Investors.com -- 11/8/2011 -- STIMULUS FOR RUSSIA
Industrial Policy: Not only do taxpayers subsidize failing green energy here, they may soon be on the hook for a Department of Energy loan to a firm owned by a Russian billionaire. Just say nyet.
The administration's latest green boondoggle is a $773 million loan for Severstal North America to expand and retool the old Rouge steel mill in Dearborn, Mich., to manufacture high-strength steel in a Rust Belt state badly in need of job creation.
The idea allegedly was to provide the high-strength steel needed to produce lighter, more-fuel-efficient cars as part of President Obama's touted Advanced Technology Vehicles Manufacturing program. It supports cars like the heavily subsidized Chevy Volt, built by the bailed-out Government Motors.
The problem is that this kind of steel is already being produced in sufficient quantities, including by Severstal. And the company getting the loan is owned by Russian billionaire Alexei Mordashov, one of the world's richest men with a net worth estimated at $19 billion.
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