| 00:00:12 |
Unidentified Speaker, -
GOVERNMENT FUNDS. THE CO-CEO TESTIFIED BEFORE THE GOVERNMENT-SPENDING SUBCOMMITTEE. HE AND THREE OTHER EXECUTIVES SAID THAT GOVERNMENT BACKING WAS...
|
| 00:00:45 |
Unidentified Speaker, -
TODAY, DOESN'T IT? MAYBE WE CAN HAVE SOMEBODY CHECK THAT OUT. THE DEPARTMENT OF ENERGY'S LOAN GUARANTEE PROGRAM IS OF GREAT CONCERN AFTER THE BANKRUPTCYIES...
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| 00:01:34 |
Unidentified Speaker, -
GREEN JOBS IN AMERICA AND WILL CREATE A STRONG ENERGY SECTOR. IN CONTRAST TO THESE OPTIMISTIC PREDICTIONS AT THE ADMINISTRATION, AT THE LAST HEARING,...
|
| 00:02:33 |
Unidentified Speaker, -
AS A "BANQUET OF GOVERNMENT SUBSIDIES AND A WINDFALL FOR THE INDUSTRY." THIS WASN'T IGNORED BY THE COMPANIES REPRESENTED TODAY. HE SAID, AND I QUOTE,...
|
| 00:04:00 |
Unidentified Speaker, -
OF ENERGY'S 1705 LOAN GUARANTEE PROGRAM AND WHAT IT HAS ACHIEVED FOR THE AMERICAN PEOPLE. BUT BEFORE THE WITNESSES TAKE THEIR OATH TO PROVIDE TRUE...
|
| 00:04:51 |
Unidentified Speaker, -
WITHOUT -- SHOULD BE MADE LIGHTLY WITHOUT SUBSTANTIAL EVIDENCE. THE COMMITTEE HAS IN ITS POSSESSION A REPORT OF A SEPTEMBER 2nd, 23011 SITE VISIT ...
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| 00:10:47 |
Unidentified Speaker, -
QUESTIONS. AND I ALSO POINT OUT TO MY GOOD FRIEND FROM OHIO THAT WE DO HAVE WITH US TO YIELD THE SUBSIDIARY. WE'LL BE HEARING FROM MR. MANCINI IN...
|
| 00:11:16 |
Unidentified Speaker, -
THAT IT WOULD BE EVER-MORE INSTRUKTIVE TO HAVE THE CEO OF GOLDMAN SACHS HERE. SO I THANK THE GENTING MAN FOR POINTING THAT OUT. >> OKAY. WE WANT TO...
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| 00:11:38 |
Unidentified Speaker, -
CEO. >> MR. ROBERT MANCINI IS THE CEO AND DIRECTOR OF ORMEN
|
| 00:11:59 |
Unidentified Speaker, -
TECHNOLOGIES. WE WANT TO COME YOU ALL HERE. THAT'S THE PRACTICE OF THIS COMMITTEE TO SWEAR YOU ALL IN. IF YOU COULD JUST STAND UP AND RAISE YOUR RIGHT...
|
| 00:12:41 |
Unidentified Speaker, -
LET ME INTRODUCE NRG. WE'RE A FORTUNE 300 COMPANY WITH 25,000 MEGAWATTS OF COAL, GAS, WIND AND SOLAR GENERATION. IT'S NUCH TO POWER MORE THAN 20 MILLION...
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| 00:15:25 |
Unidentified Speaker, -
MEGAWATT SOLAR RANCH PROJECT WHICH UTILIZED SUN POWER TECH NOTHING. WE ALSO BENEFIT FROM PG&E AND IS ALSO BEING CONSTRUCTED BY THE BECTAL CORPORATION....
|
| 00:16:24 |
Unidentified Speaker, -
PEER R PERIOD, THE LARGEST SOLAR PLANT OPERATING IN NORTH AMERICA DELIVERING ALMOST 200 MEGAWATTS OF POWER INTO THE GRID. AS SUCH, WE'RE SO FAR AHEAD...
|
| 00:18:18 |
Unidentified Speaker, -
CERTAINLY THERE. >> >>. >> MR. CHAIRMAN, RANKING MEMBER AND MECHL BESHS OF THE SUBCOMMITTEE. >> GOOT MORNING, I'M THE
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| 00:18:40 |
Unidentified Speaker, -
CO-CHIEF. THANK YOU FOR THE OPPORTUNITY TO BE HERE TODAY TO TALK TO YOU ABOUT OUR COMPANY AND
|
| 00:18:45 |
Unidentified Speaker, -
OUR INVOLMENT WITH THE DEPARTMENT OF ENERGY 1705 LOAN GUARANTEE PROGRAM. FOR OVER 20 YEARS, PROLOGIS HAS BEEN IN THE BUSINESS OF DEVELOPING INDUSTRIAL...
|
| 00:21:14 |
Unidentified Speaker, -
PROGRAM. WHILE WE HAD COMPLETED SMALLER-SCALE SOLAR ROOFTOP INS LAEGS PROJECTS BEFORE, MOSTLY FINANCED BY UTILITIES, A LARGER, NATIONALLY SCALED PROJECT...
|
| 00:23:11 |
Unidentified Speaker, -
OF PROJECT AMP WILL SBIL A SPECIFIC POWER PURCHASE AGREEMENT, WILL BE FUNDED SEPARATELY AND MUST BE APPROVED IN EACH INSTANCE. TO DATE, WE HAVE...
|
| 00:24:06 |
Unidentified Speaker, -
OFFICER. >> E AM ALSO MANAGING DIRECTOR OF THE COMMODITIES BUSINESS UNIT OF THAT FIRM. THANK YOU FOR THE OPPORTUNITY TO APPEAR AND SPEAK TO YOU ABOUT
|
| 00:24:20 |
Unidentified Speaker, -
COGENTRICS ENERGY. COGENTRICS ENERGY HAS BEEN CON STRUKTSING POWER FACILITIES SINCE 1983. WE CURRENTLY EMPLOY MORE THAN 200 FACILITIES THAT WORK IN OUR...
|
| 00:24:55 |
Unidentified Speaker, -
IS NOT JUST IN THE SOLAR BUSINESS. WE'VE BEEN FOCUSED ON CONVENTIONAL POWER THROUGHOUT THE UNITED STATES THAT HAVE INCLUDED NATURAL GAS AND FIRE FACILITIES....
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| 00:25:41 |
Unidentified Speaker, -
SO WE BELIEVE THAT REP SENTS ONLY ONE PART OF WHAT WE DO. IT'S PRESENTLY ONE OF THE LARGEST POWER GENERATION FACILITY INS THE WORLD. IT'S LOCATED IN...
|
| 00:27:06 |
Unidentified Speaker, -
PROFITABLE. HOWEVER, PROJECTS SUCH AS THE ONE DEVELOPED IN THE ALOMOSA PROJECT PRESENT A SPECIAL CHALLENGE. WHILE IT'S PROVEN IN ONE CONTEXT, AS PREVIOUSLY...
|
| 00:29:23 |
Unidentified Speaker, -
LISTED COMPANY. WE'VE BEEN HEADQUARTERED IN NEVADA SINCE 1994 AND IS THE ONLY COMPANY PRIMARILY ENGAGED IN THIS BUSINESS. WE'VE OWNED AND OPERATED POWER...
|
| 00:31:38 |
Unidentified Speaker, -
BEEN USED IN GEOTHERMAL POWER PLANTS IN OUR SYSTEM AROUND THE WORLD. A COMBINED TOTAL OF CLEANED POWER. WE WELCOME THE D.O.E. FOR OUR PARTIAL GUARANTEE...
|
| 00:33:57 |
Unidentified Speaker, -
TO TALK ABOUT
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| 00:34:01 |
Unidentified Speaker, -
THE DEPARTMENT OF ENERGY LOAN GUARANTEE PROGRAM. I'M A SENIOR RESEARCH FELLOW AT GEORGE MASON UNIVERSITY WHERE I STUDY TAX AND BUDGET ISSUES. ADVOCATE...
|
| 00:39:52 |
Unidentified Speaker, -
AND I KNOW SOMETIMES THIS SEEMS LIKE AN EXERCISE
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| 00:39:56 |
Unidentified Speaker, -
OF UTILITY BUT OUR JOB IS TO PREKT THE TAXPAYERS. MR. CRANE, YOU WERE TALKING ABOUT THE MONEY THAT YOU WERE ABLE TO BORROW THROUGH THE 1705. WHAT EEGS...
|
| 00:40:23 |
Unidentified Speaker, -
GOVERNMENT. >> BUT I MEAN, FOR THE AVERAGE AMERICAN, WHAT WOULD THAT MEAN? IF YOU WENT TO THE BANK AND BORROWED THIS MONEY, WHAT INTEREST RATE WOULD
|
| 00:40:35 |
Unidentified Speaker, -
HE BE PAYING? THE OF RAJ AMERICAN WOULDN'T UNDERSTAND. I UNDERSTAND YOU GUYS MAKE REALLY GOOD INVEST NTS. AND I UNDERSTAND YOU'RE SBIELT LD TO A GREAT...
|
| 00:40:59 |
Unidentified Speaker, -
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| 00:41:02 |
Unidentified Speaker, -
IT. >> I WATCH EVERYBODY ROLLING THEIR EYES. OH, HERE WE GO AGAIN. POOR TAXPAYERS. TRUTH OF THE MATHER IS, YOU CAN'T BORROW THIS MONEY
|
| 00:41:12 |
Unidentified Speaker, -
IN THE OPEN MARKET FOR THE PRICE THAT THE GOVERNMENT IS CHARGING IT. THAT'S A FACT OF THE MATTER. LET ME ASK YOU SOMETHING BECAUSE I WANT YOU ALL SITTING...
|
| 00:43:05 |
Unidentified Speaker, -
HIGH-RISK. IT'S A JUNK RATE. NOW, AMERICAN TAXPAYERS MAY SAY YOU KNOW, WE RISK SOME OF YOUFR MONEY -- YOU KNOW WHAT, WE HAD TO TAKE THAT GAMBLE. SO...
