Charlottesville
May 11, 2023
I worked in the Losn Programs Office for ten years. There were good people there. Other than that it was a job that helped me pay some bills I allowed it to take a toll on me -- especially under Trump there was little to do. I should have left sooner -- I sold my soul for an easy paycheck. If I had stayed I'd probably be making $2,000 more than when I left in 2019. Rewarding. ☹️
I initially drank the Koolaid, thinking we were serving an important roll in the innovative energy market. But I came to believe that we were taking risks not inline with our returns. LPO provides long-term debt at US Treasury rates.
This article scares me. When I was there LPO was less than 90 people. The Times says it is now 250. And it has $400 billion to lend before the next election. Haste makes waste. LPO is incentived to push money out the door and get pats on the back for a job well done. It's the nature of the infrastructure beast that the problems show up several years after that atta boys. Then it will be somebody else's problem. The incentives here are all messed up.
The Times article mistakingly states tgst tge program was set up in 2005 to promote innovative renewable projects. Actually it was established to fund the expected nuclear renaissance. Bummer, that never happened.
This program is bad policy. There is no indication that I am aware of that there is a shortage of venture capital to fund innovation. But the program won't die because Congress views it as a way to get money invested in their districts. And Lord knows Congress is too busy chasing character issues.
That's it.