This is a rush transcript from "Glenn Beck," May 24, 2010. This copy may not be in its final form and may be updated.
GLENN BECK, HOST: All right, last week I showed you all about ShoreBank, the really good local bank, the leading faith-based lender. From Chicago this bank, got $140 million bail-out by other financial institutions. You know who put them over the top? G.E. Oh, that's great. It's weird that all other banks are evil, blamed for our current economic troubles, predatory lending. But ShoreBank, oh, no, they're a good bank. They're a good bank. They must be saved.
I'm sure it has nothing to do with the bank's mission is to create economic equity. I'm sure it has nothing to do with the fact that ShoreBank executive was Hillary Clinton's roommate back in college or that the progressive Joyce Foundation is one of the big shareholders. Yeah, yeah, nor the fact that it's all the same Crime, Inc. players.
One of the biggest players is Joel Rogers. See him up on the board. Joel Rogers, he's fantastic. Here he is. He's over in Crime, Inc. He's the guy who created the new party, saying, if I may, quote, "Another example is to work only within the Democratic Party. The Democratic Party has an abusive relationship with progressives. Democrats take our money and our time and then almost always move to the right. The best way to end an abusive relationship is to develop the ability to leave it."
They didn't leave it, they ate it. Everything this guy set out to do, he talked about it in the 1990s, they have done. It is the reason why the Democratic Party is now over. There is a new party. The Democrats are over. So, what does this new party do? They deceive, they launder, they redistribute wealth. Look at the players. Look at the players. I want you to follow, I want you to follow the money here.
Joel Rogers is one of the biggest, one of the biggest guys, he's one of the biggest players on the board. He's on the board of director of Emerald Cities. Emerald Cities is all this, this is an incredible group that is getting all kind of stimulus money soon. They're going to be, oh, they're Van Jones, all the labor unions. It's great. And then there is Efficiency Cities Network led by Joel Rogers again, his group COWS. Van Jones is in that one, too.
Now here's how this — this is how this all works. OK? You have, you have the bank making an efficiency fund. Let's say I'm a town of Glennville, a little town or a college, Glennville College. Here's how the efficiency model works. Through the energy efficiency fund, which his funded right here, this is the fund, big pile of money. ShoreBank, right there. It's funded by private investors, we don't know who these people are. We have no idea. Can't get anything on these people. It's weird.
Normally it's people like Goldman Sachs. I wonder who it is. Also, gets money to the federal government through tax credits and stimulus goes in here. So private investors putting in, stimulus money going in. By the way, the stimulus package, that was designed by the Apollo Alliance. Joel Rogers again! Hmm.
Then you have the carbon market. OK, that's the Joyce Foundation. And also Goldman Sachs. And Al Gore. It's great. Now you, it's great.
If this is not a college but it is your town, you are also paying in money. Yeah, city, right here. Putting in money there, your tax dollars.
Now the Efficiency Cities Network, Joel Rogers is offering to do all of the work themselves, for you, because they love you. They just want to green your city. They are going to pick the contractors because you're busy. They'll assign energy advocates on retrofitting process, to begin the full service delivery.
And in return, the city agrees to a shared energy savings agreement. Ohh, that's big of you. Yeah, Glennville! They give the tax dollars and then they also get money back, because they're saving money. Now this is a way they are going to split the return. So in other words, you know, the city and the private investors, they are also getting some of the tax credits as well. If I can explain this like you, you're struggling with bills.
If someone shows up and says, you know what? I'm going to reduce your energy cost by 20 percent. Really? I'm broke. That's great. What do I have to do? You don't have to do anything except agree. You agree to pay me all the money I'm going to save you! That's great!
Now wait a minute, how much money are you going to save me? Oh, tons! You only pay a fraction of that so you're making money because you're going to be saving energy. Yes. Wow. Do I have to go out and buy the solar panels? No. Really? No. Well, I'm going to have to install them. No, you just sit here on your couch and rake in the money.
That's when my grandfather would have said, uh-huh, you can't B.S. a BSer. This is not possible. What you don't know is that the same group that grabbed your tax money, got the solar panels, now coming to you saying check it out! But will there be any savings in the first place? Let me play the president. Are there going to be any savings?
(BEGIN VIDEO CLIP)
PRESIDENT BARACK OBAMA: Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket.
