Largest Public School Contract to Date." The question is: who's paying for all those public contracts? 

From the 2009-Recovery Act's $100 billion green energy earmark, to the "Climate Action Plan"... and all the way to the newly proposed climate change treaty that could catapult President Obama to a "virtual dictator"


As I've been alerting over and over... the Obama administration's deceptive and expensive climate change agenda has cost American taxpayers at least $150 billion, which factors in both stimulus and non-stimulus funds –– with the majority fueled by crony capitalism, corruption, outsourcing and failure.

Along the way, the this administration has continually fired up new climate legislation, rules, regulations, and mandates, which benefit special interest groups while adversely affecting American families.

More interesting to the Steyer story is that last July it was revealed by The Daily Mail that "environmentalists were allowed to draft Obama's White House energy policy." In particular, is "one of America's richest environmental activist groups," the Natural Resources Defense Council (NRDC) that is indirectly tied to the liberal billionaire via money (the “Billionaires’ Club”) and influence.

The policy here is the president's 2012 aggressive and controversial Climate Action Plan, which calls for more clean-energy spending and environmental power –– with the majority being crammed through via executive fiat or the Environmental Protection Agency (EPA) in the form of regulations, and all without Congressional input.

In December 2009, the Obama administration decided to go through the EPA to move their climate change agenda via the Clean Air Act, ruling, “greenhouse gases threaten public health and the environment.”

This past June, the EPA "announced a plan that will set the first-ever national carbon pollution standards limits for America’s existing power plants." According to CBS DC News:
The centerpiece of President Barack Obama’s plan to fight climate change without going through Congress, the rules seek to limit carbon emissions from power plants, which form the largest single source of heat-trapping greenhouse gases blamed for global warming. Administration officials say the rules will give states reduction goals, then allow flexibility for states to meet those standards through an array of means and offsets.
This is part of what they call the "Clean Power Plan," of which in realty is the Left's way of enacting sort of a cap and trade system. This was a piece of legislation that was shot down by the House in 2009, yet in August 2010, I had warned that they wouldn't let go:
With so much at stake for many in this Climate Scam, even if the planet blows up, they will get their cap-and-trade, or a version of it –– a legislation that they helped create, shape, facilitate, lobby, testify, and will continue to push for because at the end of the day, they will ultimately benefit from it –– big time!
The latest data on what this means to the economy can be found at the Daily Signal here in this commentary: "Obama Is Bypassing Congress Again. This Time It's Going to Cost You." And keep in mind that candidate Obama in 2008, warned, "Under my plan of a cap and trade system, electricity rates would necessarily skyrocket."

But that's not the end, because the Eco-Rich are just getting warmed up: In June, the former New York Mayor Michael Bloomberg, former Treasury Secretary Hank Paulson, and Thomas Steyer, released a 56-page report entitled “Risky Business,” which warned that the planet is doomed in 15 years.

However, Dan Kish, senior vice president for policy at the Institute for Energy Research (IER), asserts that this report "is just another attempt by economic and political elites to impose a carbon tax on Americans." It turns out that Kish also told CNSNews.com: “They [these three billionaires] want taxes and more control in Washington, and they aren’t going to let the facts get in their way...”

Another sign came at the end of August when Tim Devaney at The Hill alerted that we should expect “the Obama administration to continue issuing controversial [environmental] rules through the midterm elections, despite the political risk it could pose for Democrats.” Moreover, Devaney followed up with this news: "Obama pushes green standards for everything but the kitchen sink."

As the Obama Regime continues their fear mongering campaign, heralding, "Climate change is as big a threat to the world as terrorism, poverty, and weapons of mass destruction," they've even placed it ahead of the dire issues facing our Nation as well as the chaos that has enveloped the world.

But don't fret, because on August 26, 2014, the president turned global warming into global dominance (which was the plan all along) when the New York Times reported this: "The Obama administration is working to forge a sweeping international climate change agreement to compel nations to cut their planet-warming fossil fuel emissions, but without ratification from Congress."

While this tyrannical maneuver could very well catapult Obama into a "virtual dictator," politically it isn't sitting well with "vulnerable Democrats" nor with some of the left leaning media –– and conservative pundits came out swinging. Washington Post columnist Charles Krauthammer slammed the idea, which is reported to be a push to reduce carbon emissions across the globe by some sort of "shaming system." Breitbart News quoted Krauthammer's reaction, where he not only called it incredibly stupid, but also "explained why he viewed the pursuit as being based upon 'adolescent idealism' and suggested that it wouldn’t work."

