Obama’s Green Corruption — Billions of Dollars in Taxpayer Money to His Democrat “Friends”

July 30, 2012

One of the biggest scandals of the Obama presidency has yet to be exposed in its entirety…

The Solyndra Saga is just the tip of the iceberg –– cronyism and corruption are the driving forces behind the tens of billions of green-energy (taxpayer) dollars (loans, grants, etc.) –– the majority going to President Obama and Democrat “friends.”

Obama’s Green Corruption is the largest, most expensive and deceptive case of crony capitalism in American history.

I have been “following the green-energy money” (close to $100 billion dollars) since the passing of the 2009 stimulus package…

…and, early this morning –– a subscriber of The Washington Free Beacon, one of the few that has their eye on Green Cronyism –– I found this headline, “Bundler of Sunshine: Obama Bundler’s Husband Has Received More Than a Billion in DOE Solar Loans.”

Yep, NRG snagged two major DOE loans that by the way, were on the “Junk bond” portfolio that I had written about last month –– NRG with two green projects:

* NRG Solar, LLC (Agua Caliente) –– Rating BB+ by Fitch; Aug 2011 for $967 million

* NRG Energy (California Valley Solar Ranch) –– Rating BB+ by Fitch; Sept 2011 over $1.2 billion

NOTES on the Agua Caliente Project:

* DOE announced a $967 million loan guarantee to NRG in August 2011 for its $1.8 billion Agua Caliente Solar Project.

* NRG acquired the Agua Caliente Solar Project from First Solar on August 5, 2011, as DOE announced the loan. First Solar is a Goldman Sachs investment, and Goldman Sachs –– #2 top Obama 2008 donor with two Bundlers and other donors –– has their DNA all over “green!”

* Buffett’s MidAmerican Energy bought a 49 percent stake in NRG’s Agua Caliente project in December 2011.

* Electricity from Agua Caliente will be sold under a 25-year power purchase agreement with Pacific Gas and Electric Co. (another Big Energy firm making BANK off of green energy, including government subsidies that just so happens to be politically connected to the president and the Democrat party), helping California to meet its ambitious renewable energy goals.

Also, PG&E’s whose former employee, Cathy Zoi –– a former was a DOE Official rife with “green conflicts of interest” –– until she left the Obama administration in February 2011 to join Silver Lake Kraftwerk, a private equity fund financed by the controversial left-wing billionaire George Soros!

And, as revealed by The Washington Free Beacon, “the multiple DOE loans did not stop NRG Energy from reporting a first-quarter 2012 loss of $206 million.” “Even so, NRG has recently expanded its operations…”

However, NRG has many, or are connected to green projects that are being funded by taxpayer green cash.

* NRG Energy is part of a project dubbed Project Amp, which in September 2011 received a partial DOE loan guarantee for a whopping $1.4 billion.

As reported by Forbes last June, Project Amp will be built over four years and financed by Bank of America Merrill Lynch and owned by industrial real estate firm Prologis.

NRG Energy will invest in the first 15-megawatt phase of the rollout with an option on the remaining phases. Also, Project Amp’s application was submitted by the lender-applicant, Bank of America Merrill Lynch, under the Financial Institution Partnership Program (FIPP). Keep in mind that Project Amp was also on the “DOE junk bond portfolio” with a BB rating by Fitch in Sept 2011.

* “NRG Energy is building an engineering marvel… The project (set between LA and San Francisco) is a compound of nearly a million solar panels that will produce enough electricity to power about 100,000 homes,” whereas “taxpayers and ratepayers are providing subsidies worth almost as much as the entire $1.6 billion cost of the project.

* In fact, according to The Boston Globe November 2011 piece, Clean energy projects powered by massive subsidies –– “NRG, along with partners, ultimately secured $5.2 billion in federal loan guarantees plus hundreds of millions in other subsidies for four large solar projects.”

* Also, according the Green Street Journal in October 2010, “NRG Energy, Inc. (NYSE: NRG), through its wholly owned subsidiary, NRG Solar, executed a letter of intent to partner with BrightSource Energy to construct, finance, own and operate the largest solar thermal project in the world, the 392-megawatt (MW) Ivanpah Solar Electric Generating System in southeastern California’s Mojave Desert.

NRG Solar plans to become the lead investor in Ivanpah, investing up to $300 million over the next three years.” This is the same project that belongs to BrightSource Energy –– complete with a long list of meaningful political ties that I exposed just last week in another BREAKING story –– was also on the “DOE Junk bond portfolio” (BrightSource Energy, Inc with three projects; two Rating BB+ by Fitch and the other Rating BB by Fitch; Apr 2011) that snagged a whopping $1.6 billion taxpayer funded “bailout,” and is also expected to receive Treasury grants once the project is complete.

