Report: $737 Million ‘Green Jobs’ Loan Given to Company Affiliated with Pelosi’s Bro-in-Law
- Posted on September 29, 2011 at 2:53pm by
Becket Adams
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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.”
One of SolarReserve’s other investment partners is Argonaut Private Equity.
“Steve Mitchell and Argonaut Private Equity might have a chance to recoup some of their losses in the Solyndra debacle now that the Department of Energy has given a $737 million dollar loan guarantee to a company backed by Argonaut that also lists Mitchell among its board of directors,” reports Joel Gehrke of The Washington Examiner
How would Mitchell be able to “recoup some of the losses” suffered in the Solyndra debacle?
Turns out, Mitchell had served on the Solyndra Board of Directors (and what a great job he did there). Not surprisingly, he serves as Managing Director for Argonaut Private Equity, a company that invested in Solyndra through the LLCs parent company.
After Solyndra went under, two Democratic members of the U.S. House asked that Mitchell testify about Solyndra. Though he has not appeared before Congress, he has “been asked to provide documents to Congress” pertaining to Solyndra.
But why not emphasize some more favoritism just for good measure?
How about this: Obama is also about to hold a big money fundraiser at the home of Tom Carnahan in St. Louis, according to stltoday.com,
Carnahan, a member of the prominent Missouri Democratic family, has been tapped by the Obama campaign as its chief Missouri fundraiser, reports the online news source.
“He is chairman of the board of Wind Capital Group, a wind energy company that makes it corporate headquarters in St. Louis. He formerly was president and CEO of the company.”
Last year, Wind Capital’s Lost Creek Farm facility in northwest Missouri received a $107 million tax credit from the Treasury Department, among many such wind operations receiving support from from stimulus funds. Tom Carnahan is the son of former Missouri governor Mel Carnahan and former U.S. senator Jean Carnahan. He is also the brother of current Missouri secretary of state, Robin Carnahan.
It would seem that it is getting to the point where politicians do not even care if Americans make these connections. The glaring favoritism in Washington, D.C. has reached new levels of audacious shamelessness.
Update: Versions of this story have come under fire for implying that Pelosi (or family members) stood to profit directly from the loan. Although The Blaze never claimed that Nancy Pelosi or Ron Pelosi would monetarily benefit from the loan, there are some useful clarifications that should be made.
Ronald Pelosi is an executive at Pacific Corporate Group, one of the private equity firms that have plugged more than $100 million into SolarReserve. However, he personally will not benefit from the loan, reports Dan Primack of Fortune. His report continues:
Ronald Pelosi joined PCG this past spring, whereas the firm first invested in SolarReserve three years ago. More importantly, Ronald Pelosi does not have a financial interest in the fund that houses SolarReserve. If the fund generates big profits on its investment, Pelosi gets nothing. If the fund’s investment gets wiped out, Pelosi‘s bank account won’t take a hit.
Moreover, a PCG spokesman insists that no member of the firm had any contact with the White House about the SolarReserve loan.
Ronald Pelosi’s political contacts [may] have been a reason why he was hired by PCG, but not from a federal perspective. The firm has been indirectly caught up in a California pay-to-play scandal, which resulted in it getting fired last fall by the state’s largest pension fund. If Pelosi is supposed to get PCG back in political good graces, it’s a local issue.
By the author’s own admission, there are enough elements to the story to question the motives behind the awarding of the loan. While neither of the Pelosis stand to gain financially from the transaction, the existing political connections and the nature of the industry the loan went to should still raise some eyebrows.
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Comments (213)
jakartaman
Posted on September 29, 2011 at 3:17pmNothing to see here folks
Just keep moving along!
With all these green loan scams and fast and furious = where are the INDEPENDENT PROSECUTORS!!!!!
Report Post »There needs to be justice
Snowleopard {gallery of cat folks}
Posted on September 29, 2011 at 3:24pmWhy should this be a shock at all that the political cronism and Chicago bribery patterns of Obama and his Democratic allies happens?
The fact is very simple, they now feel there is no need to conceal their actions anymore; whether from the final end game being at hand for their seizure of power and control of the nation, or from straight out hubris I do not know for sure.
So long as the Democrats hold onto the Senate, White House and the DOJ nothing will be done to any of them that break the laws of the nation.
