In case you missed it, the New York Times ran a front-page story yesterday about the cozy, lucrative, and ethically-questionable relationship between President Obama and the Illinois-based Exelon Corporation.
As the NYT reported, "Early in the Obama administration, a lobbyist for the Illinois-based energy producer Exelon proudly called it 'the president’s utility.'"
In true Chicago fashion, "Exelon’s top executives were early and frequent supporters of Mr. Obama as he rose from the Illinois State Senate to the White House." Take for example, John W. Rogers Jr.. Mr. Rogers is a friend of the president’s, husband of Desiree Rogers - former social secretary for Pres. Obama, one of Obama's top fund-raisers, and...an Exelon board member.
"David Axelrod, Mr. Obama’s longtime political strategist, once worked as an Exelon consultant. And Rahm Emanuel, the Chicago mayor and Mr. Obama’s former chief of staff, helped create the company through a corporate merger in 2000 while working as an investment banker."
Not surprisingly, "White House records show that Exelon executives were able to secure an unusually large number of meetings with top administration officials at key moments in the consideration of environmental regulations that have been drafted in a way that hurt Exelon’s competitors, but curb the high cost of compliance for Exelon and its industry allies."
In addition, Exelon "was chosen as one of only six electric utilities nationwide for the maximum $200 million stimulus grant from the Energy Department. And when the Treasury Department granted loans for renewable energy projects, Exelon landed a commitment for up to $646 million allowing it, on extremely generous financial terms, to finance one of the world’s largest photovoltaic solar projects."
And it gets better. The Obama administration’s tightening of clean air rules was a particular boon for Exelon, "since it took aim at Exelon’s main competitors — coal-burning power plants in the Midwest and mid-Atlantic regions. In 2010, Exelon estimated it would earn an extra $400 million annually because the regulations would force dozens of coal-burning plants to close." More HERE