Meanwhile, James Delingpole from Breitbart London wasn't so kind in his piece, "Obama –– the Al Capone of Climate Change –– launches his next assault on democracy, the Constitution and the US economy."

Needless to say, for years now I've been warning that behind Green Corruption (clean energy; dirty money) are much deeper and more sinister motives –– even penning the following: 
Alarmingly, our environment has been hijacked by uber-rich individuals, crooked politicians, and an assortment of left wing extremists who are fueled by greed and power attached to a radical agenda to bring about “global governance,” “redistribute the wealth,” and put the progressive movement –– big government, social justice and the death of capitalism –– on the fast track. Under the guise of “saving the planet,” these players, who are all interconnected in a variety of ways, are transforming our climate into something more sinister –– a scam of epic proportions.

In closing… 

The NextGen Climate mission statement is this: “We act politically to avert climate disaster and preserve American prosperity. Working at every level, we are committed to supporting candidates, elected officials and policymakers across the country that will take bold action on climate change—and to exposing those who deny reality and cater to special interests.”

Disingenuous at best, because the entire climate change scam and the "green revolution" is run by one big special interest group: those with access and influence. More specifically, the left wing ultra-rich that know how to play the game, starting with, but not excluded to dishing out hundreds of millions in cash in order to buy an election –– and all under the guise of “saving the planet,” just like Tom Steyer and the rest of the millionaires, billionaires, corporations as well as the eco-fascists and hypocrites behind the mask.

Most important is that while "Cash for Clunkers" (a Van Jones idea) cost jobs and the economy over $4 billion, the consequences that Steyer's "Cash for Climate Change" machine will have if it succeeds during this next and critical election cycle will be catastrophic.

Even so, Steyer, his puppets and accomplices, while insisting that the "science is settled," are attempting to also destroy the debate on climate change –– but is it global warming or is the planet cooling? This too would be detrimental to our nation, because like Krauthammer, "I’m not a global warming believer. I’m not a global warming denier." But the truth is: the science is not settled.


Sunday, August 10, 2014

Another Taxpayer-funded ‘Green’ Gamble: Energy Department doles out $150 million to Cape Wind’s expensive, risky offshore wind project tied to high-profile Democrats



Despite the fact that the Department of Energy's (DOE) Loan Guarantee program alone brought us five complete failures to date: Solyndra, Beacon Power, Abound Solar, Vehicle Production Group, and Fisker Automotive, they recently heralded that they are ready to dish out billions more –– even a $150 million gamble on a controversial, expensive and risky offshore wind project.

Moreover, this doesn’t factor in the numerous DOE funded projects that are still in the shadows, nor my blistering story on the "law-breaking, American hating" Spanish conglomerate Abengoa, that was subsidized with over $3.6 billion in stimulus loans and grants from the U.S. taxpayer. In fact, this story finally landed some press by Lachlan Markay of the Washington Free Beacon, spurring on the possibility that accountability could be around the corner. But this time our whistleblowers went public with one predicting, “This company [Abengoa] eventually will go bankrupt. The question is at what expense to the United States people and government.”

This is the same Energy Department program that, since 2010, the Green Corruption Files has exposed that the winners were those with meaningful political connections to the president and other high-ranking Democrats and/or their rich cronies –– in many cases to both and in some cases to multiple “friends," with Majority Leader Harry Reid tied to five, which I unveiled last November. 

In calculating additional renewable energy giveaways (mainly from the stimulus package), there are well above 32 Obama-backed green energy companies that have gone under, costing taxpayers over $3 billion and counting. Furthermore, on the "troubled list" are five bailouts and 22 green energy companies/projects that are ready to bite the dust, yet, this does not take into account the various taxpayer-funded green energy programs that have also failed miserably.

But this administration doesn’t mind flushing billions of tax dollars down the eco-toilet, because this loan program is only part of the President Obama's "save the planet slush fund" priced at $150 billion through 2014 on green initiatives, which factors in both stimulus and non-stimulus funds.

Cape Wind: Democrats & Dirt

Photo by Boston Herald File
Last month, the Energy Department "made a provisional commitment to a $150 million loan guarantee for the Cape Wind offshore wind power project in Massachusetts."

Bloomberg Businessweek countered this move with these headlines: "Government Money Is Not a Silver Bullet for Cape Wind's Offshore Project." The author also added, "Cape Wind had initially sought $500 million from the DOE. The loan is contingent on Cape Wind securing the total $2.6 billion in financing it needs. So far it has raised about half that." It turns out that Barclays is Cape Wind's financial adviser and most of the funds are coming from foreign financial companies like the Danish Export Credit Agency as well as French, Dutch, and Japanese banks.

