"Two years ago today, May 26, 2010, President Obama traveled to Fremