President Obama, Executive in Chief of criticizing the cruelties of private equity, is more than happy to plead for donations from people who make their money in the industry. During daylight hours, he’s America’s “Robin Hood.” By night, though, he can be found schmoozing people at firms such as Blackstone — a major player in private equity.
But here’s where it gets better. Obama is speaking at TPI Composites (a producer of blades for wind turbines) in Newton, Iowa later today. Expect to see him promote clean energy tax credits — and laud himself for pushing public funds to help get these companies get off the ground.
In comparison, the nine million in stimulus funds they received is just a small chunk of the pie.
[A]s Hoover Institution scholar Peter Schweizer reported in his book, “Throw Them All Out,” fully 71 percent of the Obama Energy Department’s grants and loans went to “individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party.” Collectively, these Obama cronies raised $457,834 for his campaign, and they were in turn approved for grants or loans of nearly $11.35 billion.
So, President Obama, we’re left scratching our heads and wondering: What’s the truth about your feelings? Is private equity the monster you’re making it out to be, or is it just another part of a healthy capitalist system.