Obama’s Venture Capitalists Used Taxpayer Money to ‘Invest’ In Green Companies


William Teach is waiting for Obama administration officials to scold the Washington Post reporters who released this story. The Obama Energy Department is chock-full of venture capitalists using our capital to invest in “green” companies whose investors have cozy ties to the president. What a shock.

…. During the next three years, the department provided $2.4 billion in public funding to clean-energy companies in which Wagle’s former firm, Vantage Point Venture Partners, had invested, a Washington Post analysis found. Overall, the 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.

Obama’s program to invest federal funds in start-up companies — and the failure of some of those companies — is becoming a rallying cry for opponents in the presidential race. Mitt Romney has promised to focus on Obama’s “record” as a “venture capitalist.” And in ads and speeches, conservative groups and the Republican candidates are zeroing in on the administration’s decision to extend $535 million to the now-shuttered solar firm Solyndra and billions of dollars more to clean-tech start-ups backed by the president’s political allies.

Read the whole thing, as Teach points out, these are just the well connected recipients of government funds.

This is crony capitalism at its worst.