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<blockquote data-quote="moreluck" data-source="post: 899049" data-attributes="member: 1246">Re: ObamanomicsTuesday, November 8, 2011 @ 7:53 pm |&nbsp; GOP Senators Demand Investigation Into Obama Admin’s $730 Million Loan To Russian Steel Company…Inquiring minds want to know.(E2 Wire) — Two GOP senators want the Energy Department’s (DOE) internal watchdog to investigate a planned $730 million loan for a company to manufacture high-strength automotive steel in Michigan.

Sens. Dan Coats (R-Ind.) and Pat Toomey (R-Pa.) are asking DOE Inspector General Gregory Friedman to probe whether Severstal North America — a subsidiary of Russian steel giant OAO Severstal — should receive public financing to retool and expand facilities in Dearborn, Mich.

“Given the tremendous fiscal crisis that we find ourselves in today, it does not seem appropriate for the program to subsidize technologies that have already achieved commercial success through private-sector means,” their Nov. 7 letter to Friedman states.
The letter follows House Oversight and Government Reform Committee Chairman Darrell Issa’s (R-Calif.) letter to Energy Secretary Steven Chu last month attacking the potential financing.
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[QUOTE="moreluck, post: 899049, member: 1246"] [B]Re: Obamanomics[/B] Tuesday, November 8, 2011 @ 7:53 pm [B]|[/B] GOP Senators Demand Investigation Into Obama Admin’s $730 Million Loan To Russian Steel Company… Inquiring minds want to know. [INDENT][COLOR=#990000](E2 Wire)[/COLOR] — Two GOP senators want the Energy Department’s (DOE) internal watchdog to investigate a planned $730 million loan for a company to manufacture high-strength automotive steel in Michigan. Sens. Dan Coats (R-Ind.) and Pat Toomey (R-Pa.) are asking DOE Inspector General Gregory Friedman to probe whether Severstal North America — a subsidiary of Russian steel giant OAO Severstal — should receive public financing to retool and expand facilities in Dearborn, Mich. “Given the tremendous fiscal crisis that we find ourselves in today, it does not seem appropriate for the program to subsidize technologies that have already achieved commercial success through private-sector means,” their Nov. 7 letter to Friedman states. The letter follows House Oversight and Government Reform Committee Chairman Darrell Issa’s (R-Calif.) letter to Energy Secretary Steven Chu last month attacking the potential financing. [/INDENT] [/QUOTE]

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