Bloomberg also noted, "Cape Wind got through a crucial hurdle at the end of 2013, signing a deal to buy turbines from Siemens, thus qualifying for an expiring federal tax credit."  This is either the Business Energy Investment Tax Credit (ITC) or the Renewable Electricity Production Tax Credit (PTC), but reports note that this special tax break is "worth $780 million for Cape Wind." 

According to the DOE, "The proposed Cape Wind project would use 3.6-megawatt offshore wind turbines that would provide a majority of the electricity needed for Cape Cod, Nantucket and Martha’s Vineyard, and would create approximately 400 construction jobs and [a whopping] 50 operations jobs."

As reported by Bloomberg, "Cape Wind is the brainchild of its chief executive, Jim Gordon, who has spent the past decade (and tens of millions of his own money) fighting a pitched political battle over the project." Also, over the past decade, as documented by Center for Responsive Politics, Cape Wind Assoc has spent over $1.8 million in lobbying expenditures.

Meanwhile, this controversial project has the "support" of the Left in droves: Environment and Health Organizations, Labor Business Trade and Consumer Organizations as well as these key Democrat politicians

Did the "Green Gov" Deval Patrick "Strong Arm" the Cape Wind Deal in 2010?

When the loan was announced, the Boston Globe shared the enthusiasm of Governor Deval Patrick as well as Senator Edward J. Markey.  Both applauded the government spending, while Patrick claimed “Offshore wind will not only provide a new, clean source of energy for the United States, it will reduce American reliance on fossil fuel, mitigate climate change, and jump-start a new US industry that will create thousands of clean energy jobs.”

Needless to say, Governor Patrick is no stranger to pumping shady green deals that fail. After all, in February 2013, he won the "Green Governor of the Year Award," and he has pushed aggressively to get Cape Wind built.

According to the Boston Herald, the Democrat governor in 2010 "may have strong armed the wind project into fruition at the height of his reelection bid. It appears that while Patrick was touting Cape Wind on the campaign trail, behind the scenes he was squashing the safety and navigation concerns that stood in his way."
Patrick was also part of the "Evergreen Solar Shut Out" that I divulged in August 2012, which was an investment of the Perseus Energy & Technologies Portfolio –– a firm which was big winner of stimulus funds that is tied to the big-wig Democrat, Obama bundler James A. Johnson,

In short, Evergreen Solar, Inc. –– now Evergreen Solar (China) –– was one of the Obama administration’s pet green energy projects, which apparently received "stimulus funds, grants, tax-credits, low-interest loans and subsidies." This included praise, a photo op and a "$58 million financial aid package from the Patrick-Murray administration to support Evergreen’s $450 million factory." However, Evergreen filed for bankruptcy in August of 2011, reporting 800 USA job losses, while moving their "green jobs" and entire company to China.


Massachusetts Senator Ed Markey and Minnesota Senator Al Franken snag donations from Cape Wind executives and lobbyists: Also implicated in two previous DOE deals

This past May, it was reported by the Boston Herald, ”Cape Wind executives and lobbyists have poured hundreds of thousands of dollars since last year into the campaign coffers of key lawmakers — including more than $50,000 to U.S. Sen. Edward J. Markey.” Moreover, “U.S. Sen. Mark Udall, U.S. Rep Joseph Kennedy III, and U.S. Sen. Al Franken are among the politicians who have reaped thousands of dollars in campaign contributions from Cape Wind executives and lobbyists.”

While many are aware that Massachusetts Senator Markey is a climate change crusader, and from 2007-2010 served as Chair of the Select Committee on Energy Independence and Global Warming, he was also the co-sponsor of the failed cap-and-trade bill in 2009. In 2013, Markey also introduced a bill that would force people nationwide to buy green energy: The American Renewable Energy and Efficiency Act, of which, from what I gather, was referred to committee in July of this year.

When Rep. Markey began his mission to fill Secretary of State John Kerry’s Senate seat, he was endorsed by many green groups, and according to the Daily Caller, his “2013 Senate campaign received large amounts of funding from environmental groups.”

What's interesting too, is that both Senators Markey and Franken were mentioned inside the internal DOE email dump," which was unleashed in October 2012 by the House Oversight and Government Reform Committee –– a piece of the green corruption evidence that The Green Corruption Files has reporting on since their release and have cited as needed.