|
| 00:44:17 |
Unidentified Speaker, -
FOR YOUR FIRM, RIGHT? >> I DON'T KNOW -- I WOULDN'T CHARACTERIZE IT -- >> OKAY, HE'S A LOBBYIST FOR YOUR FIRM. LET ME ASK YOU
|
| 00:44:24 |
Unidentified Speaker, -
THIS. BEFORE THOMPSON WORKED FOR YOU,
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| 00:44:27 |
Unidentified Speaker, -
BHO DID
|
| 00:44:29 |
Unidentified Speaker, -
HE WORK FOR? >> I DON'T KNOW. >> IT WAS HARRY REID. I WANT YOU TO SEE SOMETHING. THIS MAY REFRESH YOUR MEMORY. THERE'S A LITTLE THING I WANT TO SHOW...
|
| 00:44:42 |
Unidentified Speaker, -
HELP YOU REMEMBER THIS. >> I WAS DRIVING ALONG I-80. IT MAY NOT LOOK LIKE MUCH, BUT IT'S GEOTHERMAL ENERGY. IT COULD MEAN OTHER 16,000 CONSTRUCTION
|
| 00:44:56 |
Unidentified Speaker, -
JOBS IN NEVADA. >> YEAH, HARRY REID GOT OVER 144 MILLION. >> IT'S NEVADA 20 BUCKS. >> SENATOR REID IS MAKING
|
| 00:45:13 |
Unidentified Speaker, -
THAT HAPPEN. >> I'M HARRY REID, AND I APPROVE THIS MESSAGE. >> YES, I'M SURE HE DOES. YOU GO THROUGH THIS. HERE'S MY POINT. HERE'S MY POINT. THERE'S...
|
| 00:45:25 |
Unidentified Speaker, -
WAY TO NAVIGATE THESE WATERS. WHEN ONLY 7% OF THE APPLICANTS ACTUALLY GET THE PRIZE, YOU'VE GOT TO WONDER AS AN AVERAGE AMERICAN, SITTING IN MY HOME,...
|
| 00:47:10 |
Unidentified Speaker, -
MR. KUCINICH? >> I JUST WANT TO SAY THAT I WANT TO ASSOCIATE MYSELF TO THE CONCERNS THAT MY FRIEND MR. KELLY HAS
|
| 00:47:22 |
Unidentified Speaker, -
EXPRESSED. BUT BOTTOM LINE WE'RE TALKING ABOUT POWER AND MONEY, HOW PEOPLE GET TO THE TABLE. I DON'T THINK IT HAS TO DO WITH REPUBLICANS OR DEMOCRATS....
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| 00:48:35 |
Unidentified Speaker, -
A PROBLEM WHEN YOU HAVE GOVERNMENT HANDING OUT -- >> I AGREE WITH THAT. NOW, ALSO, JUST TO MAKE A POINT, THERE ARE SOME OF MY FRIENDS FROM THE OTHER...
|
| 00:48:48 |
Unidentified Speaker, -
AISLE WHO SIGNED A LETTER, ACTUALLY AN URGENT LETTER TO SECRETARY SALAZAR OF THE INTERIOR SAYING, LOOK, LET'S GET THESE PROGRAMS MOVING. I WOULD LIKE...
|
| 00:50:02 |
Unidentified Speaker, -
THAT RECEIVED D.O.E. LOAN GUARANTEES. AND UNFORTUNATELY,
|
| 00:50:06 |
Unidentified Speaker, -
THE COMMITTEE'S INVESTIGATION HAS NOT ASKED MANY OF THEM ABOUT THEIR INVOLVEMENT. NOW, MR. MANCINI, IT IS MY UNDERSTANDING YOUR COMPANY, COGENTRIX,...
|
| 00:50:38 |
Unidentified Speaker, -
AT COGENTRIX LIKE WE WOULD ANY OTHER PROJECT FINANCING FOR THE CONSTRUCTION OF A POWER PROJECT. >> WHAT WAS THEIR INVOLVEMENT? >> SO THE INVOLVEMENT...
|
| 00:50:57 |
Unidentified Speaker, -
COGENTRIX LEVEL, THE OPERATING LEVEL, WE WOULD HAVE TO GO OUT AND SECURE AND NEGOTIATE A POWER PURCHASE AGREEMENT WITH AN OFF-TAKER, A UTILITY IN...
|
| 00:51:31 |
Unidentified Speaker, -
COGENTRIX TO MAKE $116 MILLION OF COMMITMENTS TO THIS
|
| 00:51:35 |
Unidentified Speaker, -
PROJECT. WE ARE IN FACT THE PROJECT LEADING FINANCIER. >> THANK YOU, MR. MANCINI. MR. RAKOWICH, IT'S MY UNDERSTANDING YOUR COMPANY IS MAINLY COMPRISED...
|
| 00:51:51 |
Unidentified Speaker, -
WORLD. AND THAT PROJECT ANP DEALS WITH PLACING SOLAR PANELS ON YOUR ROOFS. I BELIEVE BANK OF AMERICA PLAYED A SIGNIFICANT PART IN PUTTING THIS DEAL...
|
| 00:52:14 |
Unidentified Speaker, -
SOLAR ON THESE ROOFS. >> TO WHAT EXTENT, SIR? >> WELL, TO THE EXTENT OF ROUGHLY 80% OF THE PROJECT COST. >> AND HOW MUCH IS THAT? >> IT'S HARD TO SAY....
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| 00:52:26 |
Unidentified Speaker, -
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| 00:52:32 |
Unidentified Speaker, -
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| 00:52:37 |
Unidentified Speaker, -
|
| 00:53:00 |
Unidentified Speaker, -
|
| 00:53:05 |
Unidentified Speaker, -
SAY THAT, YOU KNOW, I THINK
|
| 00:53:11 |
Unidentified Speaker, -
THAT THIS COMMITTEE COULD BE EVER MORE EFFECTIVE
|
| 00:53:15 |
Unidentified Speaker, -
IN ITS WORK IF WE WERE TO HAVE GOLDMAN SACHS AND BANK OF AMERICA HERE TO ANSWER QUESTIONS ABOUT THEIR INVOLVEMENT. SINCE THEY STAND BEHIND IT. I MEAN,...
|
| 00:53:58 |
Unidentified Speaker, -
ALLOWING ME TO PARTICIPATE TODAY. I WANT TO TALK ABOUT SOMETHING DIFFERENT FOR A FEW
|
| 00:54:02 |
Unidentified Speaker, -
MINUTES AND FOLLOW UP ON SOME OF THE THINGS THAT MR. KELLY AND MR. KUCINICH RAISED. I WANT TO DEAL FIRST WITH THE MESSAGE MS. DE RUGY MENTIONED, ...
|
| 00:54:46 |
Unidentified Speaker, -
THE UTILITIES THAT WE IN ESSENCE, YOU KNOW -- THEY FINANCED IT AT THAT POINT IN TIME. >> YOU TESTIFIED ON THE PROGRAM IN CALIFORNIA. I UNDERSTAND...
|
| 00:55:03 |
Unidentified Speaker, -
YOUR ROOF TOPS, IS THAT CORRECT? >> THAT IS CORRECT. >> SO THE PROGRAM, THE 1705 PROGRAM IN YOUR PARTICULAR CIRCUMSTANCE, ACTUALLY HASN'T GENERATED...
|
| 00:55:15 |
Unidentified Speaker, -
CONGRESSMAN, IF YOU DON'T MIND, LET ME JUST GIVE YOU A LITTLE BIT OF CONTEXT TO THAT. >> SURE. >> BECAUSE THE
|
| 00:55:22 |
Unidentified Speaker, -
PROGRAM ITSELF WAS -- IS A FOUR-YEAR PROGRAM DESIGNED TO START ON SEPTEMBER 30th OF 2011.
|
| 00:55:29 |
Unidentified Speaker, -
AND SO IF YOU LOOK AT -- >> THANK YOU. IT HAD TO START -- THE PROGRAM REQUIRED YOU TO START SEPTEMBER 30th OF 2011? >> CORRECT. AND
|
| 00:55:38 |
Unidentified Speaker, -
WE HAD STARTED CONSTRUCTION AT THAT POINT IN TIME. BUT THE OVERALL PROGRAM, AMP
|
| 00:55:44 |
Unidentified Speaker, -
PROGRAM WAS LARGELY TO BE DONE IN YEARS THREE AND FOUR OF A FOUR-YEAR PROGRAM. AND SO IT WOULD BE, IF YOU WILL, ROLLED OUT OVER TIME. >> I UNDERSTAND...
|
| 00:55:59 |
Unidentified Speaker, -
CAN HAVE ON THE DELAY OF THE SYSTEM. BUT THE TRUTH OF THE MATTER, MR. CHAIRMAN, IS THIS IS A PROGRAM THAT WAS SUPPOSED TO CREATE JOBS RIGHT AWAY. AND...
|
| 00:56:55 |
Unidentified Speaker, -
EMPLOYEES. THE THREE PROJECTS YOU'RE TALKING ABOUT, AND MAYBE YOU'LL LIKE THIS NUMBER MORE, IS THAT IT ROUGHLY EMPLOYS 4,000 PEOPLE DIRECTLY. >> I CAN...
|
| 00:57:12 |
Unidentified Speaker, -
|
| 00:57:14 |
Unidentified Speaker, -
KNOW, PASS AAS A CEO OF A COMPANY, THE ACCOUNTING IS WHAT POLICYMAKERS LIKE TO DO. >> MR. RAKOWICH, WOULD THESE PROJECTS HAVE GONE ON, BUT FOR THE 1705...
