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September 12, 2011

Greenmail: "Green" Companies Hotbed For Graft and Insider-Dealing

It's all about the green, and by green, I mean sweet, sweet government nobody's-paying-attention money.

Three more examples (and more at the link):

Al Gore acolyte Cathy Zoi was Obama's assistant secretary for energy efficiency and renewable energy while her husband was an executive at a company that received direct subsidies from the Obama administration and profited from the Cash-for-Caulkers bill Zoi's division implemented. Zoi has since left DOE to run a clean-tech hedge fund owned in large part by Democratic mega-donor George Soros.

A group of Democratic operatives have formed an investment company called U.S. Renewable Energy Group, or US-REG, which seems to exist for the sake of buying green-tech companies, and then helping them get subsidies. In at least one case, US-REG appeared to be a U.S. beard for a Chinese company seeking U.S. dollars to make wind turbines in China.

The Department of Energy's inspector general has repeatedly found that a loan program created by the 2005 energy bill and expanded by Obama's stimulus falls short on transparency and accountability.

Does no one in the Democratic Party get this? If I create a government subsidy for ghost hunting technology, I will create dozens of ghost-hunting-tech firms within days, as everyone gets aboard the gravy train.

This is not a good thing. Ghosts do not exist, and this money will soon be lost.


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posted by Ace at 05:49 PM

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