More Democrat Policy Boondoggles Exposed

It seems we are seeing more and more exposed scams and quagmires as we draw into the next election.

Here we see 3 more.

One

Late breaking, but hardly surprising, corruption news, reported by the ever-so-liberal Los Angeles Times, no less:

Cost, need questioned in $433-million smallpox drug deal: A company controlled by a longtime political donor gets a no-bid contract to supply an experimental remedy for a threat that may not exist.

It seems that in spite of being caught flat-footed and red-handed pouring taxpayer dollars into failing, mismanaged, Democrat-donor run “green” energy company Solyndra, the Obama-Soetoro Gang threw caution to the wind, and engineered a highly unethical and perhaps also illegal deal for another fat cat Democrat donor...

Apparently several other companies put in bids significantly lower, so the Obama-Soetoro Gang changed the rules to make Siga the only bidder under a sole source procurement.

New Obama Vaccine Scandal: Smallpox Contract Aids Democratic Donor



Two

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. ...

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.

Robert Kennedy, Jr.’s ‘Green’ Company Scored $1.4 Billion Taxpayer Bailout



Three

The Treasury Department dramatically boosted its estimate of losses from its $85 billion auto industry bailout by more than $9 billion in the face of General Motors Co.'s steep stock decline.

In its monthly report to Congress, the Treasury Department now says it expects to lose $23.6 billion, up from its previous estimate of $14.33 billion.

The Treasury now pegs the cost of the bailout of GM, Chrysler Group LLC and the auto finance companies at $79.6 billion. It no longer includes $5 billion it set aside to guarantee payments to auto suppliers in 2009.

The big increase is a reflection of the sharp decline in the value of GM's share price.

The current estimate of losses is based on GM's Sept. 30 closing price of $20.18, down one-third over the previous quarterly price.

U.S. boosts estimate of auto bailout losses to $23.6B


Regime change in order ?

In 2009, the government initially forecast it would lose $44 billion on its auto industry bailout. It revised it down to $30 billion, and later to as low as $13.9 billion earlier this year.The administration and President Barack Obama have argued that any losses on the auto bailout were worth the hundreds of thousands of jobs saved.

"The investment paid off. The hundreds of thousands of jobs that have been saved made it worth it," he said at an appearance last month at GM's Orion Assembly plant. "I want to especially thank the people of Detroit for proving that, despite all the work that lies ahead, this is a city where a great American industry is coming back to life and the industries of tomorrow are taking root, and a city where people are dreaming up ways to prove all the skeptics wrong and write the next proud chapter in the Motor City's history."

"write the next proud chapter in the Motor City's history" ... something like "Chapter 11 bankruptcy" maybe

Trouble is, there's 300 million people in the USA.

Will Congress ever do something positive for the majority of American citizens ?

reply to post by xuenchen


GOP supporters favor oil companies and Democrats support green energy.

What is the big surprise?

While you are talking about a boondoggle exposed:

reply to post by newcovenant


good point and good video

there's no difference in the parties.

both transfer the money away and do nothing for the Majority of Americans.