(END VIDEO CLIP)
BECK: OK. So, on one hand, they're forcing all the energy prices on up. On the other hand, they are giving cities and universities free green stuff. And if you are lucky enough to be a private individual and you're not too big to fail, your tax dollars not only pay for the cities and the university's solar panels but then you and your home will get the opportunity to buy the solar panels. You don't get them for free. No, just the cities and the universities. They get all the labor unions and stuff. You can buy yours. We'll still hire the labor unions to put them in. It's great!
Now there is about $6 billion pumped into this Ponzi scheme through the Home Star Bill. It has already went through the Senate, I believe, the Home Star Bill. This bill is set up to give you rebates for green improvements. Well, all I got to do is weather strip. Yeah. Well, you get some money back if you weather strip. But if you want the really big savings, you have to hire a third party, an approved contractor. Oh man. One of these guys will help you do it, with the help of ShoreBank. Isn't that great? Well, I'm sure the private contractors will have nothing to do with any of these people or labor unions, nothing. It will all be on the up and up. We'll show you some more of this scam. It's coming. It's coming. Crime, Inc., when we come back.
BECK: We're talking about ShoreBank and this scheme, this Ponzi scheme that we found over the weekend. And I brought our David Buckner in because he can — he's an adjunct professor at Columbia University, president of Bottom Line Training and Consulting and can help make sense of this. Walk us through this so I can understand.
DAVID BUCKNER, COLUMBIA UNIVERSITY: This is kind of a fabricated private equity placement. You bring in investors, you have the government, you have the city. They all funnel money into it. Okay? In the end, though all of the criteria for the funds are set by the government. All of the results, the money that comes back, you may get some money back here but the money goes into the city. It used for workforce development and the criteria is set again by the government.
BECK: So energy efficiency fund, this box here, big box here.
BUCKNER: Pool of money.
BECK: That is ShoreBank.
BUCKNER: That's ShoreBank.
BECK: Managed by ShoreBank.
BUCKNER: That's managed by ShoreBank.
BECK: OK, that's the bank that everybody has just saved.
BUCKNER: It's a bail-out.
BECK: OK so now the money —
BUCKNER: All the criteria for is set by the government.
BECK: OK, that is actually just tax credits —
BUCKNER: And stimulus.
BECK: Stimulus money. Once that money goes away, is this sustainable?
BUCKNER: No, you can't sustain it because the money is not coming in. They are hoping, the dialogue is they're that private investors will flood this because they can find it viable. But if it's not viable before, it's probably not viable after.
BECK: Right. OK. So the money goes to the city — the return goes to the city, but that goes up to the contractor.
BUCKNER: Yes, you have to have a return here. Little bits of return here, goes up to contractor in the form of workforce development.
BECK: Tell me about that.
BUCKNER: Well the criteria is that they're going to be taking people who are — there's a criteria of homeless, those that are less advantaged, even those that have been incarcerated for discrimination, for employment may have been in the past.
BECK: Historically disadvantaged or underrepresented people, homeless, lacking a GED and having a criminal record. That is what exactly Van Jones said he would do.
BUCKNER: That's what they'll fund to assure that they get jobs.
BECK: And those go back to union.
BUCKNER: That will go into the contractors underneath the umbrella of union support because the union is going to bring them in and educate them. I'm not sure how they'll —
BECK: You know they will. This is Venezuela. This is what Venezuela did. What Venezuela does, he's more direct, is he pays off the poor. The poor is his little army, that's his army that keeps —
BUCKNER: This is not a true business model. This is a fascinating model which is akin to some of the movements of Enron when they started moving things. This here is not sustainable on its own. It is being created under the guise of private equity, under the purpose of energy efficiency, great words to use, but in the end, not a viable model.
BECK: Tell me about the host college.
BUCKNER: Up here, as they receive this, the energy is owned and delivered to the college, to an entity, OK? But they own it. So if they can't pay — and by the way, most don't have to qualify it. The purpose of it is to assure that you don't discriminate based upon ability to pay. This is like the —
BECK: You don't need proof —
BUCKNER: To be able to buy a home. This is what we experienced with subprime. So these could be subprime borrowers, in other words, subprime buyers of energy. So if they're subprime buyers —
BECK: So not only will they control the money, they will control the unions. But this box in the center, this ShoreBank also controls energy. They can shut you off.
BUCKNER: Yes. They can shut you off if it's not financially viable. They are going to determine how much you get and they're going to determine how much needs to be shut off. Even if they don't control the bigger picture, they can't. It's not a viable model. It doesn't work.
BECK: I don't see a problem with any of this. And I wonder why ShoreBank, it looks like an awful lot of money is going to be funneled through.
BUCKNER: It would show like it works for a season.
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