Tuesday, August 23, 2011

The Section 1603 Scam: $8 Billion of Your Money Redistributed For "Clean Energy Properties" ... So Far

When the final damage assessment of the Obama administration is written -- hopefully not long after the 2012 election -- I am convinced that we will find evidence of the most massive organized criminal operation in history. Literally trillions of dollars of your grandchildren's money will have been stolen: to give to public sector unions for recycled campaign donations; to send to crony capitalists for similar reasons; and granted to failed "green energy" companies that are using the mantle of environmentalism to disguise their real motives.

Consider the "Section 1603" scam -- a confluence of TurboTax Timmy's Treasury Department and the EPA. Part of the so-called "Stimulus", the 1603 Program has thus far spent $8.5 billion in direct payments to organizations in lieu of tax credits when they build "clean energy properties".

What kinds of properties can receive cash payments rather than tax credits? I'm glad you asked:

And here is the list of roughly 3,600 organizations that have "taken advantage" of this generous gift from generations yet unborn to the green energy industry.

The entire list of those receiving awards may be downloaded from the Treasury Department (XLS format).

I feel certain that a careful review of these awards will find rampant examples of fraud, partisan payoffs, theft and other examples of outright criminality. But perhaps I'm just a cynic.

In fact, maybe the intrepid pro journalists at The New York Times could take a look, unless they're too busy vetting Michele Bachmann's geneaology.

Hat tip: The Defensive Back.


Anonymous said...

It would be an interesting task to find out which political party these companies donated money too.

High DummyCrats, bet.

Mr. V

Jim - PRS said...

The country is being FLASH MOBBED by these bastards.

Ten Mile Island said...

Juniper II. 127 turbines at a million a piece. Ten million out of pocket, and that's without additional tax incentives from both state and federal coffers.

Even if only ten percent of the capacity is utilized, that can cover the amortization of the out-of-pocket expenses.

Really, a no-brainer. Hard to see how this will create any wealth, though.