These particular emails implicate many inside the BrightSource $1.6 billion shady deal, including executives and stakeholders, DOE officials as well as Obama’s Green Team and several in Congress from the Democrat side. In 2009, then-Rep Markey as well as and Robert F. Kennedy Jr., who is a partner and Senior Adviser at VantagePoint, which is a major investor in BrightSource, were privy to (involved in) this stimulus deal. Details can be found in my November 2013 Green Corruption File on Senator Harry Reid’s Clean-Energy Dirt.

In the meantime, these same emails find that Minnesota Senator Franken, another huge climate change pusher, and member of the Committee on Energy and Natural Resources, was in the middle of the SAGE Electrochromics DOE deal. It turns out that this company, based in Faribault, Minnesota, which makes electronically tintable glass, after they snagged a $31 million Advanced Energy Manufacturing Tax Credit, in early 2010, received a $72 million loan guarantee from the DOE's 1703 program. 

While Franken openly supported and promoted SAGE, behind the scenes, and at least in August 2011, he was discussing this deal with Jonathan Silver, the DOE's Executive Director at that time, who was smack in the middle of all the Energy Department crony deals. However, this $72 million SAGE transaction fell apart, and in 2012, the company was sold to French building products giant Saint-Gobain. Also, that $31 million special American tax credit was carried over to the new foreign owners.

Mass Senator Elizabeth Warren: Cape Wind advocate and wealthy climate change fearmonger

Even as the wealthy Massachusetts Senator Elizabeth Warren, whose estimated 2012 net worth landed just south of $7 million, while residing in a $5 million mansion (with I'm sure a high carbon footprint), continues to demonizes the rich, while espousing the middle class, the "populist" potential presidential candidate for the Democrat Party has continually taken money from the wealthy. This includes donations from Wall Street to the left-wing group MoveOn.org –– the latter is partially funded by left-wing billionaire George Soros that raises tens of millions of dollars for Democratic Party politicians and causes, which includes lobbying on their behalf while attacking the opposition.

It's no surprise that Warren, who is touting her progressive agenda, is backed by many left-wing and even radical groups (Demos, Progressive Change and Democracy for America come to mind), but it's the support of Big Environmental groups that are of particular interest here because they also sing her praises –– with even one of the nation’s most politically active environmental nonprofits, the League of Conservation Voters, spending at least a million dollars to help Warren defeat Scott Brown in the 2012 Massachusetts senate race.

And guess who is listed as a "supporter" of Cape Wind? Yep, it's the League of Conservation Voters! One big happy family, I guess.

Just last March, Warren graced the senate floor to speak out on climate change, emphasizing her doom and gloom message:"...we are on the cusp of a climate crisis, a point of no return that will threaten our health, our economy and our world.”

Warren has also been a "full-throated supporter" of the Cape Wind offshore wind project for years now, and on July 2, 2014, took to Facebook to congratulate them on their government subsidy: 
We just took a big step toward developing clean wind energy off our coast right here in Massachusetts. I applaud the Department of Energy for its conditional commitment of a $150 million loan guarantee for the Cape Wind project to become America's first commercial-scale offshore wind farm.
Auhh, OK...

Cape Wind's Clean-Energy Dirt 


Obviously, being a "climate change" crusader is not a crime –– "Dem talking points," exaggeration, lies and all. Neither is advocating for a clean-energy project, but what about taking donations from the project executives and lobbyists that they are aggressively promoting?  Hmmm

Nevertheless, this is another "dirty" clean-energy deal, starting with the fact that between 2009 and 2010, political pressure came from the Obama and Patrick administrations to approve Cape Wind regardless of the Federal Aviation Administration’s (FAA’s) safety concerns. Concerns that were reflected in internal FAA emails.

A GOP inquiry into whether the FAA's initial approval in 2010 was the result of political pressure from the left, spurred a court-ordered reevaluation. Two years later the FAA gave Cape Wind its final green light. "Cape Wind cleared its last bureaucratic hurdle Wednesday when the Federal Aviation Administration released its finding that the project poses no hazard to planes," declared the Boston Business Journal on August 16, 2012. But the fight raged on, and as recent as January of this year, Cape Cod Today briefed the masses, "The U.S. Court of Appeals for the District of Columbia Circuit upheld the Federal Aviation Administration's (FAA) approval of the Cape Wind project, rejecting every argument that had been advanced by the project’s opponents."

Under Secretary of the Interior Ken Salazar (another key player in fast-tracking the DOE stimulus deals), Cape Wind won its lease from the Interior Department in April 2010.  Lawsuits followed, but in March 2014, reports surfaced, "A U.S. District Court judge in Washington, D.C. ruled against opponents of Cape Wind in four lawsuits that challenged the project’s permitting approval by the U.S. Department of Interior."

