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November 16, 2011

Robert Kennedy, Jr.'s BrightSource Lands $1.4 Billion Bailout

So? It's a green company. And he's a Kennedy. From Big Government:

President John F. Kennedy’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.

. . .

Wagle was one of the principals in Kennedy’s firm who raised money for Barack Obama’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 Kennedy’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.

We guaranteed loans for an ailing company, and a former employee of Kennedy helped decide whether BrightSource got the money. Sweet.

Obama supporter: It's good work if you can get it.

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posted by rdbrewer at 05:24 PM

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