With over eleven projects listed at NRG Solar alone, and NRG Energy with over 50 “Generation Assets” across the nation that not only include solar, but also natural gas, wind, coal, nuclear, and oil, the full count of government subsidies that have gone to NRG Energy are probably still unclear. As a Citizen Watchdog, this is what I have uncovered at this time, however, the political connections are damaging to the Obama administration.

GEORGE SOROS

While Patrick Howley notes the following meaningful political connections: Arie Few –– 2012 Obama Bundler, and her husband Jason Few, Executive Vice President and Chief Customer Officer of NRG Energy and President of Reliant as well as Warren Buffet’s (an Obama buddy) stake in NRG Energy, he missed the other BIG GREEN FISH in this green-energy scheme, George Soros…

Soros –– a 2008 Obama Donor through Soros Fund Management was #15 on the Obama’s Top 20 Contributors to Obama’s Campaign Cmte and Leadership PAC.

Most damning is the fact that Soros is connected to many companies that benefited from the 2009 Stimulus package that HE helped craft, including alternative energy. The big green winners that I tracked are American Electric Power AEP (Soros bought 1.5 million shares) and NRG Energy (Soros bought 500,000 shares of NRG Energy).

According to Wynton Hall in an interview over at Stephen K. Bannon’s Victory Sessions a while back…

Billionaire George Soros gave advice and direction on how President Obama should allocate so-called “stimulus” money in a series of regular private meetings and consultations with White House senior advisers even as Soros was making investments in areas affected by the stimulus program.

It’s just one more revelation featured in the blockbuster new book that continues to rock Washington,Throw Them All Out, authored by Breitbart News editor Peter Schweizer.

Mr. Soros met with Mr. Obama’s top economist on February 25, 2009 and twice more with senior officials in the Old Executive Office Building on March 24th and 25th as the stimulus plan was being crafted. Later, Mr. Soros also participated in discussions on financial reform.

Then, in the first quarter of 2009, Mr. Soros went on a stock buying spree in companies that ultimately benefited from the federal stimulus.

* Soros doubled his holdings in medical manufacturer Hologic, a company that benefited from stimulus spending on medical systems

* Soros tripled his holdings in fiber channel and software maker Emulus, a company that wound up scoring a large amount of federal funds going to infrastructure spending

* Soros bought 210,000 shares in Cisco Systems, which came up big in the stimulus lottery

* Soros also bought Extreme Networks, which, months later, said it was expanding broadband to rural America “as part of President Obama’s broadband strategy”

* Soros bought 1.5 million shares in American Electric Power, a company Mr. Obama gave $1 billion to in June 2009

* Soros bought shares in utility company Ameren, which bagged a $540 million Department of Energy loan

* Soros bought 250,000 shares of Public Service Enterprise Group,500,000 shares of NRG Energy, and almost a million shares of Entergy—all companies that came up winners in the Department of Energy taxpayer giveaway that produced the Solyndra debacle

* Soros bought into BioFuel Energy, a company that benefitted when the EPA announced a regulation on ethanol

* Soros bought Powerspan in April 2009. Just weeks later, the clean-energy company landed $100 million from the Department of Energy

* In the second quarter of 2009, Soros bought education technology giant Blackboard, which became a big recipient of education stimulus money

* Soros also bought Burlington Northern Santa Fe and CSX, both beneficiaries of Mr. Obama’s plans for revitalizing the railroads

* Soros bought Cognizant Technology Solutions, which scored stimulus funds in education and health care technology

* Soros also bought 300,000 shares of Constellation Energy Group and 4.6 million shares of Covanta, both of which landed taxpayers’ money through the stimulus, the former of which bagged $200 million

Also, Soros (and Warren Buffet) stand to benefit from “rejection of the Keystone Pipeline” as well as the Nat Gas Act. Plus, “President Obama recently (to expedite this natural gas boom) decided to form an interagency natural gas council run by Cecilia Muñoz, a former community organizer with La Raza and White House bureaucrat with deep ties to George Soros.”

BANK OF AMERICA/MERRILL LYNCH

It should be noted that Bank of America/Merrill Lynch were both on the Top 2008 Obama Donors list –– and besides the San Francisco-based ProLogis project that got a $1.4 billion DOE loan guarantee, of which Bank of America Merrill Lynch and NRG Energy, were announced as investors, we do know that Big Banks have invested in “green!”