It's not yet clear if any of the key Democrats listed in this post –– Senator Elizabeth Warren (MA), Senator Edward J. Markey (MA), Senator Al Franken (MN), Senator Mark Udall (CO), Congressman Joseph Kennedy III (MA), Congressman Bill Keating (MA) –– were directly involved in Cape Wind securing this $150 million DOE loan. I guess we'll have to wait for internal emails to surface. That's  unless Team Obama has another computer crash. But what we can confirm is that like most of these "green" government crony deals, the controversial Cape Wind project, that has apparently overcome numerous lawsuits, is expensive, high risk, and is destined to become dependent on government subsidies.

Even though some have predicted, "Cape Wind is another Solyndra boondoggle in the making," The Hill in June made this forecast: "Not only would Cape Wind burden taxpayers and ratepayers with its high costs, it would outsource jobs abroad." This is the exact opposite of how the Obama administration and his minions spun their green revolution: Green energy is supposed to save the planet and create millions of American green jobs.

And what about the birds?

Big Wind: It's Dirty Secrets & Eco-massacre 


Wind energy is frequently touted as a clean, green, and cheap source of energy that can reduce our dependence on fossil fuels. However, most paying attention know that Big Wind is "the most corrupt and corrupting industry in the world."
 
This all starts with the fact that our government, along with Big Wind and their allies, are misrepresenting its cost to taxpayers and ratepayers. 
 
Worse is the data surrounding the carnage inflicted on Mother Nature by wind turbines: "More than 573,000 birds are killed by the country's wind farms each year, including 83,000 hunting birds such as hawks, falcons and eagles, according to an estimate published in March [2013] in the peer-reviewed Wildlife Society Bulletin," documented the Associated Press.
Even as solar plants "execute" birds midair, it’s not just eagles, hawks, falcons, owls and other birds, but also bats that are falling victim to wind-turbine blades as well.

Yet, the real death toll, as disclosed in late 2012 by Paul Driessen of the Washington Examiner is much more devastating: "The horrific reality is that in the United States alone, 'eco-friendly' wind turbines kill an estimated 13 million to 39 million birds and bats every year."

Why the massive discrepancy?

Driessen blamed it on "misleading or even fraudulent data," while just over a year ago, the Committee For A Constructive Tomorrow (CFACT) documented a key reason (coupled with an extensive report): Big Wind “has been hiding at least 90% of this slaughter for decades…”

Further insight into this eco-massacre can be found in this more recent (April 2014) report, EXPOSING THE WIND INDUSTRY GENOCIDE by Jim Wiegand, who is an independent wildlife expert with decades of field observations and analytical work.

Adding to the deception is the utter hypocrisy that follows these federally subsidized murders: Under the reign of the Obama regime wind farms get a pass –– even with the federally protected birds. As pointed out by the AP, "The Obama administration has charged oil companies for drowning birds in their waste pits, and power companies for electrocuting birds on power lines. But the administration has never fined or prosecuted a wind-energy company, even those that flout the law repeatedly."

In the mix there is “mounting evidence that the noise and vibrations from wind turbines can adversely affect humans and wildlife,” reported Breitbart News.

Wind Energy: Not Clean, Not Green and Not Free

Additionally, and as pointed out by my friend Mary Kay Barton, who is an advocate for scientifically sound, affordable, and reliable electricity for all Americans, while citing an array of expert reports in this field, she surmises, “Wind energy is Not Clean, Not Green, and Not Free!”

Below are some bullet points proving her point: 
  • With approximately 250,000 industrial wind turbines installed worldwide today (45,100 turbines totaling over 60GW of installed wind projects in the USA, according to AWEA), CO2 emissions have NOT been significantly reduced, nor has a single conventional generation plant –– including coal, been decommissioned thanks to industrial wind. (See: Wind Turbines Are Climate-Change Scarecrows, by Robert Bryce)
  • The Brookings Institute reports that "Wind and Solar are the Worst" way to reduce CO2.
  • In many low-wind areas of the country (i.e. New York State), Industrial Wind Turbines do NOT produce enough power to pay for themselves over their very short 5 - 13 year lifespan.
  • The average output of many wind factories is less than 25% - many days, providing nothing at all.
  • Studies from those long-invested in wind power in Spain and elsewhere have shown that 2 - 4 jobs are LOST in the rest of the economy, in large part due to the associated "necessarily skyrocketing” electricity rates President Obama forewarned would accompany his 'green' energy policy.
Sad state of affairs...
Last but not least, a few months ago, Peter Roff, a contributing editor at U.S. News & World Report, expressed the following:
There are very few people in the environmental movement that seem to care about the number of birds and other species of flying animals who are being decapitated in mid-flight by giant turbines spinning in the breeze. They also don’t seem to care that wind, which is already unreliable because it doesn’t blow all the time, is also more costly to generate than electricity produced though already proven means, such as natural gas and nuclear power. What they care about is the way the Wind Production Tax Credit makes wind energy attractive on the bottom line, not because it is profitable but because of the way the profits and losses line up against the tax credits.

