Wiseacre
Retired USAF Chief
Nothing like syphoning off big bucks to your friends and supporters. Below is a blog from Reason.com, with a link to a story in the WaPo.
Not so sure this is crony capitalism as much as it is just straight up cronyism:
Overall, the [Washington] Post found that $3.9 billion in federal grants and financing flowed to 21 companies backed by firms with connections to five Obama administration staffers and advisers.
One leading example:
Sanjay Wagle was a venture capitalist and Barack Obama fundraiser in 2008, rallying support through a group he headed known as Clean Tech for Obama.
Shortly after Obamas election, he left his California firm to join the Energy Department, just as the administration embarked on a massive program to stimulate the economy with federal investments in clean-technology firms.
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He was one of several players in venture capital, which was providing financial backing to start-up clean-tech companies, who moved into the Energy Department at a time when the agency was seeking outside expertise in the field. At the same time, their industry had a huge stake in decisions about which companies would receive government loans, grants and support.
During the next three years, the department provided $2.4 billion in public funding to clean-energy companies in which Wagles former firm, Vantage Point Venture Partners, had invested, a Washington Post analysis found.
So, ah, yeah, nice to have that change in Washington.
Reason Foundation - Out of Control Policy Blog > Crony Governmentism: Energy Edition
Not so sure this is crony capitalism as much as it is just straight up cronyism:
Overall, the [Washington] Post found that $3.9 billion in federal grants and financing flowed to 21 companies backed by firms with connections to five Obama administration staffers and advisers.
One leading example:
Sanjay Wagle was a venture capitalist and Barack Obama fundraiser in 2008, rallying support through a group he headed known as Clean Tech for Obama.
Shortly after Obamas election, he left his California firm to join the Energy Department, just as the administration embarked on a massive program to stimulate the economy with federal investments in clean-technology firms.
.
.
.
He was one of several players in venture capital, which was providing financial backing to start-up clean-tech companies, who moved into the Energy Department at a time when the agency was seeking outside expertise in the field. At the same time, their industry had a huge stake in decisions about which companies would receive government loans, grants and support.
During the next three years, the department provided $2.4 billion in public funding to clean-energy companies in which Wagles former firm, Vantage Point Venture Partners, had invested, a Washington Post analysis found.
So, ah, yeah, nice to have that change in Washington.
Reason Foundation - Out of Control Policy Blog > Crony Governmentism: Energy Edition