We can only hope Mr.Chu makes it to the hearing on Capital Hill regarding the nonsense that has been going on in his fiefdom and he will have an explantion. Billions going out the door in “bad bets” as stated by Obama. For sure, let this item come up for review. Bye bye Nobel Prize winner, time to exit stage left.
A new book by Hoover Institution fellow Peter Schweizer details the startling extent of the cronyism that has pervaded President Obama’s “green jobs” push. According to Schweizer,4 out of every 5 renewable energy companies backed by the Energy Department was “run by or primarily owned by Obama financial backers.”H/T:Expose Obama
Hot Air has a great update on the story and links to an interview with Chu- you will laugh yourself silly:
Via William Amos, a sneak preview of what Chu’s planning to tell Congress on Thursday. My favorite part is when he claims that no one at his level was aware of the political affiliations of Solyndra’s backers, even though we now know from e-mails written by George Kaiser himself that Kaiser talked to people in the White House about Solyndra.
Doug Ross spotted the relevant excerpt of Schweizer’s book
When President-elect Obama came to Washington in late 2008,he was outspoken about the need for an economic stimulus to revive a struggling economy… After he was sworn in as president,he proclaimed that taxpayer money would assuredly not be doled out to political friends…
…But an examination of grants and guaranteed loans offered by just one stimulus program run by the Department of Energy,for alternative-energy projects,is stunning. The so-called 1705 Loan Guarantee Program and the 1603 Grant Program channeled billions of dollars to all sorts of energy companies…
…In the 1705 government-backed-loan program [alone],for example, $16.4 billion of the $20.5 billion in loans granted as of Sept. 15 went to companies either run by or primarily owned by Obama financial backers—individuals who were bundlers,members of Obama’s National Finance Committee,or large donors to the Democratic Party. The grant and guaranteed-loan recipients were early backers of Obama before he ran for president,people who continued to give to his campaigns and exclusively to the Democratic Party in the years leading up to 2008. Their political largesse is probably the best investment they ever made in alternative energy. It brought them returns many times over….
Read more.