Roff then pointed to a recent statement by President Obama's billionaire buddy Warren Buffet: "For example, on wind energy, we get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit." This special tax break –– the Production Tax Credit (PTC), which is really a "wolf in sheep's clothing," expired at the end of 203, but stay tuned, because Big Wind has been frantically trying to get it revived and the battle over its extension is still underway.

What about offshore wind farms?

Considering that Cape Wind is America's first offshore wind farm, let's take a look at our friends over at the United Kingdom (UK). In his July 2014 piece, Renewable energy is not working, Matt Ridley (author and columnist for The UK Times), while addressing offshore wind, notes the following:
Britain is the world leader, meaning we are the only ones foolish enough to pay the huge subsidies (treble the going rate for electricity) to lure foreign companies into tackling the challenge of erecting and maintaining 700ft metal towers in stormy seas. The good news is that the budget for subsidising offshore wind has almost run out. The bad news is that it is already costing us billions a year and ruining coastal views.
James Delingpole at Breitbart London, wrote another thrilling explanation of this wind energy phenomenon few weeks ago: 
Up until now, offshore wind farms had been widely considered by many experts to be about the most pointlessly extravagant and inefficient form of energy generation short of paying Olympic athlete Mo Farah £1 million an hour to run inside a giant, jewel-encrusted hamster wheel attached to a turbine.

Besides being wildly expensive (so heavily subsidised by compulsory levies that they cost six times more than coal energy) they are also: shortlived (because it's hard to erect such large mechanical structures in such hostile terrain); subject to declining efficiency; they kill an average 110-330 birds per turbine per year; they blight the view from the coast; they disrupt shipping; they kill whales and other marine life; they drive up energy prices; they increase fuel poverty; they enrich rent-seekers; they require vast pylons to carry their costly, intermittent energy from the sea across the land.

But once again, none of that matters because, according to exciting new research from Britain, the Netherlands and the United States –– a report in the new issue of Current Biology, states that offshore wind farms are “good” because of… wait for it… barnacles!


A Look Back at the Energy Department's Clean-Energy Portfolio

When the president released his 2012 aggressive and controversial Climate Action Plan, he called for spending more taxpayer money as well as additional environmental power. This included the Energy Department's loan program that was set to “devote as much as $8 billion to helping industries like coal and oil make cleaner energy,” wrote the New York Times.

The DOE's Loan Guarantee Program has been a main focus throughout my work, and it’s worth repeating that it consists of three separate programs: Section 1703, Section 1705, and the Advanced Technology Vehicles Manufacturing (ATVM). Both Section 1703 and the ATVM programs were established during the Bush administration, meanwhile Section 1705 was created by the 2009-Recovery Act –– the trillion-dollar spending bill that was sold as a means to save our economy from the brink of disaster and create American jobs. The stimulus bill was jammed-packed full of clean-energy provisions, of which about 10 percent ($100 billion) of the monies were earmarked for renewable energy.

However, we now know that the stimulus package was far from that: It was a "key tool for advancing clean-energy goals and fulfilling a number of campaign commitments," as exposed by a 57-page, “Sensitive & Confidential” memo written by economist Larry Summers to Obama in December 2008.

Initially, between 2009 and 2011, the DOE guaranteed $34.7 billion of taxpayer money to 33 clean-energy projects. However, at this point, and not counting Cape Wind, the Energy Department has doled out 32.4 billion of taxpayer money to 31 clean-energy projects.


