The fraud appears to have centred around an arcane
taxpayer-swindling system first devised by Kenneth
Lay of Enron known as "Clean tech" or "green jobs."
B.O. who joined the bank in January 2009 is
believed to have persuaded colleagues and shareholders
that he could boost the institution's flagging profits by
spending $38.6 billion on a "loan guarantee program"
for clean tech start up companies. He also claimed
that in the process he would create "65,000 jobs".
Correctly anticipating that in the open market no
one would actually want to buy such overpriced,
economically inefficient energy as solar or wind,
B.O. hit on the ingenious scam of ramping up demand
by spreading misleading rumours.
He persuaded high-placed friends at institutions
including NASA, the EPA and the IPCC to promote
junk-science data grotesquely exaggerating the
dangers of carbon based energy and the benefits
of "renewable" energy. BO then poured sums of
up to half a billion dollars into Ponzi schemes
aka Green Tech run by sympathetic friends.
Unfortunately, the scam was exposed when one
of B.O's Green Tech Ponzi schemes a solar energy
company called Solyndra collapsed with losses
which could cost USA shareholders as much as $527
million. Two other solar companies in B.O's Green Tech
Ponzi scheme have also folded: Evergreen Solar, Inc
and SpectraWatt.
