This post is a follow-up from my post of Thursday, September 1, 2011.
“The U.S. Department of Energy is one of the largest creditors in the bankruptcy case, pressing to reclaim a $527 million federal loan. Court papers say an inter-creditor agreement ranks the federal loan behind a $69 million loan from lenders led by Argonaut.”
Why is the above paragraph relevant? Because, your money, you know that half-billion dollars, has a subordinate position to $69 million in private equity money. Oh, by the way, Argonaut Capital is a hedge fund run by one David Gerstenhaber. And, he, of course, is a major political contributor. You can do a Google search to find out what political party, or you can simply guess which one.
Ok, so the Department of Energy is either incompetent or takes care of its cronies (corruption). Why? Because it looks like the Department of Energy has just bailed out a private equity firm’s bad investment, and I think inquiring minds would like to know why.
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