|
| 00:57:29 |
Unidentified Speaker, -
WOULD NOT HAVE HAPPENED WITHOUT THE
|
| 00:57:33 |
Unidentified Speaker, -
1705 PROJECT. THERE'S NO WAY THE ISLAND PROJECT WOULD HAVE HAPPENED. WITHOUT THE FEDERAL LOAN IT MAY BE ONE IN FIVE CHANCE. THE FIRST SOLAR CBSR 15,...
|
| 00:58:19 |
Unidentified Speaker, -
WHEN DID YOU ALL START THE ANALYSIS AND START PLANNING FOR THIS PARTICULAR PROJECT? >> CONGRESSMAN, ONE OF THE THINGS THAT -- I'M SORRY, BUT ALL THREE...
|
| 00:58:33 |
Unidentified Speaker, -
INITIAL PROPONENT OF THE PROJECT. I ACTUALLY CAN'T ANSWER THE QUESTION ON WHEN THE PROJECT STARTED. >> WHEN DID YOU BUY THE PROJECT? >> ON CVSR? >> YES,...
|
| 00:58:52 |
Unidentified Speaker, -
WAS IN THE DEVELOPMENT PHASE. THEY HAD MOST OF THE PERMITS, AND THEY HAD
|
| 00:58:56 |
Unidentified Speaker, -
A LETTER OF INTENT WITH THE GOVERNMENT
|
| 00:58:59 |
Unidentified Speaker, -
IN TERMS OF THE 1705 FINANCING, WHICH IS A PROJECT OF THIS SIZE, WE WOULDN'T GET INVOLVED UNLESS YOU HAD THAT LETTER OF INTENT BECAUSE WE KNEW THE PRIVATE...
|
| 00:59:17 |
Unidentified Speaker, -
TO GET A DEVELOPER PERMITS AND LETTER OF INTENT FOR A PROJECT OF THIS SIZE IN THE STATE OF CALIFORNIA, WOULD THAT BE A REASONABLE STATEMENT TO MAKE?...
|
| 00:59:35 |
Unidentified Speaker, -
THAT. A SOLAR VOLTAIC PLANT THAT DOESN'T USE WATER HAS LESS ISSUES, HAS NO ERROR OMISSIONS, BUT IT HAS LAND ISSUES. WE WEREN'T RESPONSIBLE FOR THE...
|
| 00:59:57 |
Unidentified Speaker, -
1705. >> WELL, YEAH. I MEAN, SUN POWER STARTED THE DEVELOPMENT OF IT. I DON'T KNOW HOW THEY INITIALLY THOUGHT -- I WOULD GUESS THAT THEY STARTED DEVELOPMENT...
|
| 01:00:07 |
Unidentified Speaker, -
THE FINANCIAL CRISIS. >> SURE. >> IT WAS NOT INCONCEIVABLE THAT THE PRIVATE SECTOR WOULD HAVE COME UP WITH A $1 BILLION LOAN. BUT BELIEVE ME, AFTER...
|
| 01:00:18 |
Unidentified Speaker, -
WAS COMING UP WITH A $1 BILLION LOAN. >> THANK YOU, MR. CHAIRMAN. I HOPE THERE'S A SECOND ROUND. >> YEAH, WE WILL HAVE A SECOND ROUND. MR. RAKOWICH,...
|
| 01:00:28 |
Unidentified Speaker, -
HAVE THERE BEEN ANY SOLAR PANELS
|
| 01:00:30 |
Unidentified Speaker, -
PUT ON THESE ROOFTOPS? IN THE AMP PROJECT? >> NO, MR. CHAIRMAN. AS OF RIGHT NOW, THERE IS NO -- >> SO WHAT HAVE YOU DONE? MR. CRANE, IN THE FIRST TESTIMONY...
|
| 01:00:41 |
Unidentified Speaker, -
HEARD TODAY, HE SAID HE HASN'T DRAWN DOWN ANY
|
| 01:00:44 |
Unidentified Speaker, -
DOLLARS. I UNDERSTAND IT'S A THREE OR FOUR-YEAR PHASE THING. YOU'RE STILL APPROVED, STILL GOING AHEAD, YET YOU HAVEN'T DONE ANY CONSTRUCTION, ACTUALLY...
|
| 01:01:05 |
Unidentified Speaker, -
FIRST COUPLE, 15 TO 18 MONTHS, WE DID NOT PROJECT -- >> HOW MUCH MONEY DID YOU GET AGAIN FROM THE DEPARTMENT OF ENERGY? WHAT'S THE LOAN AMOUNT? >>...
|
| 01:01:16 |
Unidentified Speaker, -
JUST WAITING THERE. YOU CAN USE IT WHENEVER YOU WANT. GOD BLESS AMERICA. IT'S
|
| 01:01:20 |
Unidentified Speaker, -
JUST RIGHT THERE READY FOR WHEN YOU THINK YOU NEED IT. THAT'S A PRETTY GOOD
|
| 01:01:24 |
Unidentified Speaker, -
DEAL. MR. KELLY'S POINT, THAT'S A PRETTY GOOD DEAL. >> WITH ALL DUE RESPECT, I THINK -- LET ME JUST EXPLAIN THE WAY THE PROJECT WORKS. FIRST OF ALL,...
|
| 01:01:34 |
Unidentified Speaker, -
WE IDENTIFY UTILITIES THAT ARE LOOKING TO SIGN POWER PURCHASE AGREEMENTS. >> HAVE YOU DONE ANY CONSTRUCTION AT ANY PART OF PHASE ONE? HAVE YOU DONE...
|
| 01:01:48 |
Unidentified Speaker, -
PROGRAM? >> YES. WE PREPARED THE 15 ROOFS IN SOUTHERN CALIFORNIA FOR SOLAR IN THE FUTURE. >> YOU PREPARED THEM, BUT NO PANELS HAVE
|
| 01:01:56 |
Unidentified Speaker, -
BEEN PUT UP? >> NO PANELS HAVE BEEN PUT UP ON THOSE ROOFS. >> HAVE YOU CONTACTED FITCH FOR A FOLLOW-UP RATING
|
| 01:02:02 |
Unidentified Speaker, -
YET? >> WE DON'T HAVE A PROJECT AT
|
| 01:02:05 |
Unidentified Speaker, -
THIS POINT IN TIME TO BE RATED. >> HAVE YOU PURCHASED ANY
|
| 01:02:08 |
Unidentified Speaker, -
SOLAR PANELS? >> WE HAVE NOT PURCHASED ANY
|
| 01:02:10 |
Unidentified Speaker, -
SOLAR PANELS. >> YOU DON'T EVEN HAVE ANY WAITING, LET ALONE PUT THEM UP? >> WE HAVE NOT PURCHASED -- >> I WOULD LIKE TO ENTER FOR THE RECORD, AND...
|
| 01:02:16 |
Unidentified Speaker, -
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| 01:02:19 |
Unidentified Speaker, -
|
| 01:02:25 |
Unidentified Speaker, -
|
| 01:03:12 |
Unidentified Speaker, -
THOSE SOLELY ON THE MERITS OF THE PROJECT, THIS IS AS TO DR. DE RUGY'S POINT. THERE WAS NOTHING BASED ON FRIENDS IN HIGH PLACES AND POLITICAL CONNECTIONS,...
|
| 01:03:15 |
Unidentified Speaker, -
|
| 01:03:19 |
Unidentified Speaker, -
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| 01:03:34 |
Unidentified Speaker, -
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| 01:03:45 |
Unidentified Speaker, -
|
| 01:03:47 |
Unidentified Speaker, -
|
| 01:03:52 |
Unidentified Speaker, -
|
| 01:03:58 |
Unidentified Speaker, -
|
| 01:04:05 |
Unidentified Speaker, -
YOU MET WITH PRESIDENT OBAMA. >> WE TALKED
|
| 01:04:10 |
Unidentified Speaker, -
ABOUT CLIMATE CHANGE. >> WHO ELSE HAVE YOU TALKED WITH AT THE WHITE HOUSE? >>
|
| 01:04:13 |
Unidentified Speaker, -
VICE PRESIDENT BIDEN. THERE I SPOKE WITH HIM ABOUT THE CLEAN ENERGY
|
| 01:04:17 |
Unidentified Speaker, -
STANDARD. BUT MAINLY, I SPOKE WITH CAROL BROWN OR
|
| 01:04:21 |
Unidentified Speaker, -
WITH -- ONCE WITH VALERIE JARRETT. THAT WAS ALL ABOUT THE NUCLEAR GUARANTEE PROGRAM. >> YOU GUYS ARE ALSO INVOLVED WITH THE BRIGHT SOURCE PROJECT AS
|
| 01:04:34 |
Unidentified Speaker, -
WELL, CORRECT? >> THAT'S IVAN PROJECT. >> ARE YOU FAMILIAR WITH THIS E-MAIL? THIS WAS BROUGHT UP IN OUR LAST HEARING WHEN MR. WOOLARD WAS HERE...
|
| 01:04:45 |
Unidentified Speaker, -
SOURCE. THE E-MAIL FROM MR. WOOLARD TO MR. SILVER AT THE DEPARTMENT OF ENERGY ASKING HIM TO EDIT AND PROOFREAD A LETTER THAT BRIGHT SOURCE WAS GOING...
|
| 01:05:08 |
Unidentified Speaker, -
PARDON? >> I HAD NOTHING TO DO WITH THIS. >> NOTHING TO DO AT ALL? DIDN'T KNOW ABOUT IT? >> NO. >> OKAY. DID YOU TALK TO THE WHITE HOUSE IN THOSE...
|
| 01:05:18 |
Unidentified Speaker, -
HAD TO THE WHITE HOUSE, DID YOU TALK TO ANYONE THERE ABOUT
|
| 01:05:21 |
Unidentified Speaker, -
THIS PROJECT? >> NEVER. I NEVER SPOKE WITH ANYONE AT THE WHITE HOUSE ABOUT THIS PROJECT, OR ANY OTHER RENEWABLE LOAN
|
| 01:05:30 |
Unidentified Speaker, -
GUARANTEE. ONLY ABOUT THE NUCLEAR -- >> SO YOU TALKED ABOUT ENERGY ISSUES IN GENERAL. DO YOU THINK IT'S MAYBE OUT OF THE ORDINARY, OR NOT
|
| 01:05:40 |
Unidentified Speaker, -
CUSTOMARY TO HAVE A COMPANY SEND AN E-MAIL TO THE DEPARTMENT OF ENERGY ASKING THOSE FOLKS AT THE DEPARTMENT OF ENERGY, WHO ARE GOING TO BE RESPONSIBLE...
