Shocker: Obama Campaign Fundraiser Got $50 Million In Green Jobs Stimulus Loans
First it was Solyndra. Then it was Fisker, the electric car company that used stimulus dollars to create jobs in…Finland.
Now we have James A. Johnson, a major campaign bundler for Obama’s 2008 campaign, who persuaded the Department of Energy to steer a taxpayer-backed $50 million loan to an electric vehicle company he just also happened to be a major investor in.
An investment firm whose vice chairman has been an adviser and fundraiser for President Obama saw one of its portfolio companies win approval this year for $50 million in loans from the administration’s clean-energy loan program.
Washington-based Perseus says its affiliation with James A. Johnson, a major fundraiser for Obama’s campaign, played no role in persuading the Energy Department to award the loan to Vehicle Production Group, a Miami start-up that is manufacturing wheelchair-accessible cars and taxis.
By the way, if you’re wondering where you’ve heard the name James A. Johnson before, it’s because he was involved in the 2007 Countrywide VIP Loan scandal. He was the liason between former Countrywide CEO Angelo Mozilo and congressional big-wigs like Senators Kent Conrad and Chris Dodd and took millions in VIP loans for himself.
In fact, Johnson was a member of the search team for Obama’s Vice President before he had to resign because of the scandal, though he still raised money for the campaign and is apparently committed to raising more for Obama in 2012:
Johnson headed Obama’s vice presidential selection committee in 2008 and is the former chairman of housing mortgage giant Fannie Mae. He was listed as a campaign fundraising bundler for Obama in the 2008 race, according to the Center for Responsive Politics, and committed to raising $200,000 to $500,000 for the upcoming presidential race. …
Johnson had supported Obama as a young senator and, later, was briefly part of a three-member team leading his vice presidential search committee. But Johnson resigned in June 2008 amid revelations that he had received $7 million in deeply discounted mortgage loans from the chief executive of Countrywide, a company that had helped fuel the rise of subprime home mortgages. He said the controversy was a distraction for Obama’s campaign.
Johnson has personally donated $55,400 to Obama’s two presidential campaigns, federal donation records show, including a $35,800 check listed on Aug. 29 to Obama’s reelection effort. Pearl donated $1,500 to Obama’s campaign in 2008.
Perseus claims that Johnson didn’t have anything to do with their getting the DoE “green jobs” stimulus loan. But George Kaiser made the same claims about Solyndra. “How coincidental would it be that two men who raise money for Obama also managed to make money from Obama through subsidies at the Department of Energy?” asks Ed Morrissey.
Point being, these aren’t coincidences.Tags: Barack Obama, chris dodd, countrywide mortgage, green jobs, jim johnson, Kent Conrad, Stimulus, vip loans