CatB
Posted on September 29, 2011 at 3:31pmThis is THE most corrupt administration I have ever seen … and that includes Nixon .. they make him look like a Boy Scout … STOP THIS INSANITY .. and people need to start going to PRISON!
TEA!
Report Post »mikem1969
Posted on September 29, 2011 at 3:42pmMore and more of their criminal actions are coming to light, but the DOJ does nothing. The entire white house needs to be jailed, every lib and progressive including rino’s needs to be jailed for fraud RIGHT FREAKING NOW.
Report Post »kindling
Posted on September 29, 2011 at 3:43pmWhy doesn’t Obama just give each FAMILY a million dollars and be done with it. Then the economy would jump start and people could go back to work because they would have money to buy things. Just stop imports from China.
Report Post »kindling
Posted on September 29, 2011 at 3:47pmOf course Nancy will be able to buy lots of stock and make BIG BUCKS before it goes out of business next year taking the tax payers with it. I think we need to take away all the money the congress makes buying and selling stock that they have insider information about. Nancy would go to jail if she was not in congress for what she has done and that goes for most of the rest of them.
Report Post »UPSETVET
Posted on September 29, 2011 at 3:49pmThis $737 million loan will disappear into thin air just like the Solynda fiasco. A banking audit of Nancy Pelosi’s accounts will show a hugh increase after the loan is made to her Brother-in-Law. How come the media isn’t investigating and exposing these crooks for what they are? Obama’s “transparency” isn’t very TRANSPARENT is it?
ishka4me
Posted on September 29, 2011 at 3:52pmfrom animal farm… No animals shall live in the house and eat meat …..except the pigs
Report Post »godlovinmom
Posted on September 29, 2011 at 3:58pmWhat a coincidence…not.
Report Post »paulusmaximus
Posted on September 29, 2011 at 4:03pmYES! That’s true.
Report Post »Edct
Posted on September 29, 2011 at 4:03pmWe need to elect new officials with term limits and throw all these crooked whores out of office….they are screwing the American people every day and it should make us all sick.
Report Post »michael48
Posted on September 29, 2011 at 4:06pm(D)= Dangerous…next…
Report Post »db321
Posted on September 29, 2011 at 4:56pmIn less than a week this story will go to the bottom of the page on the Blaze and eventually fall off – never to be heard from again by anyone. You know it goes right up to Obama – bigger than Watergate ever was.
Report Post »Anamah
Posted on September 29, 2011 at 4:58pmCall the police!!!
Report Post »oneshiner
Posted on September 29, 2011 at 5:00pmNothing new here. Nancy Pelosi has been skrewing the people of America ever since she realized she could get away with it. I’m still seething about nickle & dime stuff with her stocking our aircraft with One Hundred Thousand dollars, plus with booze to supply to her company aboard our airplane. All upper shelf too. She was never conservative with using our airplane, taking trips too often, even home.
Report Post »She knew how to use her power and unfortunately, got away with the kitchen sink and we sit here and complain and get nothing done with blatant liars, users, spendthrifts in our Gov’t. like Nancy Pelosi.
kraphtsman
Posted on September 29, 2011 at 5:14pmAfter the Obama DOJ gets flushed out in January 2013, you MIGHT see a Special Prosecutor (or two, or three, or four…….) look into these obviously corrupt backroom “green-sector/Democrat” money schemes.
In the meantime (unless the corrupt lamestream press starts reporting them the way they MOST DEFINITELY would be if the family and cronies of Republican politicians were on the receiving end of this graft) don’t hold your breath.
Report Post »Aviyah
Posted on September 29, 2011 at 5:46pm“Why doesn’t Obama just give each FAMILY a million dollars and be done with it.”
I am mystified as to why most folks are missing the obvious here.
Back in the beginning of the Tea Party movement, everybody was a member at some Ning site or other (many were members at several). During the push for the big stimulus package there was a post making the rounds which stated “if we spent a million dollars every day since Jesus was born we still wouldn’t have spent a trillion dollars”. Everyone knew at that time much of the stimulus funds would, somehow or other, actually be funnelled to Democratic re-election campaigns.
Well hello! That‘s what’s going on here people! In spite of the bad press regarding Solyndra, has this Administration taken a step back to re-evaluate the green initiative. Nay, IT’S FULL SPEED AHEAD! The economy was not stimulated even for a moment because that was just a ruse. The bulk of that stimulus was intended to stimulate the re-election campaigns of high ranking Democrats.