In fact, Bank of America/Merrill Lynch is heavily invested in “green” (BAML Renewable Energy Finance) and through their Renewable Energy Finance section, we can confirm NextEra Energy is part of their “wind energy assets” — Deals and Transactions. NextEra Energy, of which the CEO Lewis Hay sits on Obama’s Job Council, was a huge DOE winner of two large solar loans: $852 million and $1.46 billion, both of these projects were also on the “DOE Junk bond portfolio.”

There are more BofA/Merrill Lynch green investments, one in particular,”A $1 billion plan to put solar panels on 160,000 U.S. military-base homes was collapsing in September after a $344 million U.S. Department of Energy loan guarantee fell through.

Bank of America Corp. (BAC) stepped up to finance the effort headed by SolarCity Corp”–– the same Green Corporation, complete with meaningful political ties like Google, who back in June 2011 invested, a Top 2008 Obama Donor.

However, in the wake of the Solyndra Saga, the DOE loan was “rejected” / “rescinded” At any rate, that was as of September 2011 –– after all billions of dollars in “green subsidies” have been rapidly doled out by various government agencies, the majority going to Obama and Democrat Cronies!

Resources:

1. My three years of Green Corruption research 2. Schweizer’s Throw Them All Out book 3. The Washington Free Beacon and others linked here 4. Open Secrets “2008 Obama donations” ––– Top 20 Contributors to Barack Obama 2008 Election Cycle 5. Open Secrets: Barack Obama: Top 100 Contributors to Campaign Cmte

Stay tuned, this Green Corruption scandal is huge, and I’m just getting started…Your Citizen Watchdog on the “green front”. calfit32@gmail.com Christine Lakatos

From:  http://greencorruption.blogspot.com/2012/05/breaking-nrg-energy-on-doe-cronyism-hot.html

 

 

 

 


Obama Approves Transfer of Sensitive Space Technology to Red China, Ignores Law

July 24, 2012

The Obama administration recently notified Congress that it has agreed to license exports of sensitive U.S. space technology to China from a U.S. company that was fined in the past for illegally supplying space support that improved Chinese ballistic missiles.

The State Department’s Directorate of Defense Trade Controls, the unit that licenses exports of sensitive technology, notified House and Senate leaders on Wednesday of plans to go ahead with an export license for a deal between Space Systems/Loral and AsiaSat, a company owned in part by a Chinese state-run investment company linked to past satellite deals in the 1990s.

Additionally, U.S. government reports indicate that China’s People’s Liberation Army, which is currently engaged in a major space warfare program that involves anti-satellite missiles and lasers, used AsiaSat communications satellites in the past.

An intelligence report produced by the National Air and Space Intelligence Center stated that AsiaSat satellites were used by the People’s Liberation Army for military-related communications.

Congressional investigators who have been probing the Loral-AsiaSat deal since earlier this year are questioning whether it is legal under U.S. export laws and restrictions on transfers to China.

Documents obtained by the Free Beacon reveal that the Obama administration appeared to ignore two U.S. laws prohibiting space cooperation with China. They include sanctions against selling military goods to China imposed after the 1989 Tiananmen Square massacre by Chinese military forces, and a 1999 law requiring all space exports to China to be treated as military transfers.

The State Department justified its approval of the Loral license as permitted under the 1992 U.S.-Hong Kong Policy Act, which the department said exempts Hong Kong from other U.S. laws restricting exports of space technology and defense goods to China. The British colony reverted to Beijing control in 1997.

Investigators determined that AsiaSat is owned under a joint venture between General Electric Co. and state-owned China International Trust and Investment Corporation (CITIC). The two companies set up AsiaSat in the British Virgin Islands and named it Bowenvale Ltd.

GE’s plan to create the joint venture as a 50-50 ownership structure was opposed by State’s Office of Defense Trade Controls Compliance in 2007. Instead the ownership was structured so that GE and CITIC each owned 37.2 percent, with the remaining 25.6 percent ownership sold as stock on the Hong Kong exchange.

The State Department opposed the 50-50 ownership split over concerns it could give China a potential controlling interest.

However, congressional investigators also learned in June that AsiaSat plans to privatize the publicly held portion of the company in an apparent bid to avoid regulatory sanctions and compliance obligations of public companies.

The State Department told investigators in response that it held discussions with AsiaSat and agreed AsiaSat would not allow the privatized stock shares to be purchased by Chinese or other entities restricted from gaining access to U.S. space technology.

