Obama Rewards Companies Supporting Cap-and-Trade with Over $600,000,000 Million in Grants, Says Free Enterprise Project
Washington D.C.: Today's page one New York Times story on Al Gore profiting from global warming advocacy illustrates how taxpayer money is being used to reward businesses that support Obama's energy agenda, says Tom Borelli Ph.D., director of the Free Enterprise Project.
Gore's venture capital company, Kleiner Perkins Caufield & Byers, will benefit from the Department of Energy grants to support the development of the so-called smart grid, according to the Times.
"The Department of Energy is doling out $3.4 billion in smart grid grants and some of these funds are being steered to "friends of Obama," said Borelli.
The Department of Energy (DOE) funds were part of the "American Reinvestment and Recovery Act" – President Obama's economic stimulus plan.
According to the Times, $560 million in grants were awarded to utilities that had contracts with Silver Spring Networks – a company that Gore's firm has invested in. Silver Spring Networks develops technologies to increase the efficiency of the electricity grid.
John Doerr, a partner in Kleiner Perkins Caufield & Byers, is member of President Obama's Economic Recovery Advisory Board
RTWT.
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