Never fear, Nancy‘s man doesn’t need the cash. But you can bet your arse Nancy’s husband is funneling stimulus cash back to the DNC.
Report Post »Applehead
Posted on September 29, 2011 at 6:17pmThe Dems are just a bunch of evil greedy dirtbags!!! Oh yea, Marxists too!!!
Report Post »American Woman
Posted on September 29, 2011 at 6:29pmMy thoughts exactly! Is there no one who will investigate?
Report Post »The10thAmendment
Posted on September 29, 2011 at 9:02pmNo surprise here. The problem is that America hasn’t shipped the wretched painted jezebel criminal to Alcatraz where the foraging dogs can eat her alive.
Report Post »banjarmon
Posted on September 29, 2011 at 11:39pmThe brown stuff will hit the fan soon…..
Report Post »uprising
Posted on September 30, 2011 at 12:09amCall me old fashioned. Public Hanging
Report Post »jb.kibs
Posted on September 30, 2011 at 12:15amwhat do we do?
there are 303,130,912 people in the US.
they’ve pissed away, 737 million for this scam. that’s 2 million a piece for every man, woman and child we could have had in our pockets…
they’ve pissed away 528 million for that Solyndra bankruptcy, which is, at least, another million a piece… that is 3 million we could all have right now, and will have to pay for, plus interest, because we NEED this stuff (whatever it is they are spending it on) so badly that without it we are dead. right? i hope it was worth 3 million dollars from every man, woman and child. because that’s what they just stole from you, just using these TWO examples…
over these few years, they have spent trillions… if they truly cared about us, and not their money laundering firms, then they would have gave it straight to us. because they took it from us in our name… think about it, how is taking your money helping you out? it isn’t… it can only hurt you…
Report Post »Jackers
Posted on September 30, 2011 at 8:06amJust follow the money… That’s what our political “representatives” are all about… Enriching themselves at our expense.
Report Post »CulperGang
Posted on September 30, 2011 at 12:14pmRight. Where are the prosecutors and why aren’t their property siezed via RICO and put back into the US treasury? ANS: 95% of elected people are complicit and are in office for what is in it for them. In short we/the country are run by Godless criminals. In every sector and institutions.
Report Post »When you had the WASPs/Catholics running the country, they had the fear of doing wrong(God) and the society was such that you could leave the doors of your house open. 80% of your politicians were honest and decent. Today 80% are criminals. Hence the country is now a third world like sewer.
godhead
Posted on September 30, 2011 at 6:06pmHalliburton, so y’all can STFU.
Report Post »Walkabout
Posted on September 29, 2011 at 3:15pmWe got lucky it was only $ 737 million.
If the Dems had raise the marginal tax rates higher Ronald Pelosi & others would have need 2 or 3 billion to make ends meet. They would have received more money form the government.
Raise taxes & we are squeezed. They pay the same tax rate but they increase the corruption so they are not squeezed.
Report Post »ROMANS 10-9
Posted on September 29, 2011 at 3:14pmJAIL Pelosi
JAIL Reed
JAIL Obama
Just South Of Heaven
Posted on September 29, 2011 at 3:23pmThat’s too good for them, i’ve got other ideas…
Report Post »CatB
Posted on September 29, 2011 at 3:39pmI agree .. for what they have done to the country and that taxpayers .. I can’t think of anything bad enough!
TEA!
Report Post »kindling
Posted on September 29, 2011 at 3:49pmMe too…….we need to go back to the values of the 1840s
Report Post »The10thAmendment
Posted on September 29, 2011 at 9:04pmJust South Of Heaven
Posted on September 29, 2011 at 3:23pm
That’s too good for them, i’ve got other ideas…
Report Post »————————————————————————————————————–
Old fashioned justice. Where do I sign up to dig the first couple feet to bury these freaks up to their neck on a fire ant hill?
hauschild
Posted on September 29, 2011 at 3:13pmIt‘s like a bad dream that isn’t a dream.