 Section 1703 

A large chunk of the DOE's budget was earmarked for nuclear projects, of which $10.33 billion in energy loans went out to the following two projects: 

  • In May 2010, the Department of Energy offered a conditional commitment for a $2 billion loan guarantee to AREVA Enrichment Services, LLC (a French company) to support the Eagle Rock Enrichment Facility (EREF) in Idaho Falls, ID. This project is supposed to support 310 permanent jobs as well as 1,000 temporary construction jobs. 
  • In February 2010, $8.33 billion went to fund Plant Vogtle project to support 800 permanent and 3,500 temporary construction jobs –– which is a basically a Southern Company deal. According to SC site, "The Vogtle Electric Generating Plant, located near Waynesboro in eastern Georgia near the South Carolina border, is jointly owned by Georgia Power (45.7%), Oglethorpe Power Corporation (30%), Municipal Electric Authority of Georgia (22.7%) and Dalton Utilities (1.6%). "
In my July 2013 Green Corruption File, I noted that both companies have direct ties to the president and other high-powered Democrats. However, what is not widely known is that the White House  pressured these two loans and they were "POTUS" approved. In the meantime, both projects have been plagued with issues and are still not producing any energy at this time.

Advanced Technology Vehicles Manufacturing

In August of 2013, with more than $15 billion in remaining authority, the Energy Department announced plans to reopen the ATVM loan program. This program became infamous for dishing out five loans (out of over 100 applicants) at the cost of $8.4 billion to three politically connected auto companies. Meanwhile "both Ford Motor Co. and Nissan were heavily engaged in negotiations with the Obama administration over fuel economy standards for model years 2012-2016 at the time DOE was considering their applications."

Thus far the ATVM loan program has fostered two losers: Fisker Automotive, which was also "junk" rated (loss: $160 million) and Vehicle Production Group (loss: $50 million), while touting the continually subsidized (both federal and state) billionaire's electric-car company Tesla Motors as a success.

The Stimulus-created 1705 Section 

It is the now expired stimulus section of the DOE's loan program that has gained the most scrutiny. Still, the Energy Department has always claimed that the loans were based on "merit." However, in March 2012, the House Oversight and Government Reform Committee proved otherwise when they unleashed a damaging report exposing the fact that the DOE had doled out in excess of $16 billion to 26 projects (out of 460 applications submitted), of which 22 of the loans were rated “Junk" grade due to their poor credit quality. "The remaining ended up on lowest end of the investment grade of categories, giving the DOE’s 1705 loan portfolio an overall average of BB-."

By October 2013, the DOE closed two defunct stimulus loan guarantees: Prologis that was awarded $1.4 billion for Project Amp and SoloPower Inc for $197 million. SoloPower, which experienced serious issues from the onset (all documented in my April 2013 file), did receive taxpayer money from the state of Oregon.


Sweetheart Deals: The DOE’s four risky and "deadly" stimulus wind projects priced at over $1.6 billion went to Dem Cronies

The DOE's stimulus loans also funded four risky wind projects, which also snagged a substantial amount of free cash from the 1603 stimulus grant program. These were chronicled in my January 2013 post, noting the carnage, cronyism and corruption behind Big Wind and these particular subsidies.

#1) Caithness Shepherds Flat
  • Rating BBB- by Fitch; Oct 2010
  • Taxpayer Money: received a partial guarantee of $1.3 billion in Oct 2010 for Gilliam and Morrow Counties, OR.
  • Jobs: 35 permanent /400 construction
  • Status: operational 
#2) Granite Reliable
  • Rating BB by Fitch; Sept 2011
  • Taxpayer Money: received a partial guarantee of $168.9 million in September 2011 for a wind project in Coos, NH,
  • May 23, 2012 received over a $56 million 1603 grant for "wind in New Hampshire" [docket #4217 –– $56,201,202].
  • Jobs: 6/198
  • Status: operational 
#3) Kahuku Wind Power, LLC, a project of First Wind in Kahuku Oahu, HI,
  • Rating BB+ by Fitch; July 2010
  • Taxpayer Money: was granted a $117 million loan in July 2010, And then on February 3, 2012 this same project received a 1603 grant­ for over $35 million [docket #2594 –- $35,148,839].
  • Jobs: 10/200
  • Status: operational 
#4) Record Hill Wind
  • Rating BB+ by S&P; Aug 2011
  • Taxpayer Money received a $102 million loan, announced in March 2011, and it was finalized in August 2011 for a wind project in Roxbury, ME, and on June 8, 2012 they scored a 1603 grant for over $33 million for “wind in Maine” [docket #3044 –– 33,736,709].
  • Jobs: 8/200
  • Status: operational 
Since it all began, and as of January 2014, three stimulus-funded projects have already gone down: Solyndra (loss: $570.4 million), Beacon Power (loss: $67.4 million), and Abound Solar (loss: $494.3 million). Meanwhile, the Energy Department violated the stimulus law and bailed out at least four green-energy projects/companies, costing taxpayers over $7.5 billion. There are also quite a few that have been problematic since receiving these loans and now we have eight that are still not generating energy –– clean, green, alternative, renewable, or otherwise.