|
| 01:06:10 |
Unidentified Speaker, -
IS. >> YOU'VE BEEN IN THE WHITE HOUSE SIX TIMES TO TALK ABOUT ENERGY PROJECTS AND YOU DON'T KNOW WHAT COMMON -- >> WELL, I MEAN, I DON'T KNOW -- >> DO...
|
| 01:06:18 |
Unidentified Speaker, -
TO GET THAT SPECIFIC AND ASK THE PERSON WHO'S SUPPOSED TO SAY YEA OR NAY ON A LOAN PROJECT THAT WE WOULD LIKE YOU TO EDIT THIS
|
| 01:06:25 |
Unidentified Speaker, -
LETTER THAT OUR CHAIRMAN IS GOING TO SEND TO THE WHITE HOUSE CHIEF OF STAFF? >> I DON'T THINK I'VE EVER PERSONALLY SENT AN E-MAIL TO THE WHITE HOUSE...
|
| 01:06:36 |
Unidentified Speaker, -
ONE, YOU GOT TO TALK TO HIM IN PERSON. I THINK THE GENTLEMAN WOULD NOW
|
| 01:06:42 |
Unidentified Speaker, -
GO TO OUR SECOND ROUND OF QUESTIONING AND WOULD YIELD TO THE RANKING MEMBER FOR FIVE MINUTES. >> THANK YOU VERY MUCH, MR. CHAIRMAN. ALTHOUGH MEMBERS...
|
| 01:07:02 |
Unidentified Speaker, -
PROJECTS IN THEIR DISTRICTS, IT NOW APPEARS THAT SOME OF MY FRIENDS IN THE MAJORITY HAVE HAD A CHANGE OF HEART. IN A REPORT PUBLISHED IN MARCH, THE...
|
| 01:08:40 |
Unidentified Speaker, -
LOW RISK PROJECT. THERE ARE SENT OUT TO MANY MEGAWATTS UTILIZING THE SAME TECHNOLOGY. IT WAS ONLY ABOUT EX SPENDING GEOTHERMAL, NOT INNOVATION. >>...
|
| 01:09:03 |
Unidentified Speaker, -
LOW RISK IS BECAUSE MOST OF THE PROJECTS THAT RECEIVE
|
| 01:09:07 |
Unidentified Speaker, -
1705 LOAN GUARANTEES ARE FOR POWER GENERATION. AND D.O.E. REQUIRED THOSE -- THESE COMPANIES TO HAVE LONG-TERM AGREEMENTS IN PLACE WITH NEARBY UTILITIES...
|
| 01:09:57 |
Unidentified Speaker, -
PURCHASE THE POWER, THAT IS ONE OF THE REQUIREMENTS OF THE D.O.E. -- >> YOU COULDN'T DO IT IF YOU DIDN'T HAVE SOME KIND OF AGREEMENT IN PLACE, RIGHT?...
|
| 01:10:10 |
Unidentified Speaker, -
OTHERWISE YOU WOULD BE STUCK WITH A WHITE ELEPHANT? >> THERE ARE VERY FEW OF THOSE PROJECTS THAT HAVE ACTUALLY SUCCEEDED WITHOUT
|
| 01:10:17 |
Unidentified Speaker, -
LONG-TERM CONTRACTS. >>
|
| 01:10:20 |
Unidentified Speaker, -
THE WHITE HOUSE REVIEWED THE D.O.E. LOAN PROGRAM OFFICE, FOUND THE D.O.E. SUPPORT OF
|
| 01:10:28 |
Unidentified Speaker, -
PUBLIC PUBLIC/PRIVATE PARTNERSHIPS IN STATES LIKE CALIFORNIA, ENSURE THAT LOAN GUARANTEE RECIPIENTS HAVE A STEADY AND PREDICTABLE FUNDING SOURCE. ...
|
| 01:11:03 |
Unidentified Speaker, -
GUARANTEE DESIGNED TO MITIGATE -- HOW WAS THIS
|
| 01:11:07 |
Unidentified Speaker, -
LOAN GUARANTEE DESIGNED TO MITIGATE THE RISK OF TAXPAYER LOSSES? >> I WOULD SAY THREE THINGS. ONE, WE'RE NOT GOING TO MOVE FORWARD UNLESS WE HAVE...
|
| 01:11:21 |
Unidentified Speaker, -
A 20-YEAR AGREEMENT, 15 TO 20-YEAR AGREEMENT WITH THE UTILITY, OKAY? NUMBER ONE. THE SECOND THING IS THAT WE'RE NOT GOING TO THINK ABOUT -- WE'RE...
|
| 01:11:53 |
Unidentified Speaker, -
THIS PROGRAM IS PERFORMING
|
| 01:11:55 |
Unidentified Speaker, -
BETTER THAN EXPECTED IN FINANCIAL
|
| 01:11:57 |
Unidentified Speaker, -
TERMS. ONE OF CONGRESS' MAIN GOAL IS CREATING THE 1705 GUARANTEE LOAN PROGRAM WAS TO SPUR TECHNOLOGICAL ADVANCES IN RENEWABLE ENERGY TECHNOLOGY....
|
| 01:12:33 |
Unidentified Speaker, -
IN OTHER PROGRAMS. BUT THIS IS THE PROVEN TECHNOLOGY. >>
|
| 01:12:37 |
Unidentified Speaker, -
MR. CRANE? >> YES. PARTICULARLY THE SOLAR PROJECT IS A HUGE TECHNOLOGICAL ADVANCE. >>
|
| 01:12:48 |
Unidentified Speaker, -
MR. MANCINI. >> THE TECHNOLOGY USED IN THIS PROJECT WAS USED IN THE SPACE PROGRAM. BUT NEVER DEPLOYED IN A COMMERCIAL SCALE,
|
| 01:12:57 |
Unidentified Speaker, -
UTILITY SCALE PROJECT. THIS GAVE IT THE OPPORTUNITY TO DO THAT, AND I AM HAPPY TO REPORT IT IS OPERATING SUCCESSFULLY. >> I JUST WANT TO SAY, MR. CHAIRMAN,...
|
| 01:13:11 |
Unidentified Speaker, -
THAT SUGGESTS IT COULD BE WORKING WITHIN THE CONTEXT IN WHICH IT WAS DESIGNED. ON THE OTHER HAND, THERE ARE LEGITIMATE QUESTIONS THAT ARE RAISED...
|
| 01:14:17 |
Unidentified Speaker, -
SOURCE, RELATIVE TO IVAN PAUL PROJECT, IS ASKING THE DEPARTMENT OF ENERGY TO PROOFREAD A LETTER THAT THEIR CHAIRMAN OF THE BOARD, NOW COMMERCE SECRETARY,...
|
| 01:15:30 |
Unidentified Speaker, -
11th, 2011, APPROVAL OF THE LOAN GUARANTEE? >> I WOULD THINK THERE ACTUALLY WOULD HAVE BEEN MORE BEFORE THAN AFTER. >> MORE BEFORE THAN AFTER. AND
|
| 01:15:37 |
Unidentified Speaker, -
THIS PROJECT IS A BIG PROJECT. YOU HAD THE BIG PICTURE
|
| 01:15:40 |
Unidentified Speaker, -
UP THERE. THIS IS ONE BIG DEAL TO YOUR
|
| 01:15:43 |
Unidentified Speaker, -
COMPANY, AND OF COURSE, BRIGHT SOURCE. >> MR. CHAIRMAN, YOU HAVE TO UNDERSTAND TWO THINGS. ONE IS, THIS PROJECT, ON THAT BASIS, WE WERE INVOLVED BUT IT...
|
| 01:15:53 |
Unidentified Speaker, -
BRIGHT SOURCE'S PROJECT, NUMBER ONE. NUMBER TWO, THIS MIGHT SEEM LIKE A BIG DEAL TO YOU, BUT MY FOCUS WAS ENTIRELY ON OUR NUCLEAR PROJECT IN TEXAS,...
|
| 01:16:12 |
Unidentified Speaker, -
BRIGHT SOURCE WAS THE DEVELOPER OF THIS PROJECT. YOU KNOW, IT WAS -- >> BUT YOU OBVIOUSLY GOT
|
| 01:16:17 |
Unidentified Speaker, -
AN INTEREST. YOU'RE A PARTNER WITH BRIGHT SOURCE IN THIS PROJECT? >> WELL, NOW WE ARE. NOW WE HAVE HUNDREDS OF MILLIONS OF
|
| 01:16:24 |
Unidentified Speaker, -
DOLLARS INVESTED. BUT AS OF MARCH OR APRIL OF 2011 -- >> SO IT'S IMPORTANT
|
| 01:16:28 |
Unidentified Speaker, -
NOW, BUT IT WASN'T IMPORTANT THEN? THAT'S WHAT YOU'RE SAYING. >> WELL, IT WAS IMPORTANT TO THE PEOPLE WHO DEVELOPED THE PROJECT, WHICH IS
|
| 01:16:35 |
Unidentified Speaker, -
BRIGHT SOURCE. WE HAD AN OPPORTUNITY TO INVEST IN THE PROJECT. >> IT WAS IMPORTANT ENOUGH TO BRIGHT SOURCE, YOUR PARTNER, TO
|
| 01:16:40 |
Unidentified Speaker, -
HAVE THE DEPARTMENT OF ENERGY DO A, YOU KNOW, CHECK OVER THEIR HOMEWORK IN A LETTER
|
| 01:16:45 |
Unidentified Speaker, -
THEY WERE REQUESTING TO SEND TO THE WHITE HOUSE CHIEF OF STAFF. IT'S PRETTY IMPORTANT. NOT IMPORTANT TO YOU? >> AT THAT TIME, IF WE HAD NOT HAD AN OPPORTUNITY...
