Cold Fury

Harshing your mellow since 9/01

Crony socialism: teat dry, still sucking furiously

The “green” energy scam rolls ever on.

A look at the Department of Treasury Section 1603 data shows that SolarCity received 27 awards across 15 states amounting to $95.6 million in cash from a long-standing tax credit for renewable-energy investment turned into a direct grant in the stimulus bill. SolarCity has applied for approximately $325 million in these stimulus grants, according to the SEC filing.

There are a few things to note here.

First, as Tim Carney of the Examiner explained last October, SolarCity is one of the solar companies that is being investigated by the IRS after Treasury found that it ”repeatedly overstated the value of its investments, the SEC filings indicate.” Since the dollar amount of the grant is a set percentage of the value of the project, the benefit of overstating one’s value is that it leads to more taxpayers’ cash.

Second, the chairman of SolarCity is Elon Musk, who is also a large owner in the company. In addition to being the chairman of SolarCity, he is also CEO of the automobile company Tesla. Tesla received $465 million from the ATVM loan-guarantee program, the DOE program that gave us the Fisker scandal. Musk also founded a company called SpaceX, which has received $1 billion in NASA funding.

Third, it is worth noting that Elon Musk is a generous political donor. Why does this matter?

Exactly why you’d think it would. When you buy a Democrat Socialist grifter–or a whole monkey-barrel full of ’em–you always expect him to stay bought.

Solar City is suing their partners-in-crime in the Ogabe junta because the kickbacks they received from their bought-and-paid-for politicians weren’t as much as they had been promised in the original graft agreement.

But remember: it’s not corruption, nor even wasteful government spending to prop up a failed industry. It’s investment, and it’s how we’re winning the future!

Funny how “the future” looks more and more like a dystopian combination of the worst aspects of Tammany Hall and the old Daley Chicago Machine, innit?

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