Report Post »Hoser
Posted on September 29, 2011 at 4:23pm@Hauschild – Precisely! Worse is that “they” will get away with it. I don’t want to sound cynical but this administration – like Bill and Hillary – should have been behind bars a long time ago. And they’re not. Nor will they be. All bases are covered, either by cronies in The Justice Department or in the MSM . . . or unfortunately by inept and naive republicans in the congress and senate who doesn‘t understand who they’re dealing with (Communist) and the unlawful audacity that never fails to bewilder and amaze the likes of you and me. In the end, nothing will happen.
Report Post »MadeintheUSA2
Posted on September 29, 2011 at 10:03pmDear Lord, I just ask that you have mercy on what is remaining of our country! Our leaders are causing us great harm–we plead that you open eyes wide-open to millions more people, so we can elect leaders that have integrity and true leadership skills. Bring to FULL light the fraud, lies, and deception that WE THE PEOPLE have endured at the hand of our ungodly, pathetic, greed-filled elected officials.
Give courage to those that have an outlet to speak in the national spot-light; pierce their conscience so they can bring stories like this out in the open. Those that have been blinded need to finally see the true condition of our once great country–if the awakening comes from you, then it WILL be effective and we WILL have a great chance of stopping the complete destruction of the USA!
Amen
Report Post »tobywil2
Posted on September 29, 2011 at 3:12pmThe money wasted on this scam could have provided the seed money for many fledgling companies that would grow into an Apple Computer or Ford Motor Company. This money in the hands of competent entrepreneurs could have produced untold wealth. Instead, it lined the pockets of a few political cronies. The Obama economic system click on http://commonsense21c.com/images/cronyism-2.jpg
Report Post »republapig
Posted on September 29, 2011 at 3:12pmWe need a french revolution, complete with guillotine.
Report Post »@leftfighter
Posted on September 29, 2011 at 3:16pmDo us a favor and put yourself in it first.
WRONG answer.
Report Post »timmishvon
Posted on September 29, 2011 at 3:22pmThat’s an extremely counterproductive suggestion. The Founders were appalled by what happened in France because nothing justifies sacrificing the civility of our society in order to carry out an offensive revolution such as the French Revolution. The American Revolution, on the other hand, was a defensive revolution which was very different because the colonists just wanted to be left alone and they were compelled to defend themselves after declaring their independence.
Report Post »FNG
Posted on September 29, 2011 at 8:31pmYou’re incorrect, my lil’ troll. We only need to vote.
Report Post »Carefreeflyer
Posted on September 29, 2011 at 3:10pmAll these solar companies are just slush funds for kickbacks to Obama and the Democrats.
Report Post »LimoDavid
Posted on September 29, 2011 at 3:20pmUm, I would have to lean with the ‘slush fund’ idea. It is another way for you and me to contribute to campaigns or PAC’s we would never, EVER consider contributing to. Thus we are continuing to perpetuate this disturbing cycle of payouts, kick backs, bail outs, cronyism, etc. CAREFREEFLYER, you are wise beyond your years. Keep up the good work. And/but spread it around!
Report Post »Walkabout
Posted on September 29, 2011 at 3:28pmExactly
Report Post »demiglaze
Posted on September 29, 2011 at 3:10pmIts his Chicago roots showing…….. Chicago doesn’t care about crony favoritism as long as they get theirs.
Report Post »But he’s on a bigger stage now..one he still doesn’t understand..
TeaPartyPatriot
Posted on September 29, 2011 at 3:08pmOne should note that crazy pelsoi’s relative (ron pelsoi) and several big donors to OBOZO are heading this solar boondoggle. Given the history of mental illness associated with pelsoi and her family, plus the solyndra fiasco, it doesn’t take much to figure out how this venture will end. – American taxpayers will be shafted again !
Report Post »IAMNOTKNOWING
Posted on September 29, 2011 at 3:13pmLet them enjoy it for about the next 2yrs.
After we elect Herman Cain and Allen West (Rubio’s ineligible to be Pres. in the event).. and Eric Holder is REMOVED!!, … I’d LOVE to see Vice President West bring them ALL up on charges, to include Nancy Pelosi, Maxime Waters, Harry Reid (for ALL his dirty dealings here in Nevada), and the rest.
Then… throw them all in prison.
Report Post »republic2011
Posted on September 29, 2011 at 3:07pmFrustration doesn’t come close to describing my feelings on this. All these people need to be put in jail. How do we get out of this mess? They are taking our tax dollars and making their buddies rich. Then, their buddies take off with the money and the companies go bankrupt. I would love to see the SEC filings for these companies. I wonder what salaries, bonuses and stock options these friends of our administration were pulling before the company went bankrupt. This is generational theft and they continue to do it – regardless if the American people see it or not.
