By golly, I think we found the Analogy of the Year. BuzzFeed’s Michael Hastings did some sleuthing into the allegations of crony capitalism in Barack Obama’s green-tech subsidy program, a major part of the overall February 2009 stimulus plan that supposedly would spark enough job creation to keep unemployment below 8%. How seriously did the administration take its stewardship of these funds? Paul Holland, one of Obama’s big contributors in 2008 and who received $6 million in subsidies, describes the scene in a rather colorful way:
In a video appearance from 2009, venture capitalist Paul Holland — who had given the maximum legal contribution to Obama, and whose companies received over 6 million in government dollars — described his feelings when heard about the billions up for grabs.
“He came in to do his talk and opened his talk with, ‘I’m Matt Rogers I am the Special Assistant to the Secretary of Energy and I have $134 billion that I have to disperse between now and the end of December,’” Holland told the audience. “So upon hearing that I sent an email to my partners that said Matt Rogers is about to get treated like a hooker dropped into a prison exercise yard.”
Holland continued: “And I had the lack of judgment to go up and share that with him and the other people who were all standing around him…Fortunately for me they all laughed and thought it was funny.”
That’s at least somewhat amusing. The case of Steve Westly doesn’t have the same comedic factor, but it’s a bit more telling. Hastings, who followed up on a joint investigation by the Center for Public Integrity and ABC News, notes one particular e-mail in which the Obama fundraiser none-too-subtly name-drops when dealing with the Department of Energy — from which he previously received nearly $500 million in green-tech subsidies:
“Please forgive the delay on this, but the Administration has asked me to co-host events for Valeria[sic] Jarrett (last Thursday) and Jim Messina and Steven Chu (both of which are tomorrow) so things have been a bit busy on this end,” he wrote to an Obama energy official in an email on March 8, 2010.
(The email exchanges can be found here.)
Westly sent the email during his vetting process to sit on the Secretary of Energy Advisory Board, a position he still holds, according to his online bio at the Westly Group.
Team Romney follows up today with another ad attacking the several links between Obama’s green-tech subsidies and his contributors:
http://www.youtube.com/watch?v=8KbSXkP0dLw&feature=youtu.be
The campaign sent the documentation for their claims in a press release:
- Top Obama Fundraisers Worked In His Department Of Energy “As It Showered Billions In Taxpayer-Backed Stimulus Money On Alternative Energy Firms.”“Several of Barack Obama’s top campaign supporters went from soliciting political contributions to working from within the Energy Department as it showered billions in taxpayer-backed stimulus money on alternative energy firms, iWatch News and ABC News have learned.” (Ronnie Green and Matthew Mosk, “Bundlers On The Inside,”iWatch, 9/29/11)
- “Several Political Allies” Of President Obama Had “Ties To Companies Receiving Chunks” Of Taxpayer Money From The Stimulus. “A joint investigation by ABC News and the Center for Public Integrity that will air on World News with Diane Sawyer tonight has found that Westly is just one of several political allies of the president who have ties to companies receiving chunks of that money through loans, grants, or loan guarantees.” (Brian Ross and Matthew Mosk, “Did Obama Administration Play Favorites With Energy Loans?,” ABC News, 10/30/11)
- “Nearly 200 Of [President Obama’s] Biggest Donors Have Landed Plum Government Jobs And Advisory Posts, Won Federal Contracts Worth Millions Of Dollars For Their Business Interests…” “More than two years after President Obama took office vowing to banish ‘special interests’ from his administration, nearly 200 of his biggest donors have landed plum government jobs and advisory posts, won federal contracts worth millions of dollars for their business interests or attended numerous elite White House meetings and social events, an investigation by iWatch News has found.” (Fred Schulte, et al, “Obama Rewards Big Bundlers With Jobs, Commissions, Stimulus Money, Government Contracts, And More,” iWatch News, 6/15/11)
- Obama Fundraiser Steve Westly “Has Had A Stake In At Least Five Companies That Have Won DOE Support.” “Obama’s political supporters were also investors in companies that had applied for loans. Westly has had a stake in at least five companies that have won DOE support; four won funding before he joined Chu’s board. While it is common for presidents to reward top donors with ambassadorships or other political posts, the Sunlight Foundation’s Bill Allison said it is unusual to see a major donor such as Spinner given a position inside a relatively obscure government loan program.” (Ronnie Green and Matthew Mosk, “Bundlers On The Inside,”iWatch, 9/29/11)
- The Obama Administration Awarded Solyndra A $535 Million Loan Guarantee – The Company Went Bankrupt In 2011. “In a blow to the Obama administration’s efforts to create green jobs, solar-cell maker Solyndra announced Wednesday that it will close its remaining Fremont factory, lay off its 1,100 employees and file for bankruptcy. The news marked an abrupt end for a company once considered among the most innovative in a fast-changing industry. The bankruptcy also represents a high-profile failure for a federal stimulus program that gives loan guarantees to green-tech manufacturers. Solyndra was the first company to win one of the guarantees, receiving $535 million in 2009 to build its second factory in Fremont less than a mile from the company’s original plant.” (David R. Baker and Carolyn Said, “Solyndra Closes Fremont Plant – Stimulus Hopes Dim,” San Francisco Chronicle, 9/1/11)
- The Obama Administration Awarded Solyndra A $535 Million Loan Guarantee – The Company Went Bankrupt In 2011. “In a blow to the Obama administration’s efforts to create green jobs, solar-cell maker Solyndra announced Wednesday that it will close its remaining Fremont factory, lay off its 1,100 employees and file for bankruptcy. The news marked an abrupt end for a company once considered among the most innovative in a fast-changing industry. The bankruptcy also represents a high-profile failure for a federal stimulus program that gives loan guarantees to green-tech manufacturers. Solyndra was the first company to win one of the guarantees, receiving $535 million in 2009 to build its second factory in Fremont less than a mile from the company’s original plant.” (David R. Baker and Carolyn Said, “Solyndra Closes Fremont Plant – Stimulus Hopes Dim,” San Francisco Chronicle, 9/1/11)
- In 2009, The Department Of Energy Granted Fisker A $529 Million Stimulus Loan Guarantee That Was Intended To Help Revive A Former GM Plant In Delaware.“In September, Secretary Chu announced a $528.7 million conditional loan for Fisker Automotive for the development of two lines of plug-in hybrids, which will save hundreds of millions gallons of gasoline and offset millions of tons of carbon pollution by 2016. Of the total loan, $359 million is going to revive manufacturing at the Boxwood Plant. The Boxwood Plant will support Fisker Automotive’s Project NINA, the development and build of a mass-market plug-in hybrid sedan.” (Press Release, “Vice President Biden Announces Reopening Of Former GM Boxwood Plant,” Office Of The Vice President, 10/27/09)
- “With The Approval Of The Obama Administration,” Fisker Began Assembling Its First Line Of Cars In Finland. “With the approval of the Obama administration, an electric car company that received a $529 million federal government loan guarantee is assembling its first line of cars in Finland, saying it could not find a facility in the United States capable of doing the work.” (Matthew Mosk and Brian Ross, “Car Company Gets U.S. Loan, Builds Cars In Finland,” ABC News, 10/20/11)
- “Fisker Used The First $169 Million In Taxpayer Funds To Bring To Market The Karma, A Flashy $100,000 Hybrid Sports Sedan That It Assembles In Finland.”(Matthew Mosk, “Fisker May Never Build Electric Cars In US,” ABC News, 5/30/12)
- Today, The Fisker Plant In Delaware Is “Absolutely Empty” After Laying Off Workers. “Fisker Automotive has laid off another dozen workers at the former General Motors plant in Delaware that it has been refitting with federal and state money to build a new sedan. The layoffs, which occurred quietly Friday, come as California-based Fisker continues talks with the U.S. Energy Department to unfreeze loan money that could determine whether it ever builds a car at the plant. … Jeffrey Garland, a Delawarean who was spearheading community affairs and business development efforts in the state for Fisker, said the Fisker plant, shut down by GM in 2009, is ‘absolutely empty.’” (“Fisker On Ropes? Delaware Plant ‘Absolutely Empty,’” USA Today, 4/18/12)
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SEN. CHARLES SCHUMER: “A recent report by the Investigative Reporting Workshop revealed that since this program began, 79 percent of the $2.1 billion in stimulus grants awarded through it went to overseas companies — $2.1 billion. At a time when millions of American are unemployed, this is beyond outrageous. How do you think it looks to workers at the wind turbine plant at Vestas in Windsor, Colorado, who were just laid off? Or in other states where workers are also being let go because there is not enough manufacturing work?” (Senator Chuck Schumer, Press Conference, Washington, DC, 3/3/10)
Clearly, Team Romney wants to use this as an answer to the attacks on Bain Capital. The comparison sets up this question for Romney: Do you care more about how I spent my own money before 1999, or how Obama has spent yours since 2008? That could be a very effective rebuttal, if Romney chooses to make it.
Update: Team Romney also released this new mashup from yesterday’s speech, and Obama’s reference to small business:
http://www.youtube.com/watch?v=KZe3hBcpYRI&feature=player_embedded
Update II: Fixed problem with embedded video.