Lawmakers grill solar executives over loan program
Rep. Mike Kelly weighs in
- Duration 3:59
- Date May 19, 2012
Rep. Mike Kelly weighs in
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For welcome back the Energy Department's loan program that gave 500 million dollars to so lender before failed -- back in the spotlight this week.
Lawmakers on Capitol Hill questioning several green energy CEOs.
Whose companies -- received your taxpayer dollars the question at the center of those loans.
Did politics play a role joining us now especially.
Mike -- he was at those hearings -- congressman nice to see this morning what did you hope to accomplish at these hearings.
-- I think bottom line is the the hardworking American taxpayers.
Need to know they need to be told the truth about where their money's going and I keep hearing about we -- we've got to make these -- -- got to make these investments.
But quite frankly the people they're pouring money into -- venture capitalist and once they get that money.
They cut bait and run so the only people still left with a lot of money in the -- American taxpayers I think it's important to people understand look.
This is there's some great science after but is way ahead of the market.
It's not affordable now that the government's gained -- That you have to by 20% -- -- just by 20% of your your power from renewable solar forcing a market on the public striving their energy costs up.
And we keep poured billions of dollars in we see nothing but a positive return on that investment for American taxpayers and that's where I think with a with our committee we're looking as -- please stop wasting taxpayer money at a time when we're born forty cents of every dollar we spend.
And reported that an open hole doesn't make sense to me thus far congressman sixteen billion dollars in loans have been guaranteed.
To 26 solar -- that includes of course.
Is there something behind those loans in your opinion is their particular reason why these.
Particular companies are chosen beyond being the best technology.
Well I mean the technology -- best technology for what -- what time -- like great technology out there.
Science is always -- -- -- always been the hallmark of American.
And entrepreneurship but you go with technology that's available to the market today.
Not for this hope and dream that you have sometime in the future the quite frankly right now is not affordable.
We've -- -- raw politics at play is that just -- of course of course there's always politics at play when you look at the trail the paper trail that leads -- to meetings.
Up as far as the white house with the vice president these folks -- and in talking to him and John how difficult it is for them and how much they need to support.
In a president says in the stadium is all the time but listen -- for all the above -- -- discounts all the below.
That the emphasis is on green technology.
Which is very expensive right now aways from away from fossils -- -- affordable.
Accessible in abundant why are we doing this to the American taxpayers -- of these guys are great guys are venture capitalist -- they do.
They invest in they -- that's one reason to make money right when they see they're not gonna make money -- bail -- and you look at some it's the CEOs.
If personal worst they took two billion dollars called a ram with the they took their money and ran -- let the taxpayer money and.
-- that -- -- and you CEO that's who you're talking about from First Solar actually was -- testifying there he was one of the individuals who actually sold his stock options 400 million dollars of his personal stock in recent years the question is.
Did he do that on the back of taxpayers.
What do you say what -- saying those hearings it made you would sway you one way or the other was what he said as what I expect any Smart investors say.
The market was tanking I decided that -- keep in -- this is -- the company the stock was trading at 303 dollars might look the other day it was below fifteen dollars a share.
-- the American taxpayers don't have that ability.
To cut and run there in it for the long run whether this thing makes her doesn't make it there are still what I'm saying is why are we taking money in -- it.
Taxpayer money this is not private individuals like they couldn't get funded in the open markets what they do they go the government the government hangs it hangs out the spirit.
They go after it and then they bail when they see the market's -- This mystery -- did what any Smart -- would do.
But you know what we're not able to do -- taxpayers were -- -- say hey what time but get me out of this market getting out of your losing too much congress as a we have to do.
Thank you it sounds like maybe some strings need to be -- tax.
-- those government dollars maybe you can't cash out your stock congressman Mike Kelly thanks for being with us we appreciate it Ellis likes.