|
| 01:16:58 |
Unidentified Speaker, -
SEVEN MEETINGS YOU HAD WITH THE WHITE HOUSE, AND SOME TAKING PLACE IN THE SPRING OF 2011, YOU
|
| 01:17:02 |
Unidentified Speaker, -
DID NOT BRING UP THE IVAN POP PROJECT IN THIS ISSUE AT ALL IN THE VISIT WITH THE WHITE HOUSE? >> ABSOLUTELY, UNEQUIVOCALLY NOT. >> YOU DIDN'T KNOW ABOUT...
|
| 01:17:16 |
Unidentified Speaker, -
UP ANOTHER POINT HERE IF I COULD.
|
| 01:17:18 |
Unidentified Speaker, -
COULD WE GET THE SECOND E-MAIL UP? JUST BECAUSE I WANT TO SEE
|
| 01:17:23 |
Unidentified Speaker, -
THIS. I WANT TO LET THE DOCTOR COMMENT ON THIS ONE. SO THIS IS NOW AN E-MAIL FROM PROLOGUS, MR. DREW TORBIN, TO KIMBERLY AT THE DEPARTMENT OF ENERGY....
|
| 01:18:40 |
Unidentified Speaker, -
MR. KELLY SAID, LOWER RATES, THEN THEY WOULD GET ON THE OPEN MARKET. I MEAN, IT ACTUALLY SHIFTS THE -- A LOT OF THE INCENTIVE FOR THE COMPANY ITSELF...
|
| 01:19:27 |
Unidentified Speaker, -
TO THE WHITE HOUSE CHIEF OF STAFF, AND THEN WE ALSO HAVE, NOW, THE DEPARTMENT OF INTERSTATE, HEY, PRIVATE SECTOR, EDIT THIS INTERNAL MEMO WE'RE GOING...
|
| 01:20:02 |
Unidentified Speaker, -
A GOVERNMENT THAT CONTINUES IN THIS DEPENDENCE/CO-DEPENDENT TYPE OF A MODEL. AND IT'S SOMETIMES HARD TO WALK AWAY FROM IT, ONCE IT'S THERE. YOU...
|
| 01:21:23 |
Unidentified Speaker, -
GUARANTEE WAS $90 MILLION. >> $90
|
| 01:21:25 |
Unidentified Speaker, -
MILLION. DO YOU KNOW HOW MANY PERMANENT JOBS THAT CREATED? >>
|
| 01:21:30 |
Unidentified Speaker, -
WE CREATED DIRECTLY APPROXIMATELY
|
| 01:21:33 |
Unidentified Speaker, -
TEN PERMANENT JOBS. >> TEN PERMANENT JOBS? LET ME ASK YOU -- >> BUT THEN -- >> NOT
|
| 01:21:38 |
Unidentified Speaker, -
YOU, BUT YOU SITTING AT YOUR KITCHEN TABLE. YOU KNOW WHAT, WE JUST MADE A $90.6
|
| 01:21:46 |
Unidentified Speaker, -
MILLION INVESTMENT. THIS IS ALL ABOUT JOBS. THIS WHOLE INITIATIVE WAS ABOUT CREATING JOBS. HERE'S THE GOOD NEWS. TEN PEOPLE. GOT JOBS. IS THERE ANY...
|
| 01:22:59 |
Unidentified Speaker, -
HARRY REID. MR. ANDERSON WORKED FOR HARRY REID. I WOULD ASSUME MR. BRONICKI, IS THAT YOUR HUSBAND? >> MY SON. >> AND HE WAS A DONOR TO THE REID RE-ELECTION...
|
| 01:23:22 |
Unidentified Speaker, -
YOU. WHEN WE FOLLOW THIS JUDAS GOAT OF TAKING MONEY FROM THE GOVERNMENT, THERE ARE STRINGS ATTACHED TO ALL THIS MONEY WE TAKE. AND THERE'S RE PURR...
|
| 01:24:19 |
Unidentified Speaker, -
WELL ADVANCED. IT WAS EXCELLENT CONSTRUCTION, IT STARTED WHEN WE SUBMITTED THE APPLICATION. >> RIGHT. >> THE FINANCIAL MARKETS WERE NOT AVAILABLE TO...
|
| 01:24:36 |
Unidentified Speaker, -
2009. AND THIS CERTAINLY ACCELERATED THE CONSTRUCTION. >> I HAVE NO QUESTION ABOUT THAT. >> IT ENABLED US -- >> I'M GOING TO RUN OUT OF TIME. ...
|
| 01:24:53 |
Unidentified Speaker, -
FOR YOU. BUT LET ME ASK YOU. AND MR. CRANE. BRIGHT SOURCE, AQUA CAL YAN TE, CALIFORNIA VALLEY, SOLAR RANCH, PROJECT AMP. WHERE DO THEY SELL THE POWER...
|
| 01:25:14 |
Unidentified Speaker, -
BECAUSE CALIFORNIA HAS A 33% RENEWABLE
|
| 01:25:18 |
Unidentified Speaker, -
PORTFOLIO STANDARD. >> WHICH MEANS WHAT? >> WHICH MEANS BY A CERTAIN YEAR,
|
| 01:25:21 |
Unidentified Speaker, -
I THINK IT'S 2020 -- >> BY GOVERNMENT MANDATE. >> YES. >> SO THE GOVERNMENT SAYS YOU
|
| 01:25:27 |
Unidentified Speaker, -
MUST BUY THIS RENEWABLE ENERGY. >> THE STATE GOVERNMENT. >> NO -- WELL,
|
| 01:25:33 |
Unidentified Speaker, -
OKAY. SO THE MARKET WAS CREATED BY A GOVERNMENT MANDATE. >> WHICH I THINK WAS -- >> NO, I UNDERSTAND THAT. IT WAS CREATED BY A
|
| 01:25:41 |
Unidentified Speaker, -
GOVERNMENT MANDATE SAYING, YOU WILL SUPPLY IT AT THIS LEVEL. SO THE MARKET WASN'T CREATED BY A MARKET
|
| 01:25:47 |
Unidentified Speaker, -
DEMAND, IT WAS CREATED BY A GOVERNMENT SAYING, THIS IS WHAT YOU'RE GOING TO DO, YOU'RE GOING TO DO IT WITH RENEWABLES OKAY? 1703 DID ADDRESS NUCLEAR,...
|
| 01:27:28 |
Unidentified Speaker, -
TODAY. MR. CRANE, I WANT TO TALK TO YOU ABOUT THE STATEMENT TOWARDS THE END
|
| 01:27:32 |
Unidentified Speaker, -
OF YOUR BOTH WRITTEN AND ORAL TESTIMONY, WHICH I THINK IS IMPORTANT. THE MENTIONED THAT NRG HAS ACTUALLY INVESTED $1 BILLION IN THE THREE PROJECTS...
|
| 01:28:45 |
Unidentified Speaker, -
KNOW THE MONTH-ON-MONTH, YEAR-ON-YEAR. BUT THE DEBT HAS A HIGHER PAYMENT THAN ON EQUITY. >> THE DEBT SERVICE IS ON THE WATERFALL. WHAT ABOUT THE PAYMENT...
|
| 01:29:02 |
Unidentified Speaker, -
OKAY. YOU ALL COLLECT FEES, AND MANAGEMENT CONSULTING FEES, I WOULD ASSUME, FOR THE MANAGEMENT
|
| 01:29:10 |
Unidentified Speaker, -
OF THE PROJECT, CORRECT? >> WELL, YEAH. OPERATING FEES, AND OPERATING FEES FOR SOLAR VOLTAIC PROJECT ARE SMALL. THERE'S
|
| 01:29:20 |
Unidentified Speaker, -
NO MOVING PARTS. YEAH, OPERATING FEES FOR ANY PROJECT GO ABOVE DEBT SERVICE, BECAUSE YOU HAVE TO KEEP THE PROJECT OPERATING DURING THE INCOME. >> I...
|
| 01:29:38 |
Unidentified Speaker, -
NO. >> IT'S JUST EQUITY? >> WE DON'T EVER PUT DEBT TO ANY TYPE OF PROJECT. >> ALL RIGHT. >> WE'RE NOT DEBT PROVIDERS. >> WHAT ARE THE REPAYMENT
|
| 01:29:50 |
Unidentified Speaker, -
TERMS -- HOW LONG WILL IT TAKE TO REPAY THE $1.2 BILLION GOVERNMENT GUARANTEED
|
| 01:29:56 |
Unidentified Speaker, -
LOAN? >> CONGRESSMAN, I'M SORRY, I SHOULD KNOW, BUT I DON'T KNOW WHAT THE TERM OF THE REPAYMENT IS ON THE PROJECTS. USUALLY THE -- I WOULD
|
| 01:30:05 |
Unidentified Speaker, -
SAY THE DEBT'S TIED TO THE LENGTH OF THE PURCHASE AGREEMENT. THESE ARE 20, 25-YEAR -- >> THAT WOULD MAKE SENSE. I DON'T KNOW THE SPECIFIC TERMS OF...
|
| 01:30:18 |
Unidentified Speaker, -
FUNDS COMING IN. >> THAT'S RIGHT. >> AND YOUR DEBT WOULD BE VERY CLOSE, THE LOAN TERMS WOULD BE VERY CLOSE TO THAT. >> USUALLY THE DEBT ENDS A LITTLE...
|
| 01:30:28 |
Unidentified Speaker, -
STREAM. >> EXACTLY. HERE'S WHAT I'M STRUGGLING WITH. THE STATEMENT THAT YOU
|
| 01:30:32 |
Unidentified Speaker, -
MADE, IN BLUNT TERMS, WE DON'T GET REPAID UNLESS THE GOVERNMENT GETS
|
| 01:30:36 |
Unidentified Speaker, -
REPAID. THE TAXPAYER IN THEORY IS GOING TO BE ON THE HOOK FOR SOMETHING FOR THE NEXT 20 TO 25 YEARS. >> YEAH. >> YOU MADE A STATEMENT TO WALL STREET...