Report Post »@leftfighter
Posted on September 29, 2011 at 3:13pmHuh. Crony Capitalism exists within the Democratic party. Imagine that.
You know- it‘s almost like they’re setting up a case that Capitalism doesn‘t work because of cronyism and that Socialism is the only way to go because they can’t even trust themselves.
Report Post »Popp40
Posted on September 29, 2011 at 3:07pmWhen are these people going to go to jail……really. Guess only us “peasants” or “subjects” go to jail for fraud.
Report Post »ressex
Posted on September 29, 2011 at 3:07pmDirtbags!
Report Post »progressiveslayer
Posted on September 29, 2011 at 3:07pmThis can’t be, no say it aint so,a democrat slush fund for the pigs to feed from the trough.Most people in congress became millionaires after getting into office,the reason most stay until they die.
Report Post »EqualJustice
Posted on September 29, 2011 at 3:06pmAND.. in Dirty Harry’s STATE, no less? Suspicious…
Report Post »cloudsofwar
Posted on September 29, 2011 at 3:17pmdirty harry got rich while in congress, as he says…. i made some good investments. the man should be an investment counciler.
Report Post »SREGN
Posted on September 29, 2011 at 3:05pmCroney socialism at its finest.
Report Post »Obama_Sham
Posted on September 29, 2011 at 3:13pm“Croney socialism”
I like that…
Report Post »georgeisn6
Posted on September 29, 2011 at 3:05pmWhat I would like to know is who is going to get the goverment payola to clean up the messes these boobdoggles are makeing out in the open spaces of our deserts. these things are going to fail because it will outherwise bankrupt this nation to keep subsudising this energy fools gold. When they fail these Obummer doners walk away, WHO IS GOING TO CLEAN UP THE MESS?
Report Post »atechgeek
Posted on September 29, 2011 at 3:03pmFire her and bring her up on charges .. totally unacceptable.
Report Post »Akbarjonnie Shaheed
Posted on September 29, 2011 at 3:02pmYep, she is shovel ready!
Report Post »DNC TALIBAN
Posted on September 29, 2011 at 3:02pmAnother slush fund for obama has been set up. I wonder how much money the will be bundled up and sent back to the obama re-electiob fund.
This makes me sick, by next year or sooner this company will be bankrupt like the other one is.
Report Post »Misha
Posted on September 29, 2011 at 3:02pmAwesome.
Report Post »Akbarjonnie Shaheed
Posted on September 29, 2011 at 3:02pmAmericans, Now how do you like them apples?? The den of thieves will suck you dry!
Report Post »scuba13
Posted on September 29, 2011 at 3:00pmAnd then it goes back to Obama through campaign contributions.
Report Post »HKS
Posted on September 29, 2011 at 3:08pmWow, nice scam this green thing. Throw money at nothing like there’s no tomorrow and account for nothing with no responsibility. I must say this may be the best scam of all time. Money is flowing to those players by the train load and the little people love to see it, they think their doing something good. Everybody wins, Is this a great country or what.
Report Post »riseandshine
Posted on September 29, 2011 at 3:20pmYep…that’s how the game is played….after they’ve enriched themselves….isn’t corruption great?
Report Post »JLGunner
Posted on September 29, 2011 at 3:00pm“We’ll find out whats in the baill after we pass it” makes more sense now.
Report Post »@leftfighter
Posted on September 29, 2011 at 3:17pmIsn’t that convenient. Nice catch.
Report Post »drago
Posted on September 29, 2011 at 2:59pmI am shocked………NOT!! Just another piglosi screwing Americans…….
Report Post »Gonzo
Posted on September 29, 2011 at 2:58pmIt‘s just a coincidence I’m sure. After all, Pelosi “drained the swamp” and Obama has the “most transparent” administration ever. Pay no attention to the man behind the curtain…
Report Post »IAMNOTKNOWING
Posted on September 29, 2011 at 3:15pmGonzo,
Of course she drained the swamp.
Report Post »That’s where her brother-in-law told her was the best place to install all those soloar panels. You know, … to save us the most money possible.