Skip to comments.Crony Capitalism: $737 Million Green Jobs Loan Given to Nancy Pelosi's Brother-In-Law
Posted on 09/29/2011 9:54:23 AM PDT by Mount Athos
Despite the growing Solyndra scandal, yesterday the Department of Energy 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.
The 110-megawatt Crescent Dunes project, near Tonopah, Nevada, will use the suns 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, 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."
But wait... there's more! 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.
Mitchell served on the Solyndra LLC Board of Directors. He also serves as Managing Director for Argonaut Private Equity, a company that invested in Solyndra through the LLCs parent company. After Solyndra declared bankruptcy, 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.
And for good measure, it's also noteworthy that Obama is about to hold a big money fundraiser at the home of Tom Carnahan in St. Louis:
Carnahan, a member of the prominent Missouri Democratic family, has been tapped by the Obama campaign as its chief Missouri fundraiser. 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's also the brother of current Missouri secretary of state, Robin Carnahan.
It's increasingly hard to tell the government's green jobs subsidies apart from the Democrats' friends and family rewards program.
It’s not Crony capitalism when DEMOCRATS Do it!
Just ask anyone in the largely-gay run mainstream media about this.
Haven’t you figured that out by now? s/off
Green Jobs is an acronym for resupplying the dimoKKKRAT party coffers with money.
The fraud that is being exposed by the two party system. If the repubs do not run with this, then we have become a 3rd world banana republic.
And then pelousy’s brother-in-law will funnel a significant portion back to pelousy and her crook husband.
FR on it first!
“Tom Carnahan is the son of former Missouri governor Mel Carnahan and former U.S. senator Jean Carnahan. He’s also the brother of current Missouri secretary of state, Robin Carnahan.”
The author forgot to mention that Tom Carnahan is also the brother of Democrat Congressman Russ Carnahan of St. Louis.
We have got to get rid of more than just 0bama....
This Solyndra thing is going to bring down THE ENTIRE DEMOCRAT LEADERSHIP IN ONE SWELL FOOP..................
YEP! Just like Waco, Whitewater, Vince Foster, Monica Lewinsky. ect.
I wish I were young enough not to remember the 90s, but I appreciate the wisdom that can only come with age.
Obama is a professional money launderer. That’s my story and I’m sticking to it because there is no doubt. He is nothing more.
I wish I were young enough not to remember the 60s.........that’s what drugs are for.......
We all know nothing is going to happen as long as the Chicago Crime Family controls the DOJ, so it will have to wait for an honest Administration - if we ever have another in our lifetimes.
Apparently Porkulus I worked so well he had to put forward Porkulus II, pass the jobs bill quick!
Pray for America
with a vitae like that, “polymath” is just too kind.
It’s wonderful to see family values on the Left.
It reminds me Maxime Waters.