General Electric Corporate WelfareEnergy — By Online Editor on October 17, 2011 at 2:07 PM
(National Review) The Fire Island wind energy project has nothing on the Sheperd’s Flat wind project in northern Oregon. This $1.9 billion federally funded project (your tax dollars) will dwarf the Fire Island wind farm in size and taxpayer dollars. The corporate beneficiary of your dollars will be none other than GE! This is the same GE that pays little or no taxes and whose CEO is Jeffrey Immelt, head of the President’s Council on Jobs and Corporations.
So, in return for GE investing about 11% in the project it receives a return on equity of 30%. A great return compliments of the taxpayer. Not only that, but 35 permanent “green energy” jobs will be created at a cost of $16.3 million each, not counting the Federal loan guarantees. Now that’s what I call corporate welfare. Once again, the government choosing winners and losers just like Fire Island. (read more...)