The Mother of all cronyism. How many government funded boondoggles like Solyndra and this one, do we need to see before the majority of voters realize that anything that needs to be subsidized by government isn’t going to be successful.
Adding insult to fiscal injury is that this massive amount of taxpayer money is being handed over to Nancy Pelosi’s brother-in-law, Ronald Pelosi. Nancy Pelosi is one of the wealthiest people in Congress. I guess we need to keep the government payouts and corruption in a few privileged families.
Another aspect of this money giveaway that seems suspicious is that this giant solar project is to be build in the Nevada desert. Wasn’t there just an attempted Federal Government land grab in the Nevada desert?
From UK Daily Mail:
Nancy Pelosi is facing accusations of cronyism after a solar energy project, which her brother-in-law has a stake in, landed a $737 million loan guarantee from the Department of Energy, despite the growing Solyndra scandal.
The massive loan agreement is raising new concerns about the use of taxpayers’ money as vast sums are invested in technology similar to that of the doomed energy project.
The investment has intensified the debate over the effectiveness of solar energy as a major power source.
The SolarReserve project is backed by an energy investment fund where the Minority Leader’s brother-in-law Ronald Pelosi is second in command.
PCG Clean Energy & Technology Fund (East) LLC is listed as one of the investors in the project that has been given the staggering loan, which even dwarfs that given to failed company Solyndra.
Other investors include one of the major investors in Solyndra, which is run by one of the directors of Solyndra.
Steve Mitchell, who served on the board of directors at the bankrupt energy company, is also managing director of Argonaut Private Equity, which has invested in the latest project.
Since Solyndra has filed for bankruptcy has been asked to testify about the goings on at the firm by two members of the House and ‘asked to provide documents to Congress’.
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