NEWS

White House Staff Found To be Inside the Ivanpah Google Crony Capitalism Scandal

 

Another Google “Green Cash” scam screws taxpayers. Google may have bought White House but it did not buy good technology!

 

 

“THE SKIM” – Google owners skim profits off the top during the U.S. Treasury transfer, via banks and stock market pump-and-dumps, and then let the fake “Cleantech” bait companies linger and die like Solyndra, Abound, Fisker, etc. If it was anybody else, the FBI would have hauled them off to prison long ago. Campaign financier Google, though, gets to commit unlimited crimes.

 

 

Energy

 

Taxpayers Are Footing Bill for Solar Project That Doesn’t Work

 

David Kreutzer / @dwkreutzer / /

 

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The $2.2 billion Ivanpah solar thermal plant in California. (Photo: Flickr / Atomic Hotlinks / CC BY-NC-ND 2.0)

 

As every 10-year-old who ever got a sweater for a birthday present has been told, “it’s the thought that counts.” That seems to be the guiding principle at the Department of Energy and the California Public Utilities Commission when it comes to solar power.

 

The latest example is the $2.2 billion Ivanpah solar thermal plant in California. (Note: Solar thermal plants do not use solar panels to directly convert sunshine to electricity; they use sunshine to boil water that then drives conventional turbines.)

 

Here’s the story so far. Ivanpah…

 

  • is owned by Google, NRG Energy, and Brightsource, who have a market cap in excess of $500 billion.

  • received $1.6 billion in loan guarantees from the Department of Energy.

  • is paid four to five times as much per megawatt-hour as natural gas-powered plants.

  • is paid two to three times as much per megawatt-hour as other solar power producers.

  • has burned thousands of birds to death.

  • has delayed loan repayments.

  • is seeking over $500 million in grants to help pay off the guaranteed loans.

  • burns natural gas for 4.5 hours each morning to get its mojo going.

 

Brightsource, which is privately held, is owned by a virtual who’s who of those who don’t need subsidies from taxpayers and ratepayers.

 

 

In spite of all this, Ivanpah has fallen woefully short of its production targets. The managers’ explanation for why production came up 32 percent below expected output is the weather. In addition to raising questions about planning for uncertainty, it is not all that clear how a nine-percent drop in sunshine causes a 32-percent drop in production.

 

More bizarrely, the natural gas used to get the plant all warmed up and ready each day would be enough to generate over one quarter of the power actually produced from the solar energy. Sorry, let’s not be haters.

 

The problem for Ivanpah’s customers (California power utilities) is that they planned on all those solar watt-hours to meet California’s renewable power mandates, which require that renewables produce a large and rising fraction of California’s electricity. That is why they pay so much more for Ivanpah’s output than for conventionally powered electricity.

 

Breaching their contracts with these California utilities threatened to shut down Ivanpah. More likely than permanently shutting Ivanpah down would have been a change of ownership at a price that came closer to reflecting reality.

 

But this would have been bothersome for Ivanpah’s investors and the Department of Energy’s ridiculous Section 1703 Loan Program, so the California Public Utilities Commission saved the day (for the fat-cat owners, of course, not for actual the electricity consumers) by granting the company an extension to meet the production targets.

 

The best part of the ruling is the section on the cost—it’s pretty succinct.

 

Here it is in its entirety:

 

 

THE COSTS ARE SECRET AND WITHHELD FROM THE PUBLIC

 

But hey, Ivanpah’s plant is a shiny new technological marvel. That’s what counts, right?

