at the Citizen Power Alliance 2010 Wind Conference
Mafia-Connected FirstWind Got $117M in Federal Loans for Kahuku Windfarm
|(NOTE: Among the 15—Hawaii’s Kahuku Wind Power project owned by a shell company controlled by Mafia-connected First Wind. First Wind’s shell company received a $117M ‘loan’ from the US Treasury.) |
The government support — which includes loan guarantees, cash grants and contracts that require electric customers to pay higher rates — largely eliminated the risk to the private investors and almost guaranteed them large profits for years to come. The beneficiaries include financial firms like Goldman Sachs and Morgan Stanley, conglomerates like General Electric, utilities like Exelon and NRG — even Google.
Concerns that the government was being too generous reached all the way to President Obama. In an October 2010 memo prepared for the president, Lawrence H. Summers, then his top economic adviser; Carol M. Browner, then his adviser on energy matters; and Ronald A. Klain, then the vice president’s chief of staff, expressed discomfort with the “double dipping” that was starting to take place. They said investors had little “skin in the game.”
(Click to read the entire article)
posted by CITIZEN POWER ALLIANCE at 10:32 AM - permanent link
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