Green Corruption: Department of Energy “Junk Loans” and Cronyism, Part One

While the media was “tripping out” over Energy Secretary Chu giving himself “an A grade on controlling the cost of gasoline at the pump” during his testimony before a House panel last month, they missed the real scandal!

As insulting as that seems (especially since gas prices have doubled under Chu’s watch), Gene Koprowski of The Daily Caller unleashed the most outrageous part of the House Oversight’s investigation –– “Obama energy officials funded solar firms despite ‘junk bond’ ratings from S&P and Fitch.” Koprowski detailed the Department of Energy’s (DOE) lack of caution in backing hundreds of millions of dollars in loans for “tainted solar power projects.” Also documented are “other dramatic abuses at the green energy firms,” the most egregious being those firms which, received DOE funding, went bankrupt, “but not before paying their executives bonuses.”

In fact, the report released last month by the Committee on Oversight and Government Reform (led by CA Representative, Darrell Issa) “painted a startling picture of mismanagement at the Department of Energy.” The most damaging is that of the 27 loan guarantees under the 1705 program, of which the DOE doled out in excess of $16 billion, “23 of the loans were rated “Junk grade” due to their poor credit quality, while the other four were rated BBB, which is at the lowest end of the ‘investment’ grade of categories.” According to Issa’s Team, the DOE’s 1705 loan portfolio overall average was BB-.” Now, I’m no financial guru, but I wouldn’t want that grade on my report card.

Read more. 

Comments

  1. Robert says:

    Chicago politics at its best. This is what thugs from Chicago do.

  2. Christine says:

    Thanks for posting –– such a huge scandal with more on its way…

  3. When a person or organization is corrupt then it only follows that everyone involved is corrupt , the " EPA " is definitely corrupted and should be sanitized .

  4. ThePowerHour with Joyce Riley.
    ^^MUST LISTENING^^

  5. josephine says:

    I am not actually dealing with people who are corrupt and that is why i am leaving like this in a simple life, in a simple environment and etc…

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