Wednesday, November 16, 2011
The Un-Believable Bailout of Bobby Kennedy Jr.
One tires of using the term 'cronyism,' but there's no better one--except, perhaps, "criminal conspirators."
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.
Yah, well, the Revolving Door--Gummint/Lobbyist/Corporate Bozo--is not news, nor necessarily evil.
But when you get a look at the numbers, your mind should reel:
...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.
SHEEEEET, mon! You're KIDDING!!
Even if the outfit MADE $71.6 million, a BILLION-EIGHT in DEBT????
...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.
That was before the sweet, sweet, $1.4Bn guarantee....