David S. Adams, assistant secretary of state for legislative affairs, stated in a July 18 letter to Senate Foreign Relations Committee chairman Sen. John Kerry and House Foreign Relations Committee Chairman Rep. Ileana Ros-Lehtinen and their minority counterparts that unless Congress objects, the export license will be issued for the $263.4 million deal between Loral and Asia Satellite Telecommunications Co., Ltd (AsiaSat) and its Hong Kong representative, Barry Turner, a Canadian resident of Hong Kong. Thailand’s Thaicom Public Co., Ltd. also is part of the deal.

Congress has 28 days to decide whether or not to block the sale.

A spokesman for the House Foreign Affairs Committee said the panel is reviewing the notification. A Kerry spokeswoman had no immediate comment.

Loral spokeswoman Wendy Lewis said: “Space Systems/Loral is very rigorous in our compliance with export control regulations.”

According to U.S. officials, the export license will permit the transfer of what the congressional notification describes as “defense articles, including technical data, and defense services necessary for the post-preliminary design review design, manufacturing and delivery phases of AsiaSat 6 commercial communications satellite program.”

The satellite will provide commercial communications for India, Philippines, Australia, New Zealand, Indonesia, and China, and the Pacific region.

According to congressional investigators, the State Department also sought to dismiss concerns about the Chinese military’s use of AsiaSat satellites. A department official stated that if the AsiaSat communications satellite is commercial in nature and had no military-hosted payload, it is not viewed as having “military-related purposes,” and thus U.S. space cooperation would not be banned under U.S. laws.

Only if intelligence data showed that AsiaSat had allowed the Chinese military to put payloads on its satellites would enforcement action be taken, the State official said.

The license to AsiaSat is being carried out under the Arms Export Control Act, and is part of the Obama administration program of seeking a major loosening of export controls of sensitive technology.

Critics opposed to loosening export controls have said the new policy will help China’s large-scale military buildup, specifically its space warfare programs.

A joint State Department-Pentagon report made public in April warned that U.S. plans to loosen controls on satellite exports will boost China’s space warfare capabilities.

Because of close ties between Chinese civilian and military space development, there is a “high likelihood that space-related items and technology will be diverted from a civil use and applied to military programs,” under relaxed U.S. export controls, the report said.

“As China advances in operational space capabilities, it is actively focusing on how to destroy, disrupt, or deny U.S. access to our own space assets,” the report said.

The report said China is building several new classes of offensive missiles, upgrading older missile systems, and “developing space-based methods to counter ballistic missile defenses of the United States and our allies, including anti-satellite (ASAT) weapons.”

From:  http://freebeacon.com/obamas-lost-in-space/


Thanks, Obama! Nearly 1 in 10 Employers Already Plan to Drop Health Care for Employees Once Obamacare Kicks In

July 24, 2012

About one in 10 employers plan to drop health coverage when key provisions of the new health care law kick in less than two years from now, according to a survey to be released Tuesday by the consulting company Deloitte.

 Nine percent of companies said they expect to stop offering coverage to their workers in the next one to three years, the Wall Street Journal reported. Around 81 percent said they would continue providing benefits and 10 percent said they weren’t sure.

The companies, though, said a lot will depend on how future provisions of the law unfold, since most of the key parts are scheduled to take effect in 2014. One in three respondents said they could stop offering coverage if the law requires them to provide more generous benefits than they do now, if a tax on high-cost plans takes effect in 2018 as scheduled or if they decide it would be cheaper for them to pay the penalty for not providing insurance.

While small business don’t face fines for failing to offer coverage, companies with 50 or more full time employees face a penalty starting at $2,000 per worker.

Deloitte conducted the study between February and April — before the Supreme Court upheld most of the law — and surveyed corporate and human-resources executives from 560 companies currently offering benefits.

In contrast, the Congressional Budget Office has estimated that around seven percent of workers could lose coverage under the law by 2019.

From:  http://www.washingtontimes.com/blog/inside-politics/2012/jul/24/nearly-one-10-employers-drop-health-coverage/


Thanks, Obama! Obamacare Has $5 Billion More In Taxes Than Expected, Including $1.5 Billion in Worker Taxes

July 24, 2012

Business owners will pay $4 billion more in taxes under President Obama’s Affordable Care Act (ACA)  than the Congressional Budget Office had previously expected.

 “According to the updated estimates, the amount of deficit reduction from penalty payments and other effects on tax revenues under the ACA will be $5 billion more than previously estimated,” the CBO reported today. “That change primarily effects a $4 billion increase in collections from such payments by employers, a $1 billion increase in such payments by individuals, and an increase of less than $500 million in tax revenues stemming from a small reduction in employment-based coverage, which will lead to a larger share of total compensation taking the form of taxable wages and salaries and a smaller share taking the form of nontaxable health benefits.”

