Once you start picking at the scab that covers the wound known as alternative energy you begin to see a very corrupt and festering sore. While reading yet another story on a failed ethanol facility in Georgia which had received between $60 – $70 million in government grants and handouts, I discovered that the whole industry seems to be one big money laundering scheme that would make the hardest Mafia member green with envy.
Yet none of the dozen or so companies financed or controlled by Khosla over the last decade has produced commercially viable ethanol. Some failed or, hamstrung by unproven technology and insufficient capital, remain behind schedule. Others bet on new technologies.
To date, the companies have tapped about $250 million of the $600 million. Even though they are now unlikely to ever receive the full amounts, tens of millions have been lost.
Another part of his scam is that he sold the bankrupt ethanol plant to another one of his companies; thereby, in effect, he sold the business to himself, allowing him to keep getting more subsidies.
This month, the AJC reported that the plant was sold for just $5.1 million to another Khosla-backed company. For this story, the newspaper scoured regulatory filings, government reports, company websites and news articles to arrive at the total figure in federal and state subsidies offered to renewable energy ventures backed by Khosla’s firm.
Khosla has a long history of advocating against the oil industry, as witnessed by his lobbying against a bill in California to allow more drilling starting as far back as 2006.
People, it is time to wake and stop this fraudulent criminal enterprise posing under the guise of environmentalism and green energy. The only people getting rich off these schemes are the politically connected liberal Democrats while the rest of us are on the hook for these unicorn hunts.