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| Economy |
| Robert Kennedy, Jr.’s ‘Green’ Company Scored $1.4 Billion Taxpayer Bailout |
| 2011-11-16 |
| President John F. KennedyÂ’s nephew, Robert Kennedy, Jr., netted a $1.4 billion bailout for his company, BrightSource, through a loan guarantee issued by a former employee-turned Department of Energy official. ItÂ’s just one more in a string of eye-opening revelations by investigative journalist and Breitbart editor Peter Schweizer in his explosive new book, Throw Them All Out. The details of how BrightSource managed to land its ten-figure taxpayer bailout have yet to emerge fully. However, one clue might be found in the person of Sanjay Wagle. Wagle was one of the principals in KennedyÂ’s firm who raised money for Barack ObamaÂ’s 2008 presidential campaign. When Obama won the White House, Wagle was installed at the Department of Energy (DOE), advising on energy grants. From an objective vantage point, investing taxpayer monies in BrightSource was a risky proposition at the time. In 2010, BrightSource, whose largest shareholder is KennedyÂ’s VantagePoint Partners, was up to its eyes in $1.8 billion of debt obligations and had lost $71.6 million on its paltry $13.5 million of revenue. Even before BrightSource rattled its tin cup in front of ObamaÂ’s DOE, the company made it known publicly that its survival hinged on successfully completing the Ivanpah Solar Electrical System, which would become the largest solar plant in the world, on federal lands in California. So it isn't just the Pelosis who are in on this solar scam |
| Posted by:Eohippus Phater7165 |
| #4 Nice to know (most already knew), that these F-Wads were burrowing in and getting themselves embedded for huge profit skimming. I've been seething for a decade; there's absolutely no end in sight to their perfidy. |
| Posted by: Angoper Smith4384 2011-11-16 22:36 |
| #3 google has invested $100M in the company also. Brightsource has had some success selling their products to large oil companies who use it to make steam for enhanced oil recovery. The project that scored the $1.4 B loan (not grant) is a risky one. It scales up the existing plant design by more than an order of magnitude. Also, the number of permanent jobs will be about 100 not the figure that Breitbart uses. |
| Posted by: Lord Garth 2011-11-16 21:34 |
| #2 ...long stints at the Greybar Hotel too? Sounds a lot like grand theft to me. |
| Posted by: Ebbang Uluque6305 2011-11-16 20:38 |
| #1 "Throw them all out!" Advice appropriate for the times. How about pitchforks, tar and feathers, long stints at the Greybar Hotel too? |
| Posted by: JohnQC 2011-11-16 16:47 |