"bribem's" DOE gave $42 Billion In guaranteed loans to Dems in just his last two days in office

Seriously, $42 billion in just his last two days.

You may have heard that in late December of last year, with just four weeks left in office, Autopen's handlers green-lighted his corrupt EPA to give $20 BILLION to a group of Dem/leftist NGOs, so you probably think this story is really that one, with inflated numbers.

No.  The story below is NOT the EPA scandal.  It's a different grift, this time from his Energy Department, and for more than twice the cash in the EPA grift.

On Jan. 16 and 17 of this year the DOE's "Loan Programs Office" (LPO) approved at least $93 billion in "loan guarantees."  It appears that Biden officials were rushing to "commit" billions of dollars before they lost the power to do so.

So in its last two days in power, bribem's DOE signed off on nearly $42 billion for so-called "green energy" projects -- a sum that exceeded the total amount its Loan Programs Office had guaranteed in the previous ten years.

To repeat: In two days they pushed more graft to their leftwing political allies than the DOE handed out over the prior ten years.  Those agreements were made despite a warning from the DOE's inspector general in December that guaranteeing huge loans after the election could present conflicts of interest.

The Biden Crime Family specializes in conflicts of interest.

In just the five months since the loans were guaranteed, some of the lucky recipients have already defaulted.  (For young Americans, back when Obozo was emperor, his regime gave a company called Solyndra (which made solar panels) $570 million in taxpayer-guaranteed loans.  The company borrowed the money, gave its execs million-dollar bonuses and promptly filed for bankruptcy just two weeks after getting the loan.) 

Here are some of the lucky recipients::

    Sunnova, a rooftop solar outfit that had already borrowed $382 million of its $3.3 billion loan guarantee, filed for bankruptcy this month. The company did not respond to a request for comment.

    Li-Cycle, a battery recycling facility, had a $445 million loan approved but has filed for bankruptcy. The Energy Department says the company hadn't gotten a loan yet, so no money will be lost.  Li-Cycle did not respond to a request for comment.

    On Jan. 17 bribem's DOE approved a $705 million loan to "Zum Energy," a California company that makes electric school buses, starting at $350,000.  That's double the cost of a diesel bus, but virtue-signaling school boards will be eager to pay it.  There's no indication that Zum is in trouble. The company did not respond to a request for comment.

    On Jan 17 bribem's DOE loan desk loaned a staggering $15 billion loan to Pacific Gas & Electric, California's biggest utility, supposedly with most of that used to fund renewables.  Interestingly, electricity from "free" sources like sun and wind always costs twice what "regular" electricity costs.  And California customers already pay among the highest rates for electricity.

  On Jan 16 the DOE loaned $9.63 billion to "Blue Oval SK"--a joint venture between Ford and a South Korean company to make EV batteries.  Blue Oval did not respond to a request for comment.

Rushing to push $42 BILLION out the door in bribem's last two days in power raises question of whether the "deals" were thoroughly analyzed before signing.  

The staggering $42 BILLION was appropriated by the Democrats' pork-filled 2022 Inflation Reduction Act, which threw a mind-blowing $400 billion into DOE's loan office.  That total was over 10 times the amount the LPO had ever committed in any year of its existence.  It's no surprise that when your "authority" jumps ten-fold in one year, a lot of...curious...loans are approved.  Gotta spend it all, eh?

Even after the rush to sign $42 billion in government loans in bribem's last two days in power, almost $300 billion of the Inflation Reduction Act money remains uncommitted by the LPO.  The Trump administration has already nixed some smaller deals, but you can bet sleazy companies run by Dem insiders are already suing to force the deals to be approved--cuz judges have DECREED that every dollar appropriated by a corrupt congress MUST be spent, for the purpose congress decreed.

Again, these billions are in addition to the $20 billion graft bonanza given by bribem's EPA in late December of last year.

The EPA had never been a big player in awarding grants, but the Democrats' ghastly Inflation Reduction Act ordered it to give $27 billion through a Dems slushfund called the "Greenhouse Gas Reduction Fund," and second fund called "Solar For All."  It did so in less than six months in 2024, including a highly unusual arrangement in which Biden officials transferred $20 billion to CitiBank, which would supposedly award grants and disburse that money over time--thus doing the EPA's job.

This unusual arrangement has been described as "parking" money outside the Treasury's control.  The money was said to have been "earmarked" for about eight Dem/leftist organizations, most of which had skimpy assets and were linked with politically connected directors.

It was "reported" in February that Citi had either returned the cash or said it would, but I don't know if that ever happened.  If we had a group of people who would ask questions like that and "report" the answers!

https://acecomments.mu.nu/?post=415502