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September 29, 2011
ABC News: Obama Fundraisers Tied to Green Firms That Got Federal Cash
Topics: Political News and commentariesABC News has got me wondering what's going on over there - they've actually been reporting on the Obama administration's numerous excursions into what Charles Krauthammer calls lemon socialism and crony capitalism.
ABC News reports:
[...] Several of Barack Obama's top campaign supporters went from soliciting political contributions to working from within the Energy Department as it showered billions in taxpayer-backed stimulus money on alternative energy firms, ABC News and iWatch News have learned.Read the whole piece to the very end.One of them was Steven J. Spinner, a high-tech consultant and energy investor who raised at least $500,000 for the candidate. He became one of Energy Secretary Steven Chu's key loan program advisors while his wife's law firm represented a number of companies that had applied for loans.
Recovery Act records show Allison Spinner's law firm, Wilson Sonsini Goodrich & Rosati, received $2.4 million in federal funds for legal fees related to the $535 million Energy Department loan guarantee to Solyndra, a solar company whose financial meltdown has prompted multiple investigations. She pledged to take no portion of the money and did not work on the loan applications.
As House Republicans step up their probe of the Obama administration's green-energy loan program in the wake of Solyndra's bankruptcy, a key focus -- and open question -- is whether the president's political supporters had any hand in influencing which companies received the taxpayer support.
'Lemon socialism' and 'crony capitalism', indeed. Washington kleptocrats deciding which are the industries of the future, juxtaposed with the corruption of the process. A case of the socialist idea of experts over the markets made all the worse by cronyism and corruption. Both are hallmarks of the Obama administration, having taken both to levels not seen since Ulysses S. Grant was president in less than 3 years.
Related: More solar companies led by Democratic donors received federal loan guarantees
Posted by Hyscience at September 29, 2011 10:01 AM
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