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Enrichment at the Public Till

A three-part series by the Washington Examiner watchdog team

Part One: Feds gave billions to energy firm with no business model

Part One: Feds gave billions to energy firm with no business model

By Luke Rosiak | 11/07/13 12:00 AM

A chronically failing nuclear energy company using a technique one-twentieth as efficient as its competitors' has wrangled billions of dollars in cash, materials and research from the Department of Energy in deals that dwarf the Solyndra loan scandal.
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Part Two: Privatizing energy project enriched bureaucrats, drained federal coffers

Part Two: Privatizing energy project enriched bureaucrats, drained federal coffers

By Luke Rosiak | 11/08/13 12:00 AM

It started as a plan small-government conservatives could get behind: spinning off a Department of Energy project into the private sector, where it would save the government money and prosper.
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Part Three: Republicans, and some Democrats, backed tax dollars, loan guarantee for failing energy firm

Part Three: Republicans, and some Democrats, backed tax dollars, loan guarantee for failing energy firm

By Luke Rosiak | 11/11/13 12:00 AM

A multi-billion-dollar nuclear energy venture that has churned through billions in federal funds despite having no business plan has been pumped full of tax dollars by high-profile Republican critics of government waste.
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Continuing coverage: Department of Energy doubles down on troubled uranium project

Continuing coverage: Department of Energy doubles down on troubled uranium project

By Luke Rosiak | 11/27/13 12:00 AM

Federal officials have opted to funnel millions more tax dollars into a troubled nuclear energy company that is near bankruptcy and admits it has no viable business model.
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Continuing coverage: Solyndra-like USEC to file for bankruptcy, wants $750m more from DOE

Continuing coverage: Solyndra-like USEC to file for bankruptcy, wants $750m more from DOE

By Luke Rosiak | 12/16/13 12:00 AM

The United States Enrichment Corp. will file for bankruptcy, it announced Monday.
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Energy Department gives troubled company $30 million two days after its bankruptcy announcement

Energy Department gives troubled company $30 million two days after its bankruptcy announcement

By Luke Rosiak | 12/30/13 12:00 AM

Department of Energy officials have given a troubled nuclear enrichment company more than $24 million only hours after it announced plans to declare bankruptcy. United States Enrichment Corp. is also trying to attract private investment against another $750 million it expects to receive from...
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USEC gets $100m after Obama nominates its lobbyist as Department of Energy CFO

USEC gets $100m after Obama nominates its lobbyist as Department of Energy CFO

By Luke Rosiak | 01/17/14 12:00 AM

An energy firm that plans to file bankruptcy in weeks is being given more than $60 million in federal money for unclear purposes after President Obama tapped a former lobbyist for the company as the Department of Energy's chief financial officer. The money to U.S. Enrichment Corp. was buried...
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Photo Gallery: US Enrichment Corp.

Photo Gallery: US Enrichment Corp.

See a variety of photos from the U.S. Enrichment Corp. plant in Paducah, Ky.
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Enrichment at the public till

How Republicans -- and some Democrats -- steered billions to a failing privatized arm of the government many times the size of Solyndra, executives profited, and taxpayers lost.

Part One: Feds invested billions in energy firm virtually sure to fail
Part Two: Privatizing energy project led to rich bureaucrats, drained federal coffers
Part Three: Republican leaders steered billions in pork to failing company in home states
Got tips? Contact Luke Rosiak at lrosiak@washingtonexaminer.com.

Executive compensation at USEC

Executive20122011
CEO John K. Welch$5.3M$6.5M
CFO John C. Barpoulis$1.8M$1.5M
SVP Peter B. Saba$1.7M$1.3M
SVP Philip G. Sewell$2.0M$1.4M
SVP Robert Van Namen$2.2M$1.7M
Company's net income($1,200M)($491M)

Investors won't touch, but feds pay up


The apparent uptick in July is the result of USEC conducting a 25:1 reverse stock split to avoid being delisted from the stock exchange. Standard and Poor's has given USEC a junk-bond rating.

Video: Ruins of the atomic city

A History of the Paducah Gaseous Diffusion Plant from Jeremy White on Vimeo.