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I hear back and here's this one for you the Obama administration under pressure to explain yet another.
Massive government loan that got into the hands of -- struggling Green energy company.
Lawmakers have been questioning whether the company the Energy Department rather -- so -- -- 535.
Million dollars while knowing that it was on the brink of bankruptcy.
But -- that another company called -- power.
That is now under the microscope in a very similar way they got.
One point two billion dollars almost double -- more than doubling to say what does to -- got.
So that's why this wouldn't be looked at very closely.
300 total construction jobs.
Were created that we're supposed to go over 25 year period but that the bottom line is it twelve to fifteen permanent jobs.
Were said to be created.
By this sun power companies and have breaks down to a pretty expensive job rate eighty million dollars in taxpayer cash for each one.
Of those twelve to fifteen permanent jobs which raises office.
Is it worth it question here of course joined now by you talk congressman Jason -- as who has been very outspoken on the -- scandal.
He's on the house committee on oversight and government reform act congressman good morning good to see is -- EU EU would just mentioned it to you on a little -- -- -- bill about this and you said that this would actually be the case the cylinder with just the tip of the iceberg what do you think about it now.
Well we were worried there were some nine billion dollars that we had questioned some -- about.
Now you have three companies.
The value of the taxpayer dollars going to these companies is about four point 75 billion dollars.
Money that was paid out in authorized on the very last day of the program what a coincidence the very last day they suddenly got the stamp of approval which begs the question.
As as congressman Darrell ice -- pointed out a letter saying to the Energy Department will why did this happen how did you let this happen.
-- and it raised questions about why these three companies and whether they're any links to powerful people who might have said you know what we're shutting down his DOE program.
But we wanna get you -- some money on the way out the door is there any indication and that's what happened.
Well there are some question marks and I certainly do not want to -- -- one of my distinguished colleagues but we have a member of congress in this case.
Congress and Miller whose son is a lobbyist for the company and then you have they.
Interior secretary go to visit that company and then they coincidentally get a one point two billion dollar a loan from the White House in the government.
It does open up some questions and again I wanna be very careful to my colleague but at the same time you can see why -- questions.
I mean the line is here that these programs were sold as a way to create jobs in the country.
Is -- you have to just look at the mathematics behind -- this and if you've got a one point two billion dollar loan.
That shakes down ultimately to about twelve to fifteen jobs and as we said -- and -- That's -- price tag of eighty million dollars per per created job you gotta ask yourself that the government's doing a good job you know is spending that money efficiently at all.
Yeah it does beg the question when you can add literally by the tens of thousands jobs in the energy sector.
In my own state of you topped by just opening up the permitting process you'd look down on the golf and other places.
Where we should be accelerating those types of things to truly grow jobs but I I think this is part of a bigger Green agenda.
Where they're much more interest did in focusing on the development of solar and that could be a legitimate debate but.
You're talking about waste fraud and abuse in the billions of dollars and it's just not acceptable.
You know as -- listening to another one of our reporters earlier this morning Charlie Gasparino when He was talking about the market and how they perceive this company.
And He said you know people were shorting this stock because they -- as a classic situation.
Where that the sort of you know headline for the company was gonna attract a lot of investors but in the end that they didn't think that it could really bear -- so they're buying the stock and selling it short.
Isn't that something that if the White House is going to be in the business of of investing these companies they audit you know look twice that.
If it is yeah that's -- -- debt ratio to the market capitalization was unacceptable to a lot of people.
And as soon as they got this loan guarantee that a French company came in total and came in and actually purchase the bulk of this company so great now we've given it to what is now owned by a French company itself.
It this is not what Washington DC should be doing within the federal government the White House should not be picking winners and losers that is up to the marketplace you create an even playing field and allow the market to make these determinations -- the White House.
Slumping Desmond that these companies is that been historically difficult for analysts on Wall Street to do and it proves to be difficult for folks in Washington to do as well it -- Colors and shape it's thanks it's always -- to CF have added that things are that.
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