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Independent voices from the The Washington Times Communities
Topic - Fairbank
A geothermal energy company with a $98.5 million loan guarantee from the Obama administration for an alternative energy project in Nevada — which received hearty endorsements from Energy Secretary Steven Chu and Senate Majority Leader Harry Reid — faces financial problems, and the company's auditors have questioned whether it can stay in business.
A handful of chief executive officers take home a salary of $1 a year or less. But all of them manage to make millions of dollars anyway, illustrating the point that if you are running the show, your salary doesn't mean much.
Mr. Fairbank acknowledged that NGP is not current on a separate high-interest $88.4 million loan from a Washington investment firm, which is not backed by the federal government and is subordinate to the federal guaranteed loan — meaning John Hancock and the Energy Department have first claim on Blue Mountain's assets and earnings in a default.