In short, CBO revised the Obamacare tax burden upward by $4 billion for businesses and $1 billion to $1.5 billion for individual workers.

CBO couldn’t help but bump into Chief Justice John Roberts controversial decision uphold the individual mandate as a constitutional exercise of Congress’s taxing power. The report dubs the individual mandate a “penalty tax” — that is, “a penalty paid to the Treasury by taxpayers when they file their tax returns and enforced by the Internal Revenue Service.”

From:  http://washingtonexaminer.com/cbo-to-employers-obamacare-has-4b-more-in-taxes-than-expected/article/2503013


Obama Delusional: Says Americans “More Confident” Under His Leadership, Has Kept His Promises

July 24, 2012

“Because we’re leading around the world, people have a new attitude toward America. There’s more confidence in our leadership. We see it everywhere we go,” President Obama said at the Veterans of Foreign Wars convention in Reno.

“Four years ago, I stood before you at a time of great challenge for our nation. We were engaged in two wars. Al Qaeda was entrenched in their safe havens in Pakistan. Many of our alliances were frayed. Our standing in the world had suffered. We were in the worst recession of our lifetimes. Around the world, some questioned whether the United States still had the capacity to lead,” Obama said earlier in his speech.

“So, four years ago, I made you a promise. I pledged to take the fight to our enemies, and renew our leadership in the world. As President, that’s what I’ve done. And as you reflect on recent years, as we look ahead to the challenges we face as a nation and the leadership that’s required, you don’t just have my words, you have my deeds. You have my track record. You have the promises I’ve made and the promises that I’ve kept,” he said.

From:  http://www.realclearpolitics.com/video/2012/07/23/obama_under_me_people_have_a_new_attitude_toward_america_and_more_confidence.html


Thanks, Obama! Unemployment Rates Rise in 27 States

July 20, 2012

WASHINGTON – Unemployment rates rose in 27 states last month, the most in almost a year.

The Labor Department said Friday that unemployment rates fell in 11 states and Washington, D.C. — the fewest declines since August. Rates were unchanged in 12 states.

On Wednesday, a survey by the nation’s 12 Federal Reserve banks said hiring was “tepid” in most of its districts in June and early July. And manufacturing weakened in most regions.

Retail sales fell in June for the third straight month, the government said this week. That led many economists to downgrade their estimates for growth in the April-June quarter. Many think it will be even slower than the first quarter’s scant 1.9% annual pace.

From:  http://www.usatoday.com/money/economy/story/2012-07-20/state-unemployment-rates-june/56364086/1


Obama’s Jobs Council Hasn’t Met In 6 Months – Obama Too Busy Says Press Secretary

July 18, 2012

President Barack Obama’s Jobs Council hasn’t met publicly for six months, even as the issue of job creation dominates the 2012 election.

According to Obama’s press secretary Jay Carney, “Obama obviously has a lot on his plate, but he continues to solicit information and advice from numerous folks outside the administration about the economy, about ideas he can act on with Congress or administratively.”

At this point, the hiatus — which reached the half-year mark Tuesday — might be less awkward than an official meeting, given the hornet’s nest of issues that could sting Obama and the council members if the private-sector panel gets together.

For starters, there’s the discomfort many business leaders may feel in appearing to embrace the president with his reelection bid in full swing.

Then, there’s the fact that some members of the commission have conspicuously declined to endorse him. And that Obama has conspicuously declined to endorse some of their recommendations. And that some of what Obama won’t endorse has been warmly embraced by Republicans, including likely GOP presidential nominee Mitt Romney.

To cap it all off, several of the companies whose CEOs serve on the panel are involved to some extent in outsourcing — a fact that could undercut the ferocious attack Obama and his campaign are mounting on Romney over his alleged ties to the practice.

A spokeswoman for Romney’s campaign, Andrea Saul, criticized Obama for failing to meet more regularly with the CEOs on his Jobs Council.

“With a half-million jobs lost since President Obama took office, he would be well served to spend more time listening to job creators about what it’s going to take to get the American economy growing again,” Saul said Tuesday in response to a query from POLITICO. “Instead, he’s spent the last two weeks talking about raising taxes on job creation and attacking a central recommendation of his Jobs Council for fundamental tax reform of the kind Gov. Romney has proposed.”

There are other headaches as well.

Another executive on the council, Robert Wolf of UBS, works for a Swiss bank, reported by the Times’s Dealbook blog to be the next target of a Justice Department probe into the alleged manipulation of benchmark interest rates for mortgages and other loans. Wolf has also been pressured by other UBS executives to limit his appearances with Obama, the blog reported last month.

Excerpted from: http://www.politico.com/news/stories/0712/78637.html