More 'Green' For Donor EnergyPosted 06:33 PM ET
Solargate: Despite Solyndra, the administration shovels another billion out the door before the deadline as the lists of politically connected companies feeding at the public trough expands. Seems the sun also corrupts.
Follow the money, it has been said, and you'll find out all you need to know. Two days before the expiration of the program that funneled $535 million to a failing but donor-connected Solyndra, another billion dollars was rushed to two more solar energy companies. That money could have repaired more than a few crumbling bridges.
You'd think the program would have been suspended until the administration found out what went wrong. Unless, of course, the program was functioning exactly as intended — to spread the wealth around with an emphasis on Democratic Party donors.
On Wednesday, Energy Secretary Steven Chu said his department had completed a $737 million loan guarantee to Tonopah Solar Energy for a 110-megawatt solar tower on federal land near Tonopah, Nev., and a $337 million loan guarantee for Sempra Energy to develop a 150-megawatt solar plant near Phoenix.
Known as the Crescent Dunes Solar Energy Project, the Tonopah facility in Nevada's Nye County has had the long and enthusiastic support of favorite son and Senate Majority Leader Harry Reid.
According to the Daily Caller, which reports that the White House was asking that inquiries about the new projects be directed to the Democratic National Committee, SolarReserve LLC of Santa Monica, Calif., parent of Tonopah, has ties to George Kaiser, the Oklahoma billionaire who, through his Argonaut Private Equity Firm, was the major investor in Solyndra. Kaiser raised $53,000 for President Obama's campaign in 2008.
The Daily Caller notes that Kaiser's Argonaut company has a vote on SolarReserve's board of directors. His name is Steve Mitchell, who also serves on Solyndra's board of directors. Other SolarReserve board members have contributed heavily to President Obama's campaign and the Democratic Party.
Board member James McDermott has contributed $61,500 to various Democratic campaigns since 2008, including $30,800 to President Obama's campaign. Fellow board member Lee Bailey has given $21,850 since 2008 to Democratic candidates including Obama, Reid and California Sen. Barbara Boxer.
Interestingly, among the 5,000 creditors listed by Solyndra in its bankruptcy filing is the California Democratic Party, which claims not to know why. Perhaps it forgets the $7,500 donation made to the party by Solyndra, according to the Washington Times. Solyndra's headquarters are in Fremont, Calif. Again, SolarReserve, the parent company of Tonopah, is based in the Golden State.
In addition to Kaiser's efforts, Solyndra employees also donated $20,800 to federal candidates and committees since 2006, according to the Center for Responsive Politics. Of that amount, 72% went to Democrats, 27% to Republicans and 1% to Libertarians.
Another solar energy company, First Solar Inc., has received $2.1 billion in loan guarantees from the Department of Energy. Its founder, Chairman Michael Ahern, who, according to Reuters, cashed in $68.6 million of First Solar stock last month, has, along with his wife, donated $123,650 to the Democratic Party and its candidates in the last three election cycles, mostly in Arizona.
Financial investment website The Motley Fool notes that First Solar faces a bleak financial future. Its stock has plummeted from a peak of $170.80 a share in February to around $65 currently. Another Solyndra may be looming.
Solyndra was the third U.S. solar manufacturer to fail in a single month. SpectraWatt Inc., a solar company backed by units of Intel Corp. and Goldman Sachs Group Inc., filed for bankruptcy protection on Aug. 19, and Evergreen Solar went Chapter 11 on Aug. 15.
The administration's corrupt energy policy is as bankrupt as many of the "winners" it has picked that have turned out to be losers. |
