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“Too Favored to Fail:” Taxpayers Bailout Biden’s Green Friends

By Larry Behrens | RealClear Energy | November 06, 2023

While America struggles to buy groceries, President Joe Biden has a green slush fund worth billions of dollars, and he’s not afraid to use it.

Recent revelations uncovered that the CEO and lobbyists of Rivian, an electric vehicle manufacturer, held a quiet meeting at the White House with Biden’s Climate Czar, John Podesta. That’s right, the same John Podesta who served as chairman of Hillary Clinton’s ill-fated 2016 presidential campaign before being pulled from the ranks of profitable green consulting to oversee distribution of $369 billion from the Inflation Reduction Act (IRA).  Biden selected a political operative with green company ties to dole out the goodies from one of the largest slush funds in history. Now green CEOs who are hemorrhaging cash are beating a path to his White House office, presumedly with hat in hand.

According to media reports, Rivian is deep in the red. Last year, they lost $6.8 billion. In 2021, it was $4.7 billion, which is in addition to the $1 billion lost in 2020. These massive losses happened as EV manufacturers enjoyed large subsidies both to build and sell their vehicles. In fact, President Biden went out of his way to praise Rivian in early 2022, even though their stock had already lost half its value on its way to losing 87% of its value since 2021. Losing over $12 billion in less than three years would normally be a problem in the business world, but in the upside-down reality of Biden’s green agenda, that gets you a meeting at the White House.

Tax dollars are flowing from the IRA so quickly that the Department of Energy’s Inspector General (IG) may be running out of adjectives. Earlier this month in testimony before the Senate, the IG said, “the current situation brings tremendous risk to the taxpayers.” Red flags about American dollars flowing to foreign companies or just being wasted here at home are going up, yet according to budget watchdogs, their concerns are met with deaf ears by senior Biden Administration officials. The IG notes there were “billions and billions of dollars lost or stolen” from federal Covid funds, and Biden’s slush fund is even bigger. To put it bluntly, the green vault is wide open and the grifters are lining up.

Here’s a particular galling example. One little known aspect of the IRA are so-called “green banks.” For greenies, the scheme is simple: regular banks will not fund their boondoggles, so they need a taxpayer backed entity to dole out cash. Unlike regular banks, these green banks do not need to make a profit to stay afloat because the government is their funder.

New Mexico Governor Michelle Lujan Grisham was caught trying to set up a green bank without the trouble of going through the elected legislature. The board of the bank will be green non-profits who will be in charge because as the New Mexico climate czar put it, “We’re talking about hundreds of millions of dollars… This greenhouse gas reduction fund is a remarkable little beast.” Recently, Grisham  announced the green bank anyway. The slush fund is open for business, and everyone has their hand out.

Congress is watching the “green bank” scheme because they know it is ripe for abuse. The problem is clear: The White House put a political operative in charge of what is nothing more than a political fund. For Barack Obama, they were too big to fail, but Joe Biden is taking it further. When it comes to his failed agenda, his green boondoggles are “too favored to fail.”

Larry Behrens is the Communications Director for Power The Future and is the author of the book, “Sabotage: How Joe Biden Surrendered American Energy Independence.” 

November 13, 2023 - Posted by | Corruption, Economics |

2 Comments »

  1. The only green this industry loves is the US government’s Green Back Dollar! The corruption at the top is a symptom of a deeper problem in America. For too long American citizens have behaved like sheep quarreling among each other while government officials use the US Treasury as their own piggy bank. And when a story leaks out, such as this one, the sheep barely look up while their Shepards rake in donations from those who profited from the heist of billions of their tax dollars. When I tell my neighbors about it they shrug their shoulders saying, they’re all crooks.

    I ran for Congress in 1986 and again in 1994, with a message to voters to take back our country from the bankers and corporate thieves who were getting richer by the minute while America slid deeper in debt and economic ruin, because we let them! I learned the hard way what happens to someone who does take action and runs for public office.
    I attained ballot status in 1986 by way of petitioning in a Congressional District in Queens, NY. Not an easy thing to do in any state but since NY city has millions of voters, it was simply a matter of having some help to acquire enough good signatures of voters to qualify.. I was a conservative Democrat back then who aligned with FDR and JFK.
    Once I achieved my place on the ballot the fun began. First I was notified that my ballot status was being challenged by the Queens County Democratic Party. Just before I ran, the former Chairman of the Queens Cty Dems was found dead from a gunshot wound to the back. It was pronounced a suicide, and the case was closed.
    I knew how dirty NY politics could be but I didn’t know exactly how dangerous it was to run for political office. I soon found out. My picture topped an article that slandered and vilified me in the Queens section of the NY Daily News. Because so was affiliated with the ideas and personality of political statesman Lyndon LaRouche, I was fair game. Secondly during federal court hearings to decide the fate of my candidacy I was threatened by one of the Democratic Party attorneys. “Next time you start your car you better look under it first” he said! The Judge in my case had been given strict orders by Gov Mario Cuomo that was leaked to the NY Post, that said, quote, “no insurgent candidate will be allowed to be on the ballot” end quote. Even though 18 people testified under oath that they signed my petition the judge ruled against me and removed my name from the ballot! But they weren’t yet finished with me.
    Someone had written an anonymous letter to the HR dept of the company I worked for, saying that I was wanted by the police!
    I survived the attempt to get me fired because none of it was true.
    Eight years later I ran again for Congress in my new home of Denver, CO. While dirty tricks and threats were not evident, my candidacy was blacked out in the media even though I was incumbent Pat Schroeder’s first Democratic Party primary challenger, ever!
    My picture wasn’t made known by local tv networks until after the polls closed on Election Day. Still I received 15% of the vote! But after obtaining copies of some of the voter tally sheets I saw that my vote totals were altered by someone using whiteout. The point of my story is that we need not only a revolution of ideas we need a revolution in the way Americans think and act about their country.

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    Thomas L Simpson's avatar Comment by Thomas L Simpson | November 14, 2023 | Reply

  2. The only green this industry loves is the US government’s Green Back Dollar! The corruption at the top is a symptom of a deeper problem in America. For too long American citizens have behaved like sheep quarreling among each other while government officials use the US Treasury as their own piggy bank. And when a story leaks out, such as this one, the sheep barely look up while their Shepards rake in donations from those who profited from the heists.

    Like

    Thomas L Simpson's avatar Comment by Thomas L Simpson | November 14, 2023 | Reply


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