So That’s Why They Call it Recycling

algore-money

Anybody who has followed the “green jobs” push from the beginning caught on to the sham a long time ago, but details continue to emerge as to how our tax dollars are enriching Obama cronies and even sitting members of Congress:

Peter Schweizer, president of the Government Accountability Institute, said President Barack Obama had a “recycling” program that used crony capitalism to reward its campaign contributors, who would then funnel money back to the Obama campaign.

Appearing on Fox News’s one-hour special on Thursday about the “District of Corruption” movie, Schweizer said crony capitalism was so rampant in the Obama administration that Obama campaign bundlers received more than $21,000 on average in government-backed loans and grants for every dollar they contributed to the Obama campaign.

Schweizer said the Obama administration treated taxpayer dollars as “gift bags” to give to its top donors, which he called “the Obama recycling program.”

In many instances, Schweizer said top Obama administration bundlers and influential Democrats — like California Senator Dianne Feinstein and former Vice President Al Gore– invested in companies before those companies received government-backed loans and grants, and then saw their investments flourish.

One such company was Amyris biotechnologies in Berkeley, California. Weeks before Amyris received a $25 million grant from the Obama administration, Feinstein and her husband bought nearly a $1 million in equity in the company. Then, the initial investors, such as Gore, saw a $12 million investment balloon to more than $80 million after they took the company and cited the government grants as a reason the company would be successful. As Schweizer noted, the IPO was only possible because of taxpayer dollars.

They “invest” a little of their own cash, the government artificially inflates the value with an infusion of taxpayer dollars, and Kaiser, Gore & company cash out. And if the company goes bankrupt, at the very least they recover their initial “investment” because all the downside is on the taxpayer — then they move on to the next federally funded gold mine.

The fact that nobody’s in jail over these scams is maddening. They made sure the YouTube video guy got put away though!

Author: Doug Powers

Doug Powers is a writer, editor and commentator covering news of the day from a conservative viewpoint with an occasional shot of irreverence and a chaser of snark. Townhall Media writer/editor. MichelleMalkin.com alum. Bowling novice. Long-suffering Detroit Lions fan. Contact: WriteDoug@Live.com.