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  • Kennedy Jr. Gets Taxpayer Cash for "Green" Company

    Americans have heard all about how the Obama Administration gave a $535 million loan guarantee to the now-bankrupt solar company Solyndra, but details are emerging about others who have won a windfall on the taxpayers’ dime. The latest example? President John F. Kennedy’s nephew, Robert Kennedy, Jr., who secured a $1.4 billion bailout for his company, BrightSource, possibly through political connections.

    BigGovernment.com reports on the story which was uncovered by Breitbart editor Peter Schweizer in his 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 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.

    Even before BrightSource rattled its tin cup in front of Obama’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.

    The report comes just as Energy Secretary Steven Chu is set to testify before Congress on the Obama Administration’s energy subsidy program. Despite Solyndra’s failure and intense criticism of the program, Chu still defends it, as NPR reports:

    The government should play a role in this because it’s a competitive world out there. Other countries are helping their companies. In order to even just level the playing field, the U.S. government should play a role.

    Heritage’s Nick Loris, though, says these kinds of loan guarantees promote crony capitalism and should be scrapped:

    There are two kinds of companies that seek loan guarantees: (1) those that are economically uncompetitive, and (2) those that can be competitive. The former need loan guarantees to stay alive. But as we’ve seen with Solyndra, even they will eventually fail. For those that can be competitive, loan guarantees are nothing more than handouts that pad their bottom lines. Neither case can be justified.

    Read more about how and why Congress should eliminate these subsidies in Loris’ paper, No More Energy Subsidies: Prevent the New, Repeal the Old.

    Posted in Featured [slideshow_deploy]

    14 Responses to Kennedy Jr. Gets Taxpayer Cash for "Green" Company

    1. Cash for pension says:

      I have got to say this an absolute joke, $1.4 billion, with all the expenditure of the wars, what about helping out the pension plans

    2. Mike says:

      The number of thieves just keeps getting larger. Stop giving them your money!

    3. Bolsterde says:

      Our president and his Czars should all be charged with criminal behavior (theft and empressement) after first being "fired."

      • FmrUSMCRnTX says:

        Well, it's "the Chicago way" after all…..they're a bunch of crooks & radicals! Many of us knew that in 2008….and the left-wing supporters of Obama & Co. cqlled us every vile & filthy name imagineable when we pointed out the history of this guy….who never had a real job, never did anything for the country, simply voted "present" most of the time. He promised "transparency" and "accountability. And now we have Solyndra, all the rest of this green energy garbage, and the horrible DOJ/BATFE obmanation called "Operations Gun-Runner & Fast and Furious" that this bunch is doing all it can to cover up! Despicable! :(

    4. Daver says:

      Where in the Constitution are these loan guarantees authorized?
      This is an illegal transfer of taxpayer money to FOG (Friends Of Gov't)

      When we attended the very first TEA Party Demonstrations and the agenda had not yet been co-oped by Dick Armey and others–it was exactly these type of expenditures that many of us were so adamantly against, that we took up signs and protested for the first times in our lives.

      I don't care if you are a DEM or wayward Republican, support for these illegal, ill-concieved, and un-necessary programs will result in your defeat in the 2012 elections. Bet on it!!

    5. rholland says:

      And yet you will never hear any of this from the MSM sources. Especially BSNBC.

    6. Johnny says:

      Just take the money out of Social Security.

    7. FmrUSMCRnTX says:

      This whole so-called "green energy" deal, promulgated by Al "I invented the internet" Gore and other liars, supported by junk scientists is notihng but a scam! What our current administration is doing is ripping off we the taxpayers and flushing our money through a large fire hose to their political cronies and financial supporters….like Solyndra! Meantime we're giving taxpayer money to China? It's insanity! :(

    8. Al Metcalf says:

      Sooner or later, we the people, will have to enforce the Constitution and our oath to it. We must protect the Constitution from all enemies, both FOREIGN AND DOMESTIC. It just so happens that all Republics have been brought down from Enemies Within. And we are on the same track.
      Wake up folks, an unarmed public is an invitation to tyranny…. of the Mob. Today our leader is a Community Organizer turned President and he is still doing what he has always done. He is destabilizing the United States. He is still a Community Organizer and it is not the U.S. he is organizing. He is moving HIS Peeps into more powerful positions over 'we the people'.
      What do you thing he is going to do after the election? If out of office he will lead his people in the riots in the streets.
      If he is still in office we will be under direct attack more than ever and the first things to go will be our weapons of defense. Remember what he thinks about "hanging on to our religion and guns", we have had plenty of warnings spoken directly from his lips. We need to start paying attention…..

    9. Jeanne Stotler says:

      The most corrupt and sneaky administration I can remember. Years ago they complained about nepotism, now we should take steps to outlaw cronyism and plug the hole that allows members of Congress to get rich doing what an average tax-payer would go to jail for. We need to pass an amendment that Congress needs to live by and obey the laws the impose on us.

    10. markATL says:

      All of this on federal lands in Calif. Hope no desert turtles were hurt

    11. haroldson says:

      more hand outs by the worlds most generous person. Obama the freeloading president of the USA. The fasted hands in the world when it comes to passing out the American tax payers hard earned cash. million dollar vacations for the missus and kidies and any thing else as long as it does no good for any of the people who are paying those taxes, Well how long until we are a one star rating or a bad risk.,no one in the government will do any thin,g. They are one three things, In this farce with him. scared of what ever is backing him. maybe they are all just as crooked as obama and his cabinet is, One thing for sure we got to get rid of hi before he finishes off our country

    12. Bobbie says:

      "we all have to sacrifice!!" …wink wink! …right, Mr. President?

    13. Amber says:

      Does anyone proof-read before they post their comments? I'd really love to read the thoughts and ideas from other posters, but so far it's hard to read, much less understand what the heck most of these posters are trying to say? What good is your comment if it's so full of errors that it doesn't make one bit of sense?

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