|
| 01:30:52 |
Unidentified Speaker, -
YES, SIR. >> THAT STATEMENT WAS -- WHICH WAS LATER TAKEN OUT OF
|
| 01:30:56 |
Unidentified Speaker, -
CONTEXT BY "THE NEW YORK TIMES" HAD
|
| 01:30:58 |
Unidentified Speaker, -
TO DO WITH A SOLAR PROJECT THAT HAS
|
| 01:31:01 |
Unidentified Speaker, -
NO LONG-TERM LOAN GUARANTEE. >> IT'S YOUR TESTIMONY HERE AGAIN TODAY THERE WILL BE NO RETURN ON EQUITY, AND NO RETURN OF
|
| 01:31:10 |
Unidentified Speaker, -
EQUITY ON THE CVSR PROGRAM UNTIL THE GOVERNMENT GUARANTEED LOANS ARE PAID IN FULL? >> I'M NOT SAYING EXACTLY THAT. NO PROJECT, IF YOU SAY EQUITY, ...
|
| 01:31:26 |
Unidentified Speaker, -
|
| 01:31:48 |
Unidentified Speaker, -
|
| 01:32:03 |
Unidentified Speaker, -
|
| 01:32:10 |
Unidentified Speaker, -
TO ALL OF THE PANELISTS. >> MR. CRANE, WERE YOU TAKEN OUT OF CONTEXT IN OTHER QUOTES, LIKE I'VE NEVER SEEN ANYTHING I'VE HAD TO DO ANYTHING THAT WAS...
|
| 01:32:15 |
Unidentified Speaker, -
|
| 01:32:20 |
Unidentified Speaker, -
|
| 01:32:32 |
Unidentified Speaker, -
|
| 01:32:36 |
Unidentified Speaker, -
|
| 01:32:40 |
Unidentified Speaker, -
|
| 01:32:55 |
Unidentified Speaker, -
|
| 01:32:57 |
Unidentified Speaker, -
WHAT TYPES OF DOCUMENTS WOULD YOU BE REFERRING TO? >> ANY DOCUMENTS. I PUT UP THE ONE E-MAIL WHERE
|
| 01:33:17 |
Unidentified Speaker, -
YOU GUYS GOT TO EDIT
|
| 01:33:21 |
Unidentified Speaker, -
A -- DOES DREW TORBIN WORK FOR YOU? >> YES, WORKS FOR OR COMPANY. >> UNDERSTAND. AND DOES JONATHAN PLOW WORK FOR YOUR COMPANY? >> NO, JONATHAN PLOW DOES...
|
| 01:33:32 |
Unidentified Speaker, -
OUR COMPANY. I BELIEVE HE WORKS FOR BANK OF AMERICA. >> OKAY. BUT DREW TORBIN DOES? >> YES. >> YOU GOT TO EDIT
|
| 01:33:38 |
Unidentified Speaker, -
AN INTERNAL MEMO,
|
| 01:33:41 |
Unidentified Speaker, -
BUT I WONDER DID THEY
|
| 01:33:46 |
Unidentified Speaker, -
SHARE ANY OTHER INTERNAL DOCUMENTS WITH YOU? >> I DON'T KNOW. BUT I WILL SAY WE WERE COMPLETELY TRANSPARENT WITH THE D.O.E. WITH THE SITUATION THAT...
|
| 01:33:56 |
Unidentified Speaker, -
TO SOLYNDRA. AND NEEDLESS TO SAY, WE WANTED CERTAIN DOCUMENTS IN THE FINAL LOAN DOCUMENT. WE WANTED THE D.O.E. TO ACKNOWLEDGE THAT. SO THERE WAS...
|
| 01:34:22 |
Unidentified Speaker, -
CHAIRMAN, I DON'T THINK IT'S UNUSUAL, GIVEN THE BACK-AND-FORTH THAT NEEDED TO TAKE PLACE BEFORE THE LOAN DOCUMENT WAS SIGNED, THAT THERE WOULD
|
| 01:34:30 |
Unidentified Speaker, -
BE BACK-AND-FORTH CONVERSATION, EDITING AND THE LIKE THAT NEEDED TO TAKE PLACE BEFORE THE PARTIES. >> YOU DIDN'T PARTICIPATE IN ANY OF THAT BACK AUBD...
|
| 01:34:45 |
Unidentified Speaker, -
OF IT. >> WE'VE GOT ANOTHER E-MAIL HERE THAT ASTOUNDS ME. THIS IS FROM MR. PETER O'ROURKE AT THE DEPARTMENT OF ENERGY
|
| 01:34:54 |
Unidentified Speaker, -
TO JONATHAN PLOW, WHO WORKS FOR BANK OF AMERICA, DREW TORBIN WHO WORKS FOR YOU ALL, RIGHT? OKAY? IT SAYS, PLEASE FEEL FREE TO USE THE CONCEPTS THAT...
|
| 01:36:00 |
Unidentified Speaker, -
MR. CRANE, DID YOU GET THAT KIND OF TREATMENT? DID YOU GET INTERNAL DOCUMENTS
|
| 01:36:04 |
Unidentified Speaker, -
FROM THE DEPARTMENT OF ENERGY TELLING YOU, HERE'S THE ANSWER TO THE EXAM, IF YOU SAY THINGS THIS
|
| 01:36:08 |
Unidentified Speaker, -
WAY, YOU'RE LIKELY TO GET BILLIONS OF DOLLARS IN TAXPAYER MONEY AND GUARANTEED LOAN? >> I CAN GUARANTEE I'VE NEVER SEEN A DEPARTMENT OF ENERGY INTERNAL...
|
| 01:36:21 |
Unidentified Speaker, -
MANCINI, DID YOU GET THAT SPECIAL TREATMENT? >> NOT THAT I'M AWARE
|
| 01:36:26 |
Unidentified Speaker, -
OF. >> OKAY. MISS BRONICKI? >> NOT THAT I'M AWARE OF. >> DOCTOR, DOES THIS SEEM UNUSUAL TO YOU? THIS
|
| 01:36:34 |
Unidentified Speaker, -
IS PAR FOR THE COURSE WHEN YOU HEAD DOWN THIS ROAD, I ASSUME, RIGHT? THIS IS WHAT HAPPENS WHEN YOU DECIDE YOU'RE
|
| 01:36:39 |
Unidentified Speaker, -
GOING TO HAVE THIS CRONYISM IN GOVERNMENT. >> I'M NOT ENTIRELY SURPRISED. I DON'T KNOW THIS PARTICULAR CASE. >> MR. RAKOWICH, DID YOU
|
| 01:36:49 |
Unidentified Speaker, -
THINK IT WAS A LITTLE UNUSUAL? THAT TORBIN IS THE ONE THAT WORKED FOR YOU, MAYBE HE'S A GREAT GUY, HE'S BEEN WORKING HARD, WE'RE
|
| 01:36:56 |
Unidentified Speaker, -
GOING TO TELL HIM THE ANSWERS TO THE EXAM. >> CHAIRMAN, I DON'T THINK THAT SENDING A PRESENTATION, AS TO WHAT PROJECT AMP IS ABOUT, THAT IS OUR PROJECT....
|
| 01:37:07 |
Unidentified Speaker, -
SENDING THE PRESENTATION, I DON'T SEE AS BEING UNUSUAL, NO. >> FEEL FREE TO USE THE CONCEPTS THAT WE ARTICULATE IN YOUR OWN WORDS. SO THIS IS
|
| 01:37:18 |
Unidentified Speaker, -
CERTAINLY INTELLECTUAL PROPERTY DEVELOPMENT AT THE DEPARTMENT OF ENERGY THEY'RE SENDING OUT, HEY, YOU MIGHT WANT TO USE THIS LANGUAGE WHEN YOU SEND...
|
| 01:37:38 |
Unidentified Speaker, -
THIS. YOU TAKE THIS ALL IN CONTEXT.
|
| 01:37:41 |
Unidentified Speaker, -
MR. KELLY SAID 26 COMPANIES WERE IN THIS LOAN GUARANTEE. 22 OF THEM HAD CREDIT RATINGS OF DOUBLE B MINUS, JUNK STATUS. MOST OF THE COMPANIES THAT GOT...
|
| 01:39:02 |
Unidentified Speaker, -
SEEM UNUSUAL TO ME, NO. >> DOESN'T SEEM UNUSUAL THAT
|
| 01:39:05 |
Unidentified Speaker, -
THE DEPARTMENT OF ENERGY TELLS YOU, THIS IS HOW YOU NEED TO SAY IT. HERE'S THE ANSWERS TO THE TEST. THIS IS THE WAY YOU NEED TO DO
|
| 01:39:12 |
Unidentified Speaker, -
IT. THIS ISN'T UNUSUAL? THIS IS VERY IMPORTANT, FEEL FREE TO USE THE CONCEPTS TO ARTICULATE IN YOUR OWN WORDS. SO FEEL FREE TO PLAGIARIZE, THAT'S WHAT...
|
| 01:39:36 |
Unidentified Speaker, -
OR SOMEBODY WILL USE IN THE FUTURE, JUST DOESN'T -- I DON'T UNDERSTAND THE CONTEXT OF WHY THIS WAS SENT. BUT I CAN TELL YOU -- >> DID YOU PERSONALLY...
|
| 01:39:51 |
Unidentified Speaker, -
FOLKS AT THE DEPARTMENT OF ENERGY? >>
|
| 01:39:55 |
Unidentified Speaker, -
NO, SIR. >> DID YOU MAKE ANY TRIPS TO THE WHITE HOUSE? >> NO. >> DID YOU TALK TO ANYBODY IN THE ADMINISTRATION? >> NO. >> DID YOU
|
| 01:40:03 |
Unidentified Speaker, -
TALK THOUGH MR. DALEY? >> NO, SIR. >> MR.
