Millionaires and Billionaires: Unbelievable Corruption at the Highest Levels of the U.S. Government, and its all Legal?

November 28, 2011

Are you incensed at the corruption at the highest levels of American government? The confidence of the voters is betrayed without cessation; taxpayers are constantly humiliated and inundated by the steady drone of news snippets reporting millions and billions of federal dollars lost, misused, misappropriated, or   “redistributed” to well-connected political campaign donors. Consider these excerpts from a staggering report by Peter Schweitzer, author of the recently released book, Throw Them All Out.

The following passages represent comments and indications made by Schweitzer on Fox’s Hannity Show, November 24, 2011:

  • …the numbers are startling… (The) stimulus bill gave Obama and the administration opportunity to pass out all kinds of money in the form of guaranteed loans and grants.
  • …they put in the shop at the Department of Energy two fund-raisers that were campaign fund-raisers who were raising money from wealthy individuals…in senior positions at the Department of Energy.
  • The people that donated to the Obama campaign ended up getting a lot of these loan guarantees and a lot of this (Solyndra)…$535 million taxpayer dollars poured down the drain.
  • (Structured in case of bankruptcy) so the taxpayers would be paid last…meaning, we totally get nothing.
  • (And) the Department of Energy sent an e-mail and said… please don’t fire people until after the 2010 election.
  • (Now) even though Solyndra has gone bankrupt, (well-connected) investors have made a huge amount of money.
  • Amyris Biotechnologies: (the) billionaire named John Doerr and his business partner Al Gore, former vice president put $16 million into this company…
  • Then a little bit later, Senator Dianne Feinstein and her husband put a million of equity into this company. A couple of weeks after she made her equity investment, the Department of Energy announced they were getting a $25 million grant to Amyris Biotechnologies tax free, not a loan…a grant.
  • (A grant of) Twenty five million taxpayer dollars.
  • Yes…tax free. A couple of months after that, they issue a stock IPO because of the halo effect, as they call it, of this federal grant.
  •  Amyris’s stock, trading under the ticker symbol AMRS debuted on the NASDAQ exchange September 28,2010, bringing in $85 million in new capital.(Rousch @ Xconomy.com 9/29/2010)
  • John Doerr and Al Gore’s $16 million becomes worth $89 million. We don’t quite know how the Feinstein’s did…
  • Did Gore cash out? Yes…Gore got all his money back (and) made maybe $30 million…a huge amount of money. And this is the pattern, all of these companies look to get taxpayer money, have an IPO then and cash out.
  • (This) was the plan at Solyndra, the problem was is that the bankruptcy came too soon. And Sun Power…
  • (First) of all they all have insider information. They all know that the money is coming or the likelihood is going to get there.
  • So they sneak in their investments. It’s almost like a guarantee…a bet. It’s a guaranteed bet. And the numbers are staggering…they’ve doled out about $20 billion in this program.
  • You can directly tie Obama financiers to about $17 billion of that amount. They released ten members of his national campaign finance committee from 2008 and at least a dozen…that have gotten sweetheart deal…
  • So, (theoretically) if I made $30 million, I wouldn’t mind setting up a Super PAC (political action committee) with two million, give it to Obama and I hope that I get four more years of the gravy train.
  • (What) we found is the return on investment is more than $10,000 to one.
  • So if you gave one dollar to Obama, you are getting back…taxpayer money $10,000…a great “investment.”
  • (The) way that the laws are set up…the way the (SEC) decides… as long as it involves government money and not private money or corporate money, it’s OK to engage in this.
  • In the case of John Doerr and Al Gore, there are about 27 companies, green tech companies that they were invested in, 16 of them got government money. In this program, less than 10 percent of the people that applied got money, but in the case of connected people like John Doerr and Al Gore, that was over 50 percent. That is not a coincidence. (Doerr is appointed to Obama’s “Presidential Economic Recovery Commission”)
  • L. John Doerr is a venture capitalist at Kleiner Perkins Caufield & Byers. The KPCB team includes John Doerr, Sun Microsystem’s co-founder Bill Joy, NASA rocket scientist K. R. Sridhar, former US Vice President Al Gore and former US Secretary of State Colin Powell. KPCB is based in Menlo Park, California and has offices in Shanghai and in Beijing (Wikipedia). Forbes reports on April 29,2011: Amyris, the California biofuels and renewable chemicals company, has flipped the switch on a factory in São Paulo, Brazil. Jobs created with U.S. taxpayer dollars?
  • In February 2009, Doerr was appointed as a member of the President’s Economic Recovery Advisory Board to provide the president and his administration with advice and counsel in fixing America’s economic downturn. John Doerr…net worth of US $2.2 billion (source Wikipedia.)
  • Public/Private Millionaires and Billionaires; why tax them more, when the federal government is already lining their pockets? How much more would they take if they had to pay taxes on it? (Author Opinion)
  • …it’s what they call in Wall Street, pump and dump…get the stock pumped up and then we’re going to make our profits.
  • Amyris Biotechnologies…is still losing money and that federal grant created 40 jobs. That’s all…($25 Million grant.)
  • …they get the halo effect.
  • They have the connections to get the money…then after the price goes through the roof…an opportunity to sell…they sell and make a fortune and move on to the next.
  • …some of the numbers are huge, I mean, there are solar companies, there’s investment fund that has four partners…one of which is Robert Kennedy, Jr…they got $1.4 billion.
  • They got $1.4 billion…if you look at Bright Source, the company, they are the largest investor by far in that company. When they were looking to file for an IPO with the (SEC), they had to disclose the risks…they said, this is an incredibly risky investment and we may not be in business in a couple of years. But the federal government gave them $1.4 billion in loan guarantees to make this…
  • The Republicans on the House Energy and Commerce Committee appear to have hit the pause button on their investigation into the failure of Solyndra, a solar panel maker that entered bankruptcy proceedings in September, defaulting on a $528 million federal loan (NY Times, November 24,2011.)
  • Don’t expect any laws to be passed anytime soon to stop this massive pilfering of the public coffers. (Author’s opinion)

The interview can be accessed: http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisplayFullDocument&orgId=574&topicId=100007214&docId=l:1549060556&isRss=true&Em=4

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About thegovophilemonitor

The larger the government, the smaller the individual.
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