 

Ivanpah | The Green Corruption Files

 

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The Green Corruption Files. Exposing the largest, most expensive and deceptive case of crony capitalism in American history…

 

http://greencorruption.com/tag/ivanpah/

 

Ivanpah – AgainstCronyCapitalism.org

 

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Posted in Crony Capitalism | Tagged big government, boondoggle, California, crony capitalism, cronyism, Ivanpah, Obama, solar, solar power, …

 

http://www.againstcronycapitalism.org/tag/ivanpah/

 

Is The Ivanpah Google Solar Project Another DOE Crony …

 

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Google’s Ivanpah Crony-Funded Project Seeks Ways To … HOW THE CRONY CAPITALISM OF THE CLEANTECH … Follow THE CLEANTECH CRASH: A DOCUMENTATION on …

 

https://thecleantechcrash.wordpress.co%5B…%5Dject-another-doe-crony-kick-back-scam/

 

 

Crony-Cpitalism – Biden Staffer Solar Savior Filed under Corruption | Posted by yxrzmijmie

Editor’s Note – Add the Biden crew members to the long line of crony-capitalism, again.

Solar Company Hired Biden Staffer to Help Secure $1.6 Billion Federal Loan

By Lachlan Markay – Heritage Foundation

Internal emails show that BrightSource Energy, which received the largest federal loan for a solar energy project under President Obama’s stimulus package, leveraged its considerable political connections with top Democratic policymakers to secure its $1.6 billion in taxpayer backing.

BrightSource energy faced a “do-or-die momenIvanpah | The Green Corruption Files

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The Green Corruption Files. Exposing the largest, most expensive and deceptive case of crony capitalism in American history…

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Ivanpah – AgainstCronyCapitalism.org

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 Posted in Crony Capitalism | Tagged big government, boondoggle, California, crony capitalism, cronyism, Ivanpah, Obama, solar, solar power, …

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http://www.againstcronycapitalism.org/tag/ivanpah/

Is The Ivanpah Google Solar Project Another DOE Crony …

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Google’s Ivanpah Crony-Funded Project Seeks Ways To … HOW THE CRONY CAPITALISM OF THE CLEANTECH … Follow THE CLEANTECH CRASH: A DOCUMENTATION on …

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t,” according to a report in Tuesday’s Wall Street Journal, as the Energy Department weighed a federal loan for its massive Ivanpah solar farm in the California Mojave Desert.

To spur the administration to approve the loan, BrightSource beefed up its lobbying presence, most notably by hiring Bernie Toon, former chief of staff for then-Senator Joe Biden, to lobby on its behalf. Toon was paid $40,000 for his efforts, according to disclosure forms.

Toon’s connections immediately paid dividends:

On March 9, 2011, just days after being hired, Mr. Toon went to the White House with three BrightSource executives, according to Senate and White House records. There he visited a former colleague, Alan Hoffman, now the top aide to Mr. Biden, whose office was working on green-energy programs, the records show. The White House didn’t make Mr. Hoffman available for comment.

Overall, BrightSource dropped half a million dollars on lobbyists in the run-up to DOE’s decision on the Ivanpah loan.

Biden staffer Bernie Toon hired by group

But its lobbyists were hardly the extent of BrightSource’s connections. Its chairman at the time, John Bryson, is now Obama’s Commerce Secretary. But even before his cabinet post, BrightSource considered leveraging Bryson’s considerable political clout to push Ivanpah approval.

And the company drew up plans to have its chairman, Mr. Bryson, lobby a friend, then-White House Chief of Staff William Daley. On March 7, the company sent the DOE’s loan-program director a proposed letter from Mr. Bryson to Mr. Daley requesting White House intervention, according to emails viewed by the Journal. It read, “We need a commitment from the WH to quarterback loan closure” by March 18.

The company eventually decided against sending that letter after a DOE official confirmed that the Ivanpah deal was on track for approval.

The House Oversight and Government Reform Committee has incoprporated some of these facts into its investigation into DOE’s green energy financing.

But regardless of whether there was any misconduct or inappropriate lobbying by BrightSource or its representatives, these facts underscore one of critics’ chief complaints about political involvement in the economy generally: when government holds the purse strings, those with the most political connections inevitably benefit.

 

 

GOOGLE’S BIG CASH GRAB ON THE BACK’S OF TAXPAYERS AND DAY TRADERS:

 

 

Google CEO Sundar Pichai was paid over $100 MILLION on his first …

 

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Google CEO Sundar Pichai was paid $100.5 million on his first year in … barely getting started,’ said Pichai, who was named CEO in August.

