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Taxpayers for Common Sense V.P. Steve Ellis on efforts to restrict Department of Energy loans.
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Well should more taxpayer green go to doomed green it companies.
That's the focus of the no -- lenders act making its way through the house this week.
And the sounds too good to be true my next guest says it says because the bill doesn't scratch the surface of the problem.
Joining me now Steve Bell of the vice president of taxpayers for common sense Steve welcome to the show great to have you here.
You know we talked a lot about this bill we've we've said this -- is a great idea that you disagree.
Why.
Or just simply doesn't go far enough I mean essentially it locks in place about fifty applications that are still pending they're still 34 billion dollars in.
Loan guarantees available and so it's very likely to become the even -- -- -- rather than -- -- morsel hundred.
Bill are ever I wanna play some sound from cliff Stearns -- been an Africa at the sponsor of the bill here's what he said.
The bill is very good because it does stop these type of cylinders are happy again and in fact.
We're making sure that the department of treasury is intimately involved so that nothing can go forward without -- -- So can you say that's not the case there's some fifty other companies out there that could get DOE money give us an example.
Sure I mean we'll wind that's that really kind of side sticks out his -- USEC the United States enrichment corporation -- -- this is -- company does uranium enrichment.
And they are what is their stock is trading at less than a dollar share there actually potentially being delisted on the New York Stock Exchange.
There David given junk bonds that's by Moody's I mean -- real economy excellent or look like it could have been a fortune 500 company.
I'm in this is one that's and -- get a two billion dollar loan guarantee.
You know we did a little research on this company to have a hard time making money.
Earnings are negative.
-- revenue going down.
They're getting rid of -- employees employee growth is down 36% over the last year these -- numbers for as of December 2011.
There have -- a heck of -- time and yet.
The.
-- wants to give them money on because they want to have five domestic production of uranium although there's other places that you domestic production of uranium enriching uranium.
-- and then also there are some powerful lawmakers -- chairman of the subcommittee that.
Had been no morsel interest bill represented Whitfield.
Actually has a USEC facility not the one in line to get two billion dollars -- 86 -- -- facility in his district.
Not come on so and it -- -- the very kinds of relationships that Republicans have accused the White House.
Maybe we could accuse them of having with -- companies are trying to save from additional regulation.
That's crazy.
-- absolutely and -- in the simple thing here is so let's just rip out this the title seventeen loan guarantee program.
Root and branch you know just essentially strip that out there's a few.
Contracts that we have conditional relations and we have to kind of see how -- and he managed but the vast majorities fifty we -- get rid of them.
And then only I think assays -- -- -- Stearns is right that at least one thing is good as it brings treasury involved along with deal week.
And the other thing is is that -- it essentially changes the rules on segregation and makes the taxpayers be first in line to be paid off the wanna be stale.
That's the best part because the last thing we want to see happen is to have taxpayers be the last people in line to get their money back.
C thanks for coming on tonight it's a fascinating story you'll have to come back and tell us about more of these fifty companies that are in line to get our taxpayer dollars thank you.
Sure -- Gerri thank you.
