Billions in Subsidies: Elon Musk Targeted in Crony Capitalism Probe

Posted by Tina

The Senate Finance Committee and the House Ways and Means Committee are investigating solar companies that may have improperly received billions of taxpayer dollars in subsidies. SolarCity, a company run by Elon Musk’s cousins is at the forefront in the probe:

Burning through taxpayer dollars, buying elections, and expanding a network of crony capitalism has become so inherent to the SolarCity model that $3 million to a public commissioner’s race, brazen though it may be, is only a drop in the bucket for Musk and SolarCity.

In 2013 alone, SolarCity received $127.4 million in federal grants. The following year, in which it received only $342,000 from the same stimulus package, total revenue was just $176 million and the company posted a net loss of $375 million.

Despite an expansion of operations and claims to be the leader in the industry, SolarCity never has been able to survive without serious help from government subsidies and grants. The failure to responsibly turn taxpayer dollars into a profitable renewable energy provider has led to SolarCity’s collapse into the welcoming arms of Tesla.

And with Tesla, SolarCity in fact will be right at home, compounding a disastrous shell game that Elon Musk is playing with government resources.

It has been widely reported that among SolarCity, Tesla, and the rocket company SpaceX, Elon Musk’s confederacy of interests has gotten at least $4.9 billion in taxpayer support over the past 10 years.

This is almost half of Musk’s supposed net worth—taken from the pockets of American citizens and put into companies that can survive only by cannibalizing each other, spending without end, and promising that success is always just beyond the horizon and yet never arrives.

The Obama administration failed miserably in one of it’s key promises regarding crony capitalism: “Just one week after Obama’s sweeping victory, transition chief John Podesta declared that the president-elect made a commitment “he intends to enforce in his government, so that the undue influence of Washington lobbyists and the revolving door of Washington ceases to exist.”

In the case of Elon Musk and SolarCity the President opted to feed taxpayer dollars into a few special interest pockets just as it did the failing company Solyndra.

No wonder the loser party is going berserk after Trumps win. Trump has vowed to dive deeply into this type of corrupt, wasteful government spending. He has to know that his supporters will be watching and unlike Obama’s supporters, will turn on him. The American people are livid over the irresponsible handling and management of our hard earned dollars and we expect action following the recent election.

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4 Responses to Billions in Subsidies: Elon Musk Targeted in Crony Capitalism Probe

  1. Libby says:

    Now, this is interesting:

    http://www.salon.com/2016/11/17/sore-winner-syndrome-why-are-donald-trumps-supporters-still-so-angry-abraham-lincoln-understood/

    Tina, your post here … are you not “[taking] little joy in its victories, instead remaining focused on its defeated enemies. Compromise is unacceptable — right-wingers seem to demand total capitulation and when the their adversaries continue to resist, they are enraged”?

  2. Libby says:

    Actually, it’s a very thoughtful article … if you care to read it … which you plainly don’t.

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