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Sen. Dan Coats, (R-Ind.), on why the Dept. of Energy loan to Severstal should be investigated.
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Now to senator senators are questioning whether the loan to severstal was appropriate and they're asking him inspector general to open up a formal investigation.
Joining us now Republican senator -- That it Indiana a member of the energy committee and he's calling for -- -- query.
Senator welcome back to the show tell us why you want an investigation what is it that has really piqued your interest here.
Well -- some rotten.
That's creating made that major -- The smell and I think we need to look into -- S inspector general.
To give us a full reporting on how this loan was originated and why it's necessary this product is already being made.
By American companies this is a Russian company that got a special conditional approval from the Department of Energy to put a new plant in Michigan.
Making this -- made the editor in other plants around this country.
I understand the CEO -- severstal.
Has something like eighteen point five billion dollars why do they need a -- firmer.
Yes that's a question why do they need -- loan.
This if this is Green energy is technologically.
Improved stuff it's hard to -- did anybody do acknowledge that that's the case or why they need the world.
But it's not even new technology is it my understanding is this is a plant that are even build its already out there are now we're giving them money for something they've already done.
He was CEO who -- as I said eighteen point five billion dollars I just.
Where is -- is -- logic here.
Well senator to me and I don't think there's the logic here we you don't like a full investigation of that this.
Particular piece of steel -- type of steel that they're requiring is already made being manufactured in the United States by US companies.
So this is not a technological breakthrough this is something that well it just doesn't.
Not all the I's and cross the peace and -- -- at all.
I think we really have to question this.
Our I -- -- hear the defense from the department of energy and respond to it is from -- Damien Oliveira he says severstal application is for a project that would help make American car manufacturers.
More competitive.
As demand for lighter more fuel efficient vehicles increases agree or disagree.
Well the product will do that but the products already being made in the United States why do we need to get going home to a Russian company.
And that's going to produce something that's already being produced so it's.
This is just something that clearly has to be cleared up and after Solyndra you wouldn't think -- be so eager to.
Well she alone like this is 75030%.
Around thirty million dollars more of taxpayers' money.
BI and -- eight up about a half a billion.
So that's where I wanted to go next though because there's new information out today new emails out.
About -- -- and that is the solar panel maker you went belly up after eating half billion of taxpayer dollars.
What we're finding out from these emails and many of them from the White House itself.
That there was a much cozy a relationship between cylinder and the White House -- we knew -- read you what are the emails here.
That I found particularly amusing the first was from Ken Levitt the Kaiser Foundation executive director he says.
They about had an orgasm in Biden's office when we mentioned excellent -- so he's just reporting.
To the -- folks directly that boy.
That White House really excited about this company and that Steve Mitchell from cylinder -- this back that's awesome get -- -- Department of Energy loan.
I mean this is the kind of communication that should be made what do you make of this.
Well that's one of the house has issued a subpoena to the White House -- need to release all the relevant information.
On this -- these things that look like they're being made for political reasons enough for policy reasons.
It's taxpayers' money that we cannot afford to waste and I think -- stand as examples of White House or the political system trying to pick winners or losers in what they're picking these losers as taxpayers.
Real losers because it's their tax dollars.
Well and you George Kaiser obviously in the cross hairs here you said billionaire investor insulin draft.
Also a fund raiser.
For Barack Obama and he's been saying today.
-- you know I was not promoting this company to the White House.
But now we have emails today that would show yes indeed.
By the way a couple of weeks ago when Ken and I were visiting with a group of administration folks in DC you are in charge of the stimulus process.
A hearing explicitly rights White House not Department of Energy.
And so -- came up every one of them responded simultaneously.
About their thorough knowledge of the so -- story suggesting it was one of their prime.
Poster children.
And the Kaiser Foundation shooting back today to -- the reaffirm our previous public statements George Kaiser had no discussions with the government.
What are my -- here well I think that.
-- the information indicates that mr.
Kaiser made eighteen visits to the White House.
I think we need to know who we talk to him what was said and what was promised.
Well I mean these emails seem to indicate there -- conversation about some wondered direct conversation about the lender.
At the end of the day senator what we really want to see is this program brought to a halt clearly.
We're wasting taxpayer dollars were getting it.
To Russian.
Wealthy businessman we're giving it to companies that go belly up.
Lincoln is speed ended cut off with -- stop abusing taxpayer dollars.
Well I think shedding light on all this and making it transparent is gonna -- anger our taxpayers and so.
-- the Department of Energy you can't just keep doing this.
We need to make this.
Well no one to everyone and the pressure needs to come down now that enough is enough.
And we've got to stop this kind of handouts that appear to be happening it.
Large sums of money with taxpayer dollars.
Well as you investigate the severstal situation come back as we wanna hear what you find out thank you senator thing.
