"Independent WatchDog" On Obama's Energy Loans Turns Out To Be A big Obama Donor!

Now there's a coincidence for you.

When Congress expressed concern (to put it mildly) about over $23 billion in government backed loans to troubled green energy companies that - surprise- were owned or had major investment by well connected Obama donors, the Administration responded by appointing a man who was termed ' an independent watchdog', a Wall Street executive named Herbert M. Allison Jr. to examine the loans and allay their fears.

Allison examined the loans, and testified to Congress back in March that the loans were legitimate and there was nothing much to worry about.

In his report, Allison acknowledged that the Energy Department could lose as much as $3 billion in loans, but it concluded that was far less than the $10 billion set aside by Congress for high-risk companies. Allison also decided not to take into account the losses from loans to two firms, Solyndra and Beacon Power that had already gone bankrupt because those loans weren't on the books any longer and that money was already lost. Allison also told Congress that " the DOE (Department of Energy) has negotiated protections in the loan agreements that enable it to cut off further funding and to demand more credit protection if projects do not meet targets."

Two weeks after he testified to Congress, he began donating heavily to the Obama Campaign and the Democratic National Committee, a total of over $52,000.

Meanwhile, a whole slew of the green energy loans he gave a clean bill of health to just happen to have gone underwater.

Just a coincidence, of course.

Of course.