September 18, 2009

Not so clean energy

Although the information is from an article on yet another site alarmed at the American way of capitalism only since Obama rose to the head of it, facts are facts:

The Treasury and Energy departments today announced $503 million in stimulus grants for "clean energy" projects. And while the energy may be clean, the politics may remind some of the soot belching from an old-fashioned smokestack.

Of the $503 million, $294 million went to a Spanish wind power company, Iberdrola SA, the Wall Street Journal reported. A quick search of the Federal Election Commission database shows the company's executives donated to the Obama campaign, with executives Brent Alderfer contributing $2000, Brent Beerley $1750, Eric Blank $2775, Jennifer Bradford $250, Melissa Erickson $250, Jon Fischer $250, Anders Glader $250, Kevin Helmich $250, Kevin Lynch $2300, Kourtney Nelson $450, Carolyn Plemons $250, Timothy Seck $250, and Peter Toomey $300 — a total of $11,325. An additional $10,250 from Iberdrola executives went to the "Obama Victory Fund," a joint fundraising committee allied with the Obama campaign.

Another about $115 million of the $503 million went to a company called First Wind [formerly UPC Wind], whose owners include the Chicago-based Madison Dearborn Partners and a member of the D.E. Shaw group. [A] Bloomberg article quotes President Obama's White House chief of staff, Rahm Emanuel, a congressman at the time the article was published [2007], as saying of Madison Dearborn, "They've been not only supporters of mine, they're friends of mine." The Bloomberg article says, "Employees of Madison Dearborn have donated $77,500 to Emanuel's re-election committee since 2001, collectively emerging as the top contributor to his campaigns in his congressional career, according to the nonpartisan Center for Responsive Politics." D.E. Shaw is the firm at which Mr. Obama's chief of the National Economic Council, Lawrence Summers, held a $5.2 million a year, one-day-a-week job.

wind power, wind energy