Tag Archives: Solyndra

Crony Capitalism

As part of Obama’s stimulus program vast sums of government money are being handed out in the way of “green loans”. The latest of these was awarded to a company called SolarReserve. SolarReserve will benefit from $737 million, for the development of a solar-thermal project in the Nevada desert.

However, what has now become apparent is that one of the company’s “investment partners” is the PCG Clean Energy and Technology Fund, and that the PCG’s number two is Ronald Pelosi, San Francisco political insider and financial expert, who is also the brother-in-law of Nancy Pelosi, the Minority Leader of the House of Representatives.

This comes in the wake of the Solyndra scandal. Solyndra executives contributed generously to Obama’s 2008 campaign, and one of Solyndra’s biggest investors, George Kaiser, was a frequent visitor to the White House, as well as a generous contributor to the Obama campaign.

It also appears that another investment partner of SolarReserve is Argonaut Private Equity, and the Managing Director of Argonaut Private Equity also served on the board of Solyndra.

As well as these connections between big money Obama supporters and government loan approvals there is yet more! Obama will soon hold a fundraiser at the home of  the prominent Missouri Democrat Tom Carnahan. Carnahan and his family have also contributed heavily to Obama’s 2008 campaign; and Carnahan is also the director of the Wind Capital Group. Last year, Wind Capital’s Lost Creek Farm facility in northwest Missouri received a $107 million tax credit from the Treasury.

With so much money being given to companies with close ties to Obama, is it little surprise people are asking questions and wondering if this does not speak of corruption within the democratic party and governing  administration?