November 16, 2011

Nice work if you can get it - the Kennedys

From Wynton Hall writing at Breitbart's Big Government:
Robert Kennedy, Jr.�s �Green� Company Scored $1.4 Billion Taxpayer Bailout
President John F. Kennedy�s nephew, Robert Kennedy, Jr., netted a $1.4 billion bailout for his company, BrightSource, through a loan guarantee issued by a former employee-turned Department of Energy official.

It�s just one more in a string of eye-opening revelations by investigative journalist and Breitbart editor Peter Schweizer in his explosive new book, Throw Them All Out.

The details of how BrightSource managed to land its ten-figure taxpayer bailout have yet to emerge fully. However, one clue might be found in the person of Sanjay Wagle.

Wagle was one of the principals in Kennedy�s firm who raised money for Barack Obama�s 2008 presidential campaign. When Obama won the White House, Wagle was installed at the Department of Energy (DOE), advising on energy grants.

From an objective vantage point, investing taxpayer monies in BrightSource was a risky proposition at the time. In 2010, BrightSource, whose largest shareholder is Kennedy�s VantagePoint Partners, was up to its eyes in $1.8 billion of debt obligations and had lost $71.6 million on its paltry $13.5 million of revenue.

Even before BrightSource rattled its tin cup in front of Obama�s DOE, the company made it known publicly that its survival hinged on successfully completing the Ivanpah Solar Electrical System, which would become the largest solar plant in the world, on federal lands in California.
Makes Tamany Hall or the Chicago Machine look like chump change. Posted by DaveH at November 16, 2011 10:01 PM
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