 

http://www.dailymail.co.uk/news/articl%5B…%5DON-year-job-public-filing-reveals.html

 

Outgoing” Google CEO Schmidt Gets $100m Award |…

 

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“Outgoing” Google CEO Schmidt to get $100mn equity award By Peggy Kataveli, CMA, B2P

 

http://business2press.com/2011/01/24/g%5B…%5Dgoogle-ceo-schmidt-100mn-equity-award/

 

Google’s Schmidt Gets $100M Stock Award, $6M Bonus – NBC News

 

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Schmidt handed the CEO reins to Google co-founder Larry Page in 2011, after a decade leading the Internet search company. After the job …

 

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Eric Schmidt gets $100m in Google stock and $6m…

 

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Eric Schmidt gets $100m in Google stock and $ … The Google CEO is getting a whopping $6m cash bonus on 14 … Google posted a $16.86bn revenue …

 

http://www.londonlovesbusiness.com/bus%5B…%5De-stock-and-6m-cash-bonus/7371.article

 

Google’s Schmidt gets $100m golden handshake – News – Macworld …

 

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Google’s Schmidt gets $100m golden handshake … Schmidt is getting an impressive parting gift of $100 million as he departs Google as CEO, …

 

http://www.macworld.co.uk/news/apple/g%5B…%5Ddt-gets-100m-golden-handshake-3257979/

 

Google Inc’s Eric Schmidt takes home $100M in equity, plus a $6M …

 

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Former Google CEO Eric Schmidt is getting paid a lot more than he did when he was running the Internet company. Schmidt is getting an award …

 

http://business.financialpost.com/news%5B…%5D-equity-plus-a-6m-valentines-day-bonus

 

USEC gets $100m after Obama nominates its lobbyist …

 

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An energy firm that plans to file bankruptcy in weeks is being given more than $60 million in federal money for unclear purposes after President Obama tapped a former …

 

http://www.washingtonexaminer.com/usec%5B…%5Dpartment-of-energy-cfo/article/2542383

 

Schmidt gets $100M in Google stock — again | Computerworld

 

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Google said in a regulatory filing Tuesday that its former CEO and current executive chairman will be eligible for the same award again.

 

http://www.computerworld.com/article/2%5B…%5Dts–100m-in-google-stock—-again.html

 

Google CEO Eric Schmidt gets $100M in shares, $6M in cash for …

 

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It’s the second time in three years that Mountain View-based Google awarded its executive chairman and former CEO shares of that value.

 

http://www.bizjournals.com/sanjose/new%5B…%5D/05/googles-eric-schmidt-gets-106.html

 

Neal Mohan, Google’s $100 Million Man – Business Insider

 

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Fortune’s Jessi Hempel blasted Twitter for failing to launch exciting new products, generate meaningful revenues, or hang on to …

 

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Google Fails To Google “Executive Compensation For 2015,” Pays …

 

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Google chief’s pay tops $100M in first year [NY Post] … Google Fails To Google “ Executive Compensation For 2015,” Pays CEO $100 Million …

 

http://dealbreaker.com/2016/03/google-ceo-100-million-2015/

 

Google’s Eric Schmidt gets big raise to go with $100 million stock …

 

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Eric Schmidt took home a pay package worth $313219 in his final full year as CEO of Google. Now that he’s executive chairman, Schmidt is …

 

http://www.networkworld.com/article/22%5B…%5D-go-with–100-million-stock-award.html

 

Google CEO Sundar Pichai made over $100m in 2015, here are 5 …

 

cached Google CEO Sundar Pichai’s pay package for 2015 was over $100.5m, according to a filing from parent company Alphabet Inc. Tuesday.

 

http://www.londonlovesbusiness.com/bus%5B…%5Dyou-didnt-know-about-him/12141.article

 

 

 

Tags

 

Barack Obama, big government, business, crony capitalism, cronyism, economics, energy subsidies, green cronyism, Ivanpah, solar subsidies, Washington DC

 

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