Biden Admin Approved Huge Loan To Green Company As It Was Allegedly Defrauding Investors. Now Its Stock Is Tanking
- November 16, 2023
The Biden administration authorized a battery recycling company to receive a massive taxpayer-funded loan for a New York facility in February 2023, months after the company had allegedly started to defraud investors.
The Department of Energy’s (DOE) Loan Programs Office (LPO) and its director, Jigar Shah, pushed Li-Cycle, a company now in dire financial condition, to apply for a LPO loan to help build its Rochester, New York, facility as early as September 2022, according to The Wall Street Journal. The DOE announced its conditional commitment to loaning $375 million to the company in February 2023, just months after Shah’s meeting.
“Government programs are normally designed to have checks and balances, with distributed areas of responsibility, to protect taxpayers and prevent more Solyndras. But Jigar Shah has seemingly thrown all of these out the window in his rush to shovel green funds out the door, appearing to operate as frontman, salesman and the government’s final decision-maker, all in one,” Michael Chamberlain, executive director of Protect the Public’s trust, told the Daily Caller News Foundation. “To say this is wholly inappropriate would be an understatement… once again, leadership in the most ethical and transparent administration in history has chosen to push their policy agenda over their commitment to long-standing and well-founded guardrails.”