The Corner

Energy Department Gives $259 Million ‘Green’ Conditional Loan to Politically Connected Corporation

The Department of Energy’s disastrous loan program lost taxpayers at least $780 million as companies like Solyndra, Fisker Automotive, and Abound Solar crashed and burned.  

But as I write today, after a four-year hiatus, the Energy Department has announced a new fuel-efficient-vehicle loan — a $259 million conditional award to Alcoa. It’s a pretty sweet deal: The Energy Department touts on its website how this loan program “offers attractive financing for U.S. auto industry,” including no application fees, a closing fee of just 0.1 percent, and interest rates estimated at no more than 4 percent.

Of course, one might wonder why a company like Alcoa, which brought in $23.9 billion in revenue last year, needs government (read: taxpayer) help.

But it turns out Alcoa has major Obama administration ties.

One of its top executives was a major Obama bundler; another was recruited by the administration as a counselor to Treasury Secretary Timothy Geithner; and the CEO serves on one of the president’s committees and has also partnered with the Obama administration on a few manufacturing initiatives.

Alcoa’s “green” loan is supposed to fund the production of lightweight aluminum automotive bodies.

Of course, the Department of Energy fails to note that aluminum is far more carbon-intensive to extract than iron—but that production occurs in Australia, far beyond the reach of U.S. regulations.

Read the whole story here.

Jillian Kay Melchior writes for National Review as a Thomas L. Rhodes Fellow for the Franklin Center. She is also a senior fellow at the Independent Women’s Forum.

 

 

Most Popular

Elections

How Trump Should Approach the Final Debate

The so-called mainstream polls of the swing states show the race narrowing. If the trend continues at the current rate, President Trump could poll even in two weeks—in addition to the “other” polls that show him near there already. So Trump’s mission at the final debate on Thursday is to continue to ... Read More
Elections

How Trump Should Approach the Final Debate

The so-called mainstream polls of the swing states show the race narrowing. If the trend continues at the current rate, President Trump could poll even in two weeks—in addition to the “other” polls that show him near there already. So Trump’s mission at the final debate on Thursday is to continue to ... Read More

The Pollster Who Thinks Trump Is Ahead

The polling aggregator on the website RealClearPolitics shows the margin in polls led by Joe Biden in a blue font and the ones led by Donald Trump in red. For a while, the battleground states have tended to be uniformly blue, except for polls conducted by the Trafalgar Group. If you are a firm believer only in ... Read More

The Pollster Who Thinks Trump Is Ahead

The polling aggregator on the website RealClearPolitics shows the margin in polls led by Joe Biden in a blue font and the ones led by Donald Trump in red. For a while, the battleground states have tended to be uniformly blue, except for polls conducted by the Trafalgar Group. If you are a firm believer only in ... Read More
Media

The Media’s Shameful Hunter Biden Abdication

In an interview with National Public Radio’s public editor today, Terence Samuel, managing editor for news, explained why readers haven’t seen any stories about the New York Post’s Hunter Biden email scoop. “We don’t want to waste our time on stories that are not really stories, and we don’t want ... Read More
Media

The Media’s Shameful Hunter Biden Abdication

In an interview with National Public Radio’s public editor today, Terence Samuel, managing editor for news, explained why readers haven’t seen any stories about the New York Post’s Hunter Biden email scoop. “We don’t want to waste our time on stories that are not really stories, and we don’t want ... Read More

Biden Can’t Tax the Rich

Joe Biden’s tax plan is based on a deathless myth: that taxes are actually paid in economic terms by those upon whom they legally fall. The obviousness of this nonsense is clear enough if you put the proposition into plain English: “Don’t you worry, now, we’re not going to raise taxes on you, Bubba — ... Read More

Biden Can’t Tax the Rich

Joe Biden’s tax plan is based on a deathless myth: that taxes are actually paid in economic terms by those upon whom they legally fall. The obviousness of this nonsense is clear enough if you put the proposition into plain English: “Don’t you worry, now, we’re not going to raise taxes on you, Bubba — ... Read More