Crony Capitalism: Relative Of Pelosi Receives $737 Billion ‘Green Jobs’ Loan

Crony Capitalism:  Relative Of Pelosi Receives $737 Billion ‘Green Jobs’ Loan Image

The Obama administration is rounding up all of the change it can find to give to well connected Democrats.  It’s not his change though.  It’s your change!  Under the Obama administration crony capitalism is alive and well!

I have commented on crony capitalism before:

Crony capitalism can be described as a so-called partnership between businesses and government to help promote the agenda of the “common good.”  It’s a game that is only played by the elites.  For those with the right connections this rigged game can be very beneficial.  Everyone else is left to fend for themselves.  Don’t worry – the elites will do their best to make decisions in your best interests.  You can trust them!

In general crony capitalism is done with as much mud in the water as possible.  That way it makes it very difficult for anyone to find out that someone is passing along special favors and inside perks to their supportive corporate donors.  And if someone does find out it is extremely difficult to actually prove any wrongdoing.  With all of the bureaucracies, regulations, government incentive programs, etc. it isn’t that hard to influence a favorable outcome for one of your close friend’s companies that supports your agenda.  Take the story of Solyndra for example:

If Solyndra was the only example I could list it would only be a half a billion dollar issue.  It’s a disgusting waste of taxpayer dollars, but in the overall scheme of things its relatively small.  But Solyndra is not an isolated case.  It is just the latest major example with rock solid evidence to back up the corruption behind Obama’s crony capitalism machine.  I’ve written about a few examples before, but the case where Nancy Pelosi’s brother-in-law received a $737 million “green jobs” loan is even more ‘in your face.’  From The Blaze:

Via Mark Hemingway of The Weekly Standard, it has been revealed that the Department of Energy went ahead and approved $1 billion in new loans to green energy companies — including a $737 million loan guarantee to a company known as SolarReserve.

“SolarReserve LLC, a closely held renewable energy developer, received a $737 million U.S. Energy Department loan guarantee to build a solar-thermal project in Nevada,” reports Bloomberg.”The 110-megawatt Crescent Dunes project, near Tonopah, Nevada, will use the sun’s heat to create steam that drives a turbine, the agency said today in a e-mailed statement. SolarReserve is based in Santa Monica, California.”

On SolarReserve’s website is a list of “investment partners,“ including the ”PCG Clean Energy & Technology Fund (East) LLC.”

As blogger American Glob quickly discovered, and Hemingway points out, PCG’s number two is none other than “Ronald Pelosi, a San Francisco political insider and financial industry polymath who happens to be the brother-in-law of Nancy Pelosi, the Minority Leader of the United States House of Representatives.”

Suspicious?  You bet it is!  In the above example some point out that Ronald Pelosi does not stand to profit from the loan, but that is besides the point.  There are plenty of questions that need to be answered about the relationship of the loan and the political connections of the parties involved.  Taxpayer dollars should never be used to pay back political favors.  Yet, as Solyndra and SolarReserve show that is exactly what is going on.

The worst part about all of this is that these are just the ones we know about.  Imagine how many under-the-table deals are going on that is not public knowledge.  A quick solution to this problem is to end subsidies, but that would require Obama and Congress to develop common sense and come up with “real solutions.”

Doesn’t this make you feel even better about Obama’s relentless effort to raise taxes?