More Crony Socialism As Obama’s Bundler Gets Huge DOE Loan

Crony Socialism Growing Under Obama

You scratch my back, I’ll scratch yours. ~ Author unknown

Is Obama nationalizing the solar industry?

An Obama bundler, Arvia Few, received $1.2 billion in DOE loans for a solar power plant (NRG).

Guess who owns a stake in another NRG project? You probably guessed it – Warren Buffet.

This administration is awash with crony socialism. It’s who you know and how much money you have. Obama, now known to be allowing lobbyists to run amok through his administration, seems to think that cronyism is an acceptable way of life. Corporations and D.C. have unsavory and intimate relationships in this administration.

The rich are getting richer and the poor getting poorer but it’s Obama doing it. He’s in charge. He’s the 1%er helping out all the other 1%ers.

You might be interested in the definition of crony socialism –

Crony capitalism is a term describing an economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks,and so forth. Free-market advocates refer to governmental favoritism as “crony socialism,” “venture socialism” or “corporatism,” a modern form of “mercantilism” to emphasize that the only way to run a profitable business in such systems is to have help from corrupt government officials. In this view, high levels of interaction between corporations and governments are considered socialist, which is taken to its maximum in the form of nationalization of industries.

Free Beacon:..New disclosures show that one of President Obama’s bundlers is the wife of an executive at an energy company that received a more-than-$1.2 billion Department of Energy (DOE) loan guarantee for a solar power plant.

Arvia Few is a bundler for the Obama re-election campaign who has promised to raise between $50,000 and $100,000. She began bundling for Obama in the first quarter of 2012. Her husband, Jason Few, is an executive at a company that has benefited handsomely from the Obama administration’s clean energy spending, records show.

The U.S. Department of Energy granted NRG Solar a $1.237-billion loan in September 2011 to help build NRG’s California Valley Solar Ranch, which is described as “a 250 MW alternating current PV solar generating facility” by the U.S. Department of Energy.

Few became senior vice president of Houston-based Reliant Energy in 2008. He was named President of Reliant in May 2009 when NRG Energy acquired Reliant for $287.5 million. He currently serves as executive vice president and chief customer officer of NRG Energy.

“This investment and its outcome represent a pattern in which the Obama Department of Energy took promises of technological development with an undue amount of credence,” says energy expert Kenneth P. Green, a resident scholar at the American Enterprise Institute.

“On any given day, there are hucksters who say they can power the world. Unfortunately, there was also an administration that wanted to believe their claims,” Green said. “One has to assume that the administration was more likely to believe the people it knew.”

Other financial interests tied to the Obama administration have also invested in NRG Solar.

Warren Buffett’s MidAmerican Energy holds a stake in another NRG project that received a $967 million Department of Energy loan guarantee…Read more…