|
| 01:40:06 |
Unidentified Speaker, -
BIDEN? >> NO. >> WOW. YOU GOT A LITTLE DIFFERENT TREATMENT THAN MR.
|
| 01:40:10 |
Unidentified Speaker, -
CRANE. UNDERSTAND. WITH THAT, I YIELD
|
| 01:40:12 |
Unidentified Speaker, -
TO THE GENTLEMAN FROM -- THE RANKING MEMBER FROM OHIO. >> THANK YOU VERY MUCH, MR. CHAIRMAN. I WANT TO GO BACK TO THE E-MAIL THAT YOU JUST DISCUSSED....
|
| 01:40:23 |
Unidentified Speaker, -
|
| 01:41:11 |
Unidentified Speaker, -
BE INVITED TO COME IN TO EXPLAIN THEIR POINT OF VIEW ABOUT THIS. COULD WE SEE IF WE COULD WORK TOGETHER, AND WOULD YOU CONSIDER -- >> I WOULD DEFINITELY...
|
| 01:41:26 |
Unidentified Speaker, -
NEED TO THINK ABOUT. >> I WANT TO ALSO SAY THAT, IN LISTENING TO THIS DISCUSSION, AND, YOU KNOW, MY FRIEND,
|
| 01:41:36 |
Unidentified Speaker, -
MR. KELLY, HAS A WAY OF CONTINUING TO HAMMER HOME ABOUT THE BENEFITS THAT ARE GOING TO SOME AT THE EXCLUSION OF OTHERS, THAT'S A VALID QUESTION. IT...
|
| 01:44:32 |
Unidentified Speaker, -
ALMOST 20 YEARS. AND IF THERE ARE ANY QUESTIONS THAT YOU'D LIKE TO PRESENT TO GOLDMAN SACHS, I WOULD BE HAPPY HERE TO ANSWER THOSE QUESTIONS. SO THAT...
|
| 01:45:52 |
Unidentified Speaker, -
MANAGING DIRECTOR AND THAT'S IN THE KMODCOMMODITYIESCOMMODITIES? >> CORRECT, MANAGING DIRECTOR OF THE COMMODITIES BUSINESS UNIT. >> WE WANT TO TALK TO...
|
| 01:46:05 |
Unidentified Speaker, -
COMPANY? >> I DO NOT. BUT ONE
|
| 01:46:07 |
Unidentified Speaker, -
COMMENT THAT IS IN VERY IMPORTANT DEBATE. BECAUSE IN THE DOE LOAN PROGRAM, THERE WAS
|
| 01:46:13 |
Unidentified Speaker, -
NO LITTLE FAVOR. >> THANK YOU FOR SAYING THAT, YOU JUST SAID THAT FOR THE RECORD. THANK YOU, MR. CHAIRMAN. >> MR. MANCINI,
|
| 01:46:24 |
Unidentified Speaker, -
LET ME ASK YOU THIS, IF THE GENTLEMAN JUST FOR ONE SECOND. IF THE 1705 PROGRAM HAD NOT BEEN IN PLACE, WOULD
|
| 01:46:34 |
Unidentified Speaker, -
GOLDMAN-SACHS, WOULD YOU HAVE FUNDED -- WOULD YOU HAVE PUT CAPITAL AT RISK IN THE COGENTRICS OF THE PROJECT. JUST TO BE CLEAR, YOU'RE A WHOLLY OWNED...
|
| 01:47:18 |
Unidentified Speaker, -
GET GOLDMAN-SACHS FROM A DEBT PERCENTAGE. >> YOU WOULD NOT HAVE DONE THE PROJECT? >> WE COULD NOT HAVE DONE IS PROJECT.
|
| 01:47:31 |
Unidentified Speaker, -
A PROVES OUR POINT, THIS IS NOT WHERE PRIVATE CAPITAL
|
| 01:47:36 |
Unidentified Speaker, -
WOULD GO, BUT IT'S OKAY TO PUT THE TAXPAYER MONEY AT RISK. >> WHICH OWN 3% OF AND DO NOT HAVE ANY BOARD SEAT. >> AND WHAT ABOUT EXCEL ENERGY, DO...
|
| 01:47:54 |
Unidentified Speaker, -
FINANCIAL INTEREST IN THAT COMPANY? OR AN INDIRECT FINANCIAL INTEREST IN THAT COMPANY? >>
|
| 01:47:59 |
Unidentified Speaker, -
WE DO NOT. THERE ARE FUNDS THAT ARE MANAGED BY GOLDMAN-SACHS ASSET MANAGEMENT, WHICH IS MUCH
|
| 01:48:08 |
Unidentified Speaker, -
LIKE FIDELITY OR VANGUARD, THAT PUTS TOGETHER A PORTFOLIO OF COMMUNITIES FOR WHICH WE EARN A FEE THAT'S BASED NOT ON THE RETURNS OF ANY PARTICULAR...
|
| 01:48:32 |
Unidentified Speaker, -
WITH EXCEL ENERGY. >> I WOULD SAY IT WAS VERY TENUOUS. >> I JUST WANT TO
|
| 01:48:40 |
Unidentified Speaker, -
ASK THAT, THE LOAN ARRANGEMENT, IN THE LOW AGREEMENT THAT YOU HAD WITH THE DEPARTMENT OF ENERGY, DID THAT AGREEMENT
|
| 01:48:48 |
Unidentified Speaker, -
ALSO INCLUDE THE FACT THAT COG,ENTRIX AND THAT AMENEX WOULD BE THE SOLE PROVIDER TO COGENTRIX? >> EXCEL OWNS PUBLIC SERVICE OF COLORADO, PUBLIC SERVICE...
|
| 01:49:12 |
Unidentified Speaker, -
THEIR CUSTOMERS. THERE IS NO MARKUP BECAUSE IT IS REGULATED IN A SPECIFIC WAY THAT DOES NOT ALLOW THEM TO PASS THROUGH ANY ADDITIONAL COSTS OR MARKUP...
|
| 01:49:32 |
Unidentified Speaker, -
THAT ARE PART OF THAT AGREEMENT WAS THAT EXCEL ENERGY AND COGENTRIX AND AMENEX -- >> IT HAS A POWER PURCHASE AGREEMENT AND EXCEL IS A PARENT COMPANY...
|
| 01:49:54 |
Unidentified Speaker, -
DIRECTLY. >> BUT CERTAINLY WITH AMANEX? >> AMANEX IS THE SOLE PROVIDER. >> AND YOU HAVE A DIRECT FINANCIAL INTEREST IN AMANEX. >> YES, PUBLIC SERVICE...
|
| 01:50:09 |
Unidentified Speaker, -
USE A CERTAIN TYPE OF TECHNOLOGY, AMANEX WAS ONE
|
| 01:50:14 |
Unidentified Speaker, -
OF FOUR COMPANIES THAT WERE THE LEADING MANUFACTURERS. OUR ENGINEERS THREATEN EVALUATED ALL FOUR OF THOSE COMPANIES. >> DO YOU HAVE A FINANCIAL INTEREST...
|
| 01:50:31 |
Unidentified Speaker, -
DID WORK OUT THAT THE THERE WERE FOUR POSSIBILITIES BASED ON WHAT YOU JUST SAID, AND OH, BY THE WAY, THE ONE THAT
|
| 01:50:39 |
Unidentified Speaker, -
WAS SELECTED IS THE ONE THAT AMANEX HAD A FINANCIAL INTEREST IN. >> BUT IT BENEFITS GOLDMAN? >> HOW IT BENEFITS GOLDMAN IS ALMOST INCONSEQUENTIAL....
|
| 01:51:02 |
Unidentified Speaker, -
INCONSEQUENTIAL THAT THE FOUR CHOSEN -- >> THAT IGNORES THE FACT MR. CHAIRMAN -- >> YOU GOT TO GO BACK TO THE FIRST
|
| 01:51:13 |
Unidentified Speaker, -
POINT, PARTICULARLY WHEN COGENTRIX WAS A WHOLLY OWNED SUBSIDIARY
|
| 01:51:19 |
Unidentified Speaker, -
OF GOLDMAN SACHS. YOU HAVE THE DENT OF AGRICULTURE GET -- OH, BY THE WAY, THE SEWOLAR PANELS, THERE'S FOUR COMPANIES YOU CAN CHOOSE FROM, AND THE...
|
| 01:51:52 |
Unidentified Speaker, -
MONEY DOWN FOR IT. THIS IS WONDERFUL FOR EVERYONE EXCEPT FOR THE RATE PAYERS AND THE . >> IT WAS ALSO REQUIRED -- >> WHOA, WHOA, WHOA, YOU JUST SAID...
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| 01:52:18 |
Unidentified Speaker, -
THAT WE HAVE PROVEN HERE TODAY, ONE THING THAT'S COMPLETELY CLEAR IS THAT IT'S NOT INDEPENDENT, WE GOT E-MAILS GOING BACK AND FORTH, EDIT THIS, IS THIS...
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| 01:52:45 |
Unidentified Speaker, -
INDEPENDENT JUDGMENT THAT WAS NOT OUR JUDGMENT. THAT IN FACT THEY AGREED THAT AMANEX WAS THE LOWEST COST TO THE RATE PAYERS. NOW FIESTO -- THEY DID SO...
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| 01:53:15 |
Unidentified Speaker, -
BENEFIT THAT AMAEX WAS SELECTED BY THE SO CALLED INDEPENDENT ENGINEERS. >> IT'S CERTAINLY BETTER FOR GOLDMAN THAT AMANAX WAS SELECTED BY THE INDEPENDENT
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| 01:53:29 |
Unidentified Speaker, -
ENGINEERS? >> I WOULD SUGGEST THAT WITH $116 MILLION OF OUR EQUITY CAPITAL BECAUSE OF A 3% INTEREST. >>
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| 01:53:38 |
Unidentified Speaker, -
I'M NOT SUGGESTING THAT, WHAT I'M SUGGESTING IS THAT WE HAVE GO TO BACK TO THE FIRST POINT.
