Free Republic

OPINION | IN ORDER TO UNDERSTAND THE FUTURE WE CERTAINLY MUST UNDERSTAND THE PAST. THIS IS TRUE AT LEAST WHEN IT COMES TO WHAT WE CAN EXPECT FROM CORRUPT POLITICIANS. To envision the size of the pot of gold that Democrats envision for themselves at the other end of the Green New Deal rainbow we only have to look back to the Obama administration, the $3 Trillion in “stimulus” money, the Green Movement, and how it seemingly enriched Democrats, their donors, and Nancy Pelosi in particular. For background we cite a September 2011 article from the Daily Mail: Even as...

Corruption: It turns out a recent recipient of the administration's largesse is from the House of Pelosi. The green energy scandal keeps picking up speed. Last week, the Energy Department completed a $737 million loan guarantee to Tonopah Solar Energy and an additional $337 million for Sempra Energy. On the surface, there's nothing suggesting either is improper. But just beneath the surface is the clear appearance of impropriety. Tonopah Solar is a wholly owned subsidiary of SolarReserve, which lists among its "investment partners" a company named Pacific Corporate Group. Again, on the surface, no hint of corruption. But an enterprising...

Megan McArdle writes in the Atlantic about the difference between government venture capital and private venture capital. By far the biggest difference is not even mentioned. There is a dramatic and critical difference between government loan guarantees and private venture capital (PVC). The PVC investor expects to make a bundle from his investment, typically by getting an equity stake and cashing out when the successful firm goes public. That’s the best case scenario for PVC. If the company fails, they’re out their seed capital. When the government gets into the venture capital business, risking your money and mine, what’s the...

The Washington Post reported yesterday that Secretary of Energy Steven Chu gave Solyndra more taxpayer money even after Solyndra was in default on the government’s $535 million loan guarantee: Energy Secretary Steven Chu acknowledged Thursday making the final decision to allow a struggling solar company to continue receiving taxpayer money after it had technically defaulted on a $535 million federal loan guaranteed by his agency. Chu spokesman Damien La­Vera said in a statement that the secretary approved the restructuring agreement for Solyndra because it gave the company “the best possible chance to succeed in a very competitive marketplace and put...

Bloomberg reports that the FBI is investigating Solyndra for accounting fraud, according to a source close to the solar panel company. The report confirms assumptions that the Department of Justice has been looking into whether Solyndra misrepresented the company's financial situation in order to obtain — and then refinance — a $534 million loan from the federal government. We've previously written that Solyndra executives assured the administration that the company's future was bright, even as the company's internal audits showed its finances deteriorating. The company declared bankruptcy earlier this month, prompting the FBI probe, as well as two Congressional investigations.