Friday, October 30, 2009

US Money Stimulates Foreigners

(More than eight out of 10 US stimulus dollars spent on wind energy farms have gone to foreign companies, according to a report by the Washington-based Investigative Report Workshop, a non-profit journalist group. The 11 US-based wind farms that received cash grants from the US Treasury have imported 695 of the 982 wind turbines that are to be installed. Since the manufacture of turbines is by far the largest employment generator in wind energy, it is estimated to have created 4,500 jobs overseas – far in excess of the jobs created in the US from these grants. The whole disgusting story can be read at: - see how your tax money is helping foreigners get rich while raping the USA)

Overseas Firms Collecting Most Green Energy Money

By Russ Choma (of the Investigative Reporting Workshop)

Thursday, October 29th, 2009

One of the major selling points of President Barack Obama’s $787 billion stimulus plan was that it would put the economy back on track partly by investing in renewable energy industries, like wind and solar.

The president and many other advocates of alternative energy argue that an investment in green energy would lessen the nation’s reliance on foreign oil, cut greenhouse gases, and most importantly, create thousands of new jobwind money washington s for out-of-work Americans.

But of the $1.05 billion in clean-energy grants handed out by the government since Sept. 1, 84 percent – a total of $849 million – has gone to foreign wind companies. Spanish utility company, Iberdrola S.A., alone has collected $545 million through its American subsidiary.

Even more striking is the fact that there are few restrictions on the how the grants can be used, according to a transcript of a Treasury Department briefing. In fact, more than $800 million has been given to firms for wind farms that were already producing electricity before they received the grants, according to a review of the records by the Investigative Reporting Workshop at American University.

"There are no restrictions on the use of the funds," Dan Tangherlini, an assistant secretary for management at the Department of Treasury, said, during a Sept. 1 conference call to announce the grants.

Could the money be used to pay shareholders?

"You know, that's possible," Tangherlini said, when a reporter asked that question during the call.

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