No More Taxpayer Bailouts!

In September, Warren Buffett bailed out Constellation Energy for $4.7 billion.

In purchasing Constellation, Buffett has inherited a partnership with French government-owned, Electricite de France. The 50-50 partnership, known as UniStar,  will be building four new nuclear reactors in four states that will cost nearly $10 billion each!! AND, UniStar wants to pay for them with loan guarantees subsidized by U.S. taxpayers. Under the company’s plan, outlined at Maryland Public Service Commission hearings in July, U.S. taxpayers could be at risk for 80 percent of the cost of the reactors.

Loan guarantees are promises that U.S. taxpayers will pay back the loans when the project fails, and the risk of loan defaults is extraordinarily high.  The Congressional Budget Office estimates that 50 percent of all new reactor projects are likely to default - that's worse than anything AIG ever insured, or anything Lehman Brothers experienced on its worst day.

It's not too late, to let Buffett know what we think about UniStar's business model that commits taxpayers to cover more risky loans. 

Sign the petition below.  Then forward the petition to five of your friends!

We owe it to ourselves to demand cleaner, safer and more efficient energy so we can achieve true energy independence. 

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