Crony Capitalism and Algae Energy

Thomas Lifson
Why on earth did President Obama offer algae as a solution to America's energy problems? I suspect that if he could, he would press the rewind button and erase the comment, as it has exposed him to widespread ridicule from heavyweights like Charles Krauthammer.  But the question remains: why bring it up at all? An answer may lie in his addiction to crony capitalism. Andrew Stiles of the Washington Free Beacon reports: Solazyme, a San Francisco-based firm that specializes in the plant matter, has received more than $25 million in federal grants and contracts as part of Obama administration's controversial stimulus package, and is poised to receive millions more as part of the president's recent efforts to promote green biofuels such as algae. The firm employs a former member of the Obama-Biden transition team who, according to one online bio, "played a key role in developing the energy provisions in the economic stimulus bill." TJ Glauthier, who is listed as a "strategic adviser"...(Read Full Post)

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