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| 01:53:47 |
Unidentified Speaker, -
YOU SILTT ON THE BOARD OF DIRECTORS. >> I JUST WANT TO DISASSOCIATE MYSELF WITH YOUR LINE OF QUESTIONING, THANK YOU. >> WHAT YOU HAVE SETTINGING IS...
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| 01:53:59 |
Unidentified Speaker, -
AND
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| 01:54:04 |
Unidentified Speaker, -
COGENT COGENTRIX -- >> I'M NOT SUGGESTING THAT, I'M JUST SUGGESTING
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| 01:54:14 |
Unidentified Speaker, -
THAT THERE IS THIS CLOSE-KNIT RELATIONSHIP UP AND DOWN THE LINE AND THERE'S THIS COZY RELATIONSHIP BETWEEN THE DEPARTMENT AND FOLKS WHO ARE GETTING...
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| 01:54:50 |
Unidentified Speaker, -
NOT CORRECT. >> I THINK THE FOCUS OF MY QUESTIONING WASN'T ON EXCEL. I ACCEPT THAT POINT, I'M NOT COP COMING DOWN THE LEFT-HAND SIDE, I'M COMING DOWN...
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| 01:55:01 |
Unidentified Speaker, -
SIDE. >> IF WE'RE MAKING A DECISION TO PUT AS MUCH AS $116 MILLION AT RISK FOR A TENUOUS,
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| 01:55:11 |
Unidentified Speaker, -
AT MINIMAL, THAT MIGHT APPROVE TO A COMPANY THAT WE OWN 3%, THAT WOULD BE COMPLETELY IRRATIONAL ON THE PART OF GOLDMAN-SACHS AND ALL OF ITS CONSTITUENCIES....
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| 01:55:33 |
Unidentified Speaker, -
THE SHARING OF INFORMATION. IN SPITE OF THE FACT THAT WE HAVE LETTERS BEING DRAFTED THAT ARE GOING TO GO TO THE WHITE HOUSE CHIEF OF STAFF, AT SOME...
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| 01:56:15 |
Unidentified Speaker, -
ANY RELATIONSHIPS WITH ANYONE IN THE ADMINISTRATION, THE WHITE HOUSE, IT WAS DONE -- IT WAS DONE ON ITS MERITS. >> HOW MUCH -- HOW MUCH MONEY -- WHAT'S...
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| 01:56:30 |
Unidentified Speaker, -
AMANAX, DO YOU KNOW? >> IT'S LESS THAN $10 MILLION, I BELIEVE. >> OKAY, IT'S STILL REAL MONEY. >> NO, BUT IN RELATION TO -- I GUESS MY POINT IS IN...
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| 01:56:44 |
Unidentified Speaker, -
9%. >> 10 MILLION OUT OF $116$10 MILLION OUT OF $116 MILLION IS STILL PRETTY SIGNIFICANT. >> IT WOULD BE COMPLETELY IMPRUNT FOR US TO
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| 01:57:00 |
Unidentified Speaker, -
RISK $116 MILLION AS OPPOSED TO $10
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| 01:57:03 |
Unidentified Speaker, -
MILLION. >> ALL I'M SAYING IS THAT IF YOU CAN GET, THE ONE OF THE FOUR IS THE ONE YOU HAVE TO HAVE AN INTEREST IN-- >> IF IT HAPPENS
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| 01:57:13 |
Unidentified Speaker, -
BY COINCIDENCE TO BE THE CASE. >> IT'S NOT BY COINCIDENCE. >> IT'S COMPLETELY BY COINCIDENCE. >> YOU
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| 01:57:20 |
Unidentified Speaker, -
JUST SAID THE EXPERT SAID IT WAS THE RIGHT THING TO DO. >>
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| 01:57:25 |
Unidentified Speaker, -
ALL I'M SAYING IS
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| 01:57:28 |
Unidentified Speaker, -
THAT WE HAD NOT ONLY OUR OWN ENGINEERS BUT THE
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| 01:57:35 |
Unidentified Speaker, -
ENGINEERS THAT WERE ADVISING -- >> WE YIELD OUR FINAL ROUND OF QUESTIONING TO THE GENTLEMAN FROM PENNSYLVANIA. >> IS THAT A GENERAL SIGH OF RELIEF ON...
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| 01:57:47 |
Unidentified Speaker, -
UNCURVEBALL FOR YOU. MR. MANCINI, I UNDERSTAND WHEN YOU SAID
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| 01:57:51 |
Unidentified Speaker, -
WE WOULD NEVER RISK $116
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| 01:57:54 |
Unidentified Speaker, -
MILLION ON SUCH AN IMPRUDENT PROJECT? AND I GET THAT. >> I SAID WE WOULDN'T RISK $116 MILLION TO PROTECT $10 MILLION. >> HOW ABOUT THE
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| 01:58:07 |
Unidentified Speaker, -
AMERICAN TAXPAYERS PUTTING $15
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| 01:58:14 |
Unidentified Speaker, -
BILLION AT RISK, WAS THAT IMPRUDENT? IT'S NOT WHO YOU KNOW IT'S WHAT YOU KNOW, AND THERE'S ANOTHER PART TO THAT, IT'S WHO KNOWS YOU. BUT THE REAL...
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| 02:00:07 |
Unidentified Speaker, -
JOBS? DO WE KNOW EXACTLY WHAT THE NUMBER IS? >> WHEN I LOOKED YESTERDAY. >> I MEAN NOT THE GAME NUMBERS. >> ACCORDING
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| 02:00:15 |
Unidentified Speaker, -
TO THE DEPARTMENT OF ENERGY, PERMANENT JOBS, THROUGH THE 1705, IT COMES DOWN TO -- AND THE PERMANENT
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| 02:00:22 |
Unidentified Speaker, -
ONE COMES DOWN TO 2,388 JOBS. >> SO WE INVESTED -- WHAT WAS THE TOTAL AMOUNT WE INVESTIGATED? >> $16 BILLION. >> $16 BILLION,
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| 02:00:36 |
Unidentified Speaker, -
THAT'S WITH A B, BILLION. >> AND SO IT WAS AN EXPOSURE OF $6.7 MILLION. BUT THINK ABOUT IT THIS WAY, THIS IS THE TAXPAYERS EXPOSURE
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| 02:00:49 |
Unidentified Speaker, -
PER JOB, BUT THE REALITY IS, IF THE COMPANY DEFAULTS, RIGHT, I MEAN THERE ARE NO JOBS CREATED, THIS IS WHAT WE SAW WITH CYLINDERA. >> SO THEY GET IT IN...
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| 02:01:22 |
Unidentified Speaker, -
WE PUT IT DOWN ON THE GREEN. NOT THE RED OR THE BLACK, BUT THE GREEN, AND WE SPUN THE WHEEL AND WE SAY YOU KNOW WHAT? I KNOW WE'RE GOING TO WIN ON THIS,...
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| 02:01:50 |
Unidentified Speaker, -
TO CREATE SUSTAINABLE JOBS THAT WILL SUSTAIN THEMSELVES WHEN THE GOVERNMENT MONEY IS GONE, THE GOVERNMENT CAN'T DO THIS. >> STABLE JOBS ONLY COME...
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| 02:02:06 |
Unidentified Speaker, -
ECONOMIC GROWTH FOR THAT MATTER. AND THE PRIVATE SECTOR HAS BEEN ALSO PRETTY GOOD AT
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| 02:02:11 |
Unidentified Speaker, -
EVEN LEADING THE WAY ON GREEN ENERGY. >> THIS HAS BEEN THE MOST IRRESPONSIBLE WASTE OF TAXPAYER MONEY THAT I HAVE SEEN IN MY LIFETIME LIFETIME. BUT
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| 02:02:25 |
Unidentified Speaker, -
IT'S INCREDIBLE THAT WE CAN SIT BACK AND SAY, MISSION ACCOMPLISHED. THIS IS RIDICULOUS WHAT WE HAVE DONE TO THE AMERICAN TAXPAYER, KEEP FUNDING THIS,...
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| 02:02:51 |
Unidentified Speaker, -
IS HOW WE CAN RECONCILE THE IDEA THAT THESE PROJECTS ARE LOW
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| 02:02:55 |
Unidentified Speaker, -
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| 02:02:57 |
Unidentified Speaker, -
RISKS. IT SEEMS LIKE A SAFE BET. MOREOVER, I FIND IT SURPRISING THAT WHILE SOME OF THE COMPANIES INVOLVED HAVE HAD A HARD TIME MAYBE FINDING FUNDING...
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| 02:04:07 |
Unidentified Speaker, -
AND WHEN IT'S YOUR MONEY, IT'S A MUCH MORE DIFFICULT RISK TO TAKE. >> I DO NOT UNDERSTAND, IF IT'S REALLY LOW RISK, WHICH I'M WILLING TO -- >> YOU...
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| 02:04:19 |
Unidentified Speaker, -
IT'S HARD TO UNDERSTAND, IS BECAUSE IT DOESN'T MAKE SENSE. IT'S NOT
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| 02:04:23 |
Unidentified Speaker, -
COMMON SENSE TO THE AVERAGE GUY THAT GOES OUT THERE THAT HAS TO PAY OUT OF THEIR OWN POCKET. IF THEIR NOSE IS THE ONE GETTING BLOODIED, THEY KNOW THE...
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| 02:05:57 |
Unidentified Speaker, -
THINK THIS COMMITTEE ASKED THE RIGHT QUESTIONS IN RAISING FIRST OF ALL WHO THE WINNERS AND LOSERS ARE HERE. AND WHEN I HAVE HEARD GENTLE LADY FROM --...
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| 02:08:43 |
Unidentified Speaker, -
THE COMMITTEE. >>>
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.