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  • More Obama Donors Benefit From USDA's Latest Loan Guarantee

    The U.S. Department of Agriculture has awarded a large loan guarantee to a biofuel company whose investors donated handsome sums to the Obama campaign. Some of them have even visited the White House to discuss federal job-creation efforts.

    Taxpayers will guarantee a $105 million loan for Fulcrum Sierra BioFuels, a project of Fulcrum Bioenergy of Pleasanton, CA. The loan guarantee will be administered by the Department of Agriculture through its Rural Development Biorefinery Assistance Program.

    While the USDA loan programs have not received as much attention as the Energy Department’s, Fulcrum’s political connections may fuel allegations of cronyism in the Obama administration’s continued green energy “investment.”

    Fulcrum was founded by James McDermott, a venture capitalist who has reportedly donated more than $60,000 to Democratic campaigns since 2008, including $30,800 to Obama himself.

    McDermott, who currently serves on Fulcrum’s board, is a managing director of one of its top investors, U.S. Renewables Group, a California-based venture capital firm that also invested in SolarReserve, a company backed by the Energy Department. Another managing director, Lee Bailey, has given more than $20,000 to Democratic campaigns since 2008.

    Another major Fulcrum investor, Rustic Canyon Partners, is also staffed by some major Obama contributors. Founding partner Tom Unterman has bundled between $150,000 and $300,000 for Obama’s two presidential campaigns. FEC records show that he and his wife Janet have themselves donated more than $500,000 to political campaigns and groups since 2008, all of them Democratic.

    Fulcrum is listed as one of Unterman’s investments on Rustic Canyon’s website.

    Unterman and Rustic Canyon Managing Partner Nate Redmond, who donated $1,800 to Obama’s 2008 campaign, both visited the White House in June to discuss innovation and economic growth with senior staffers. White House visitor logs show Unterman also attended a St. Patrick’s Day event in 2009 hosted by the president.

    Posted in Scribe [slideshow_deploy]

    4 Responses to More Obama Donors Benefit From USDA's Latest Loan Guarantee

    1. Bobbie says:

      There is absolutely no interest in America. This man is only interested in spending America's money on his own special interests that conflict with all American values, principles, dignity. Any man in the highest position of a country working against the expectations of the people he pretends he's serving is obviously an enemy!

      • joan says:

        A while ago I read Nancy Pelosi's brother in law was involved in a California solar energy company, with a plan to build it in "dirty lyingiHarry's" Nevada. Is there any connection to Fulcrum?

    2. Nate Lynch says:

      It's "business" as usual with this Administration. Talk about Return On Investment – a $30,800 "investment" given to Obama yields $105 Million given back to him from the White House. That's a whopping ROI!

    3. wallyworkswell says:

      The American people(the landlord of the office of the Presidency) are now awaiting the judgement of the court(The voting by American citizens 11/6/12) for a vacate order or a re-instatement order! In the mean time: the Tenant Barack H. Obama as President of the United States is officially making moves at his determined will! What will the state of the Apartment (the united States of America) be?

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