‘Quintessential Insider Deal’: Taxpayers Finance Family Ties of 2 Failing Green Companies

 
 

Grassroots conservative activists who run a reboot of Ronald Reagan’s political action committee want to know why the government allows one failing company to buy another failing company while both get taxpayer subsidies.

They also want to know why corporate executives with friends in high places have not been subjected to more scrutiny after receiving a multimillion-dollar compensation package at a time when their company remains heavily subsidized at taxpayer expense.

“This is the quintessential insider deal,” one taxpayer advocate said in an interview with The Daily Signal.

Citizens for the Republic, a nonprofit, grassroots lobbying group, posed the two questions in a July 15 letter to members of the House and Senate as the lawmakers left Washington for summer recess.

The group calls on Congress to investigate the CEO and the chief technology officer of SolarCity, a renewable energy company based in San Mateo, California. The two SolarCity executives happen to be brothers; Lyndon and Peter Rive also happen to be first cousins to Elon Musk, chairman and co-founder of SolarCity.

Musk is also chairman and founder of Tesla Motors Inc., an electric car company based in Palo Alto, California. In June, Tesla Motors offered to buy SolarCity.

Musk is …read more