State Rep. James Casorio issued a news release today criticizing a taxpayer-funded loan to what he terms a “puppy mill”.
The loan came from the Renewable Energy Program of the Commonwealth Financing Authority, an independent state agency. In 2008, state lawmakers authorized the CFA to award $165 million (all borrowed fund) in grants or loans to businesses for “clean” or “alternative” energy projects, with little oversight into how that money was given out. Rep. Casorio’s criticism now, seems ironic, given he voted in favor of this pork-laden legislation then.
In contrast, when this proposal was debated, the Commonwealth Foundation advised:
we must consider the merits of this borrowing and spending itself. Under this program, political appointees would be responsible for doling out hundreds of millions of dollars to businesses in the alternative energy industry
We also noted that this energy fund was akin to a “hedge fund run by politicians” and added:
The recipients of what can only be termed corporate welfare are the corporations that distinguish themselves not by becoming leaders in the provision of alternative fuels, but by the effectiveness of their lobbying. The plan is a boon to politically-connected corporations.
Thanks to Rep. Casorio, I am back to my old refrain … We told you so!