American Green Jobs 

Considering that the stimulus and the Left's green revolution was sold as an American jobs creator, it's worth repeating that the reality is that tens-of-billions of American tax dollars have directly funded foreign-owned entities, while many stimulus-backed firms were snatched up for dirt cheap by other countries  –– with even green jobs being shipped overseas.

From the beginning, the DOE has exaggerated, manipulated (with hypocrisy in the loop) the number of green jobs as created, saved, indirect and direct as well as supported and induced, and even "touching lives."  Even if you trust the Energy Department's calculation of 55,000, you'll discover that the majority, 33,000, is from Ford Motor Company's $5.9 billion DOE ATVM loan.

The May 2013 report by the Institute for Energy Research (IER) gives insight into the DOE's dismal reality on green jobs: "The Department of Energy has spent nearly $26 billion since 2009 on its Section 1703 and 1705 loan programs. However, these two programs only yielded 2,308 permanent jobs — meaning the cost to taxpayers was $11.25 million per job," recorded the Daily Caller. Even if you take out SoloPower and Prologis (money spent and the jobs created), that leaves $24.7 billion tax dollars and 1806 jobs, which calculates to about $13.7 million per job. 

To be fair, since it was the 2009-Recovery Act that the Obama administration promised as a jobs creator, we'll count only the stimulus-created 1705 loans. After eliminating SoloPower and Prologis, this program that once was at $16 billion, so far cost taxpayers about $14.4 billion and only generated 696 jobs –– about $20 million per job.  


Energy Department Fueled by Cronyism, Corporate Welfare, and Corruption

So what do Americans get out from the Energy Department's wheeling and dealing?

Those benefiting aren’t taxpayers, ratepayers or even small businesses. They are those that bankrolled Obama’s campaigns: big bundlers, members of his National Finance Committee, as well as large and current donors to the Democratic Party.

The Obama administration, with “green” loans, grants and special tax credits, has been subsidizing millionaires and billionaires, predominately from the Left, whose each individual "carbon footprint" is bigger than my entire city –– and all with friends in high places, gaining more wealth off the backs of hard-working American taxpayers.

Along the way, these loans and other green government subsidies have fueled corporate welfare, which not only includes Big Wind, but Wall Street, Big Venture Capitalists, Big Banks, and Big Energy, while catering to special interests groups, top DC lobbyists and powerful left-wing think tanks. 
Between constant tracking of the green energy stimulus spending as well as the Energy Department's loan program, I've studied House Oversight reports and hearings as well as Energy Department internal emails, and much more. The smoking gun was unleashed in October 2012 (a Memorandum, Appendix I and the 350+ page Appendix II), where the evidence proves that none of this was an accident.

Inside this particular email dump, there are plenty of references to the president, POTUS, the White House, the "7th floor," and "the Hill." More disturbing is that contrary to House Oversight testimonies by DOE officials, those inside the DOE were rushing the approval of the DOE loans –– a fast track process imposed at the POTUS level, yet they were met with resistance by the Treasury as well as the Office of Management and Budget (OMB), amongst others involved in the deal making process.

Let's not forget that on Friday October 26, 2012, President Obama told a local Denver, Colorado news anchor that decisions made in the loan program office are “decisions, by the way, that are made by the Department of Energy, they have nothing to do with politics.”

As it turns out, these emails reveal that many of the DOE loans were rushed and approved for political reasons –– visits, speeches, announcements, photo ops, and talking points for the president as well as for the purpose of helping those connected to the companies seeking the loans –– CEO's, investors, and Democrat politicians, which goes beyond subsidizing Nevada companies in order to help Senate Majority Leader Harry Reid win his 2010 reelection campaign.

These bombshell emails also expose the cozy relationships DOE officials and advisors had during the loan review process with loan applicants and their CEO's, lobbyists, and investors, etc. It's no surprise that they had meetings and calls with DOE officials and Energy Secretary Chu, but there are documented meetings and calls with the president, VP, and WH as well as plenty of "green fraternizing" going on –– bike riding, coffee meetings, sleepovers, "beer summits," Al Gore parties, dinners, Democrat fundraisers, and so on.

If the past is any indicator on how the Energy Department Loan Guarantee Program has operated under the Obama regime, and as they continue to gamble with taxpayer money, we can expect more cronyism, corporate welfare, corruption and failure to erupt out of the ashes –– including the Cape Wind offshore wind project.

We'll be watching....