The pay-to-play Chicago tactic is one Obama uses to reward his campaign bunlders with billions of taxpayer dollars.
The U.S. Department of Agriculture has awarded a large loan guarantee to a biofuel company whose investors donated handsome sums to the Obama campaign. Some of them have even visited the White House to discuss federal job-creation efforts.
Taxpayers will guarantee a $105 million loan for Fulcrum Sierra BioFuels, a project of Fulcrum Bioenergy of Pleasanton, CA. The loan guarantee will be administered by the Department of Agriculture through its Rural Development Biorefinery Assistance Program.
While the USDA loan programs have not received as much attention as the Energy Department’s, Fulcrum’s political connections may fuel allegations of cronyism in the Obama administration’s continued green energy “investment.”
McDermott, who currently serves on Fulcrum’s board, is a managing director of one of its top investors, U.S. Renewables Group, a California-based venture capital firm that also invested in SolarReserve, a company backed by the Energy Department. Another managing director, Lee Bailey, has given more than $20,000 to Democratic campaigns since 2008.