|Posted by Zachary Woodman on November 1, 2011 at 9:35 PM|
NextEra Energy, a green-energy company in California, has received $2 billion loan guarantee from the Obama administration in August. In addition, the firm is the largest producer of wind and solar energy in North America.
However, similar to the other green energy cronies who received loans with astronomically low interest rates (most of which have failed or are failing), NextEra Energy has a rather corrupt link to the Obama administration. NextEra’s CEO, Lewis Hey sits on Obama’s council of economic advisers. That’s right, this company’s CEO works for the Obama administration, and is receiving billions of taxpayer dollars. No corruption here.
This is seriously similar to other corrupt scandals of this administration. Solyndra, which received $535 million from the administration in 2009, despite questions about its success, has now gone bankrupt. It’s the same with Beacon Power, another green energy firm, which received $43 million and is now bankrupt. $1.37 billion was given to BrightSource energy, who’s CEO is a Commerce Department chief under Obama, despite the fact that there are questions over whether BrightSource’s new technologies will even work and it has $161 million over the last three years. In addition, a PCG-linked project in Nevada has gotten $737 million in taxpayer funds, yet will only create 45 permanent jobs. In addition, Nancy Pelosi’s brother sits on the board of PCG.
The Federal Financing Bank, which is under investigation by the Federal Reserve’s inspector general for misuse of public funds, has given several low-interest rate loans, at as low as .89% out to several companies which have failed and have corrupt links to Obama. Including Abound Solar who receives 60% of its funds, not from profit, but from the taxpayers. The difference is that NextEra, to be fair, has turned out significant profits.
However the corruption is inevitable, now countless green energy firms are being given subsidies—most of which don’t work—at a time when our debt eclipses the size of our economy for corrupt links to the Obama administration. This is crony socialism; it is corruption at its worst, and at your expense. The government shouldn’t even be able to pick winners and losers; not only because it is a massive invasion into the private sector and liberty, but because it can’t and shouldn’t as it is with other people’s money, namely the taxpayer, without their consent and, therefore, the government has no discretion. Not to mention the corruption entailed, as proven over and over again.
This massive intrusion into the private sector and reprehensible failed corruption at your and your children’s expense must cease if we hope to maintain virtue and liberty in this country.
Berger, Jason. “Jobs Panel Member Whose Solar Firm Won Loan Guarantees Raises 'Conflict of Interest' Concerns.” FoxNews.com. Fox News, LLC: 1 November 2011. http://www.foxnews.com/politics/2011/11/01/jobs-panel-member-whose-solar-firm-won-2b-loan-raises-conflict-interest/#ixzz1cVXDUbZw.1 November 2011.