Last week I posted a report on Tonopah Solar, owned by SolarReserve, receiving $737 MILLION from yet another Government loan guarantee. What I didn’t know at the time is that SolarReserve is “partnered” with Pacific Corporate Group (PCG), of which Nancy Pelosi’s brother-in-law, Ronald Pelosi, is the No. 2 person in “Leadership” after founder and CEO, Christopher Bower. Ron Pelosi joined PCG in Spring 2011. By Fall 2011, one of his client’s (SolarReserve) holdings (Tonopah Solar) received the very hefty loan guarantee, or at least that’s the way it looks. It depends on what the meaning of “partnered” is.
If SolarReserve is using PCG as a private equity “gatekeeper” or “advisor,” which is what the PCG website says it does, we might assume PCG “advises” SolarReserve. Maybe he works on commission or bonus?
To further confuse the wicked web woven by the Obama administration, Steve Mitchell sits on the board of Tonopah. Mitchell also manages Argonaut Private Equity. Tulsa’s George Kaiser owns Argonaut, and Kaiser is the largest investor in Solyndra. Outrageously, Kaiser is first in line for reimbursement in the failed-Solyndra bankruptcy court, before the American taxpayer. Kaiser is one more BILLIONAIRE paying ZERO federal income taxes for years. He is an Obama-bundler and “bundled” $250,000 for the Obama campaign in 2008. It’s generally called Pay-to-Play.
In Snow’s Notes, we learn that Ron Pelosi is “a FINRA mediation expert and San Francisco political insider.” FINRA is the Financial Industry Regulatory Authority, which was headed by Mary Schapiro, now the Chairman of the Securities and Exchange Commission (SEC). FINRA under Mary’s guidance didn’t “regulate” much, including Bernie Madoff, even with a whistleblower making a lot of noise. She also failed to “regulate” massive amounts of porn on SEC computers.
PCG is considered a “private equity gatekeeper.” They give advice, and one of their longtime clients was California Public Employees’ Retirement System. There’s a scandal there, which apparently didn’t have anything to do with Ron Pelosi.
As printed in the Snow’s Notes article linked above, his bio, in part, is (emphasis mine):
“Mr. Pelosi brings to PCG Asset Management a distinguished career in business and public service. He has an extensive background in the securities industry, mutual funds, and private equity.” Among his other political accomplishments, Pelosi was a long-time president of the San Francisco board of supervisors. In addition to his congressional connection, he also is San Francisco Mayor Gavin Newsom’s uncle.
Pelosi is also the President of Trenholm Associates, a consulting firm specializing in services to the financial industry. And his position at FINRA:
Presently, he serves on FINRA’s national panel of mediators. Formerly, he was on the arbitration/mediation panels of the New York, American, and Pacific Coast Stock Exchanges. He was also on the American Arbitration Association roster of arbitrators.
Hot Air quotes the Department of Energy saying the Tonopah project will create 600 construction jobs, but ONLY 45 PERMANENT jobs, which Ed Morrissey calculates costing about $16 MILLION per job.
It remains to be whether the taxpayer investment in Tonopah/SolarReserve will be a costly one for American taxpayers, but consider this: is it possible investors can make more money with energy flops, than energy successes?
Hat tip to American Glob, which has more. Politisite posts a denial of Pelosi cronyism, which says the charges are “trumped up.”