August 26, 2012
By: Jim Kouri
The financial institution executive who was in charge of the “independent probe” that ended up absolving the Obama Administration for wasting billions of taxpayers’ dollars spent on green energy schemes was neither bi-partisan or non-partisan, but a big contributor to the Obama reelection campaign, according to a report by a Washington, D.C., public-interest group that investigates corruption.
According to a report on Friday, Herbert Allison’s role as a special investigator of the Department of Energy’s stimulus-funded loan program that is sparking curiosity. Not long after Allison determined that billions in taxpayer dollars invested in Obama-favored “green” technology companies were at nominal risk, “he made campaign donations — big ones — to the Democratic National Committee and the president’s re-election efforts,” officials at the National Legal and Policy Center claim.
In addition, according to officials at Judicial Watch, this situation raises doubts about the integrity of Wall Street maven Allison’s investigation, “which centered on nearly $3 billion in loans that the Obama Department of Energy (DOE) doled out for experimental alternative energy projects.”
Among the loans was an alleged fly-by-night California company named Solyndra, that was bankrolled by another Obama donor and fundraiser (bundler) George Kaiser, wasted more than half a billion dollars before finally going bankrupt.
In early 2012, a federal audit confirmed that “serious concerns” expressed by U.S. Treasury officials involving the risky $535 million Solyndra infusion were ignored as the deal was fast-tracked by top White House officials.
As a result, Judicial Watch filed a lawsuit against the Department of Energy to obtain records regarding the Solyndra loan because “the administration has blown off a public records request that dates back to early September 2011.”
The Treasury Department Inspector General’s report, “Consultation on Solyndra Loan Guarantee Was Rushed,” revealed that Department of Energy cut out the Treasury Department officials from issues regarding Solyndra, ignoring the agency’s advice and limiting its opportunity to review the high-priced, high-risk financing of what critics called “an Obama green pipe dream.”
Incredibly, the so-called in-depth investigation that is now known to have been conducted by Obama’s donor found no wrongdoing on the part of the administration.
“The donor/watchdog scandal was uncovered this week by a mainstream media outlet, which in and of itself is incredible considering the love fest that exists between most news organizations and the commander-in-chief. Puff pieces dominate coverage of the administration — in major newspapers as well as television networks — so this is a rare treat,” stated the Judicial Watch blog entry.
The veteran Wall Street executive Herbert Allison, who was handpicked by the Obama administration to investigate the Obama administration’s disastrous green energy loan losses, contributed $52,000 to re-elect Obama in the months after he completed the in-depth probe.
It’s all documented in federal campaign records reviewed by the national wire service that broke the story. The cash started pouring in just two weeks after Allison testified before Congress about his report, which exonerated the administration and was heavily touted by the White House.
“It started with a $2,500 donation to the Obama campaign in late March, the story reveals. In May he plopped down another $15,000 for the Obama Victory Fund, a joint group that supports the president’s reelection and the Democratic National Committee. In the following two months, Allison generously deposited another $40,000 into the coffers of the Obama/DNC account. In the news story he defends the integrity of his probe and assures he did not make the decision to back a presidential candidate until after his work was finished,” according to the National Legal and Policy Center.
According to Allison’s thumbnail bio, he served as Assistant Secretary of the Treasury for Financial Stability of the United States having been confirmed by the Senate on June 19, 2009. He left the Treasury Department in September 2010. As part of his duties he also oversaw the Troubled Asset Relief Program (TARP), the $700 billion fund to purchase assets and equity from financial institutions in order to strengthen the financial sector of the economy