The next line of attack will likely center on crony capitalism. As governor, King signed a law requiring Maine utilities to produce at least 30 percent of their energy from renewable sources such as wind — and then, after leaving office, moved quickly to profit from the mandate he enacted by forming a wind energy business. He secured a $102 million taxpayer-backed loan guarantee from the same Obama Energy Department program that backed Solyndra. A House Oversight and Government Reform Committee investigation found that King and his partners should not have gotten the federal loan guarantee because they already had sufficient capital to build the project. So why seek federal money? Summers argues it is because the loan guarantee transferred the risk for the wind project from King and his partners to the American taxpayer. “He got a Solyndra-type loan and put the taxpayers on the hook,” Summers said. He pointed out that Maine taxpayers just had a rate increase to pay for augmented transmission lines to handle King’s wind energy project — this in a state where high energy costs are already deterring businesses from moving and investing here.
Bottom line: King profited from a law he passed as governor, took taxpayer money he did not need from President Obama’s discredited “Green Energy” loan program and personally benefited from Obama’s failed stimulus spending bill. That’s a political trifecta. In addition to being the “King of Spending,” look for Republicans to crown the former governor as the “King of Wind” and the “King of Cronyism.”
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