Crony Capitalism-Pelosi family benefits from $700 Billion loan guarantee

Discussion in 'Politics' started by carpro, Sep 29, 2011.

  1. carpro

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    Oct 14, 2004
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    Crony Capitalism: $737 Million Green Jobs Loan Given to Nancy Pelosi's Brother-In-Law
    11:00 AM, Sep 29, 2011 • By MARK HEMINGWAYSingle Page

    Despite the growing Solyndra scandal, yesterday the Department of Energy approved $1 billion in new loans to green energy companies -- including a $737 million loan guarantee to a company known as SolarReserve:

    SolarReserve LLC, a closely held renewable energy developer, received a $737 million U.S. Energy Department loan guarantee to build a solar-thermal project in Nevada.

    The 110-megawatt Crescent Dunes project, near Tonopah, Nevada, will use the sun’s heat to create steam that drives a turbine, the agency said today in a e-mailed statement. SolarReserve is based in Santa Monica, California.

    On SolarReserve's website is a list of "investment partners," including the "PCG Clean Energy & Technology Fund (East) LLC." As blogger American Glob quickly discovered, PCG's number two is none other than "Ronald Pelosi, a San Francisco political insider and financial industry polymath who happens to be the brother-in-law of Nancy Pelosi, the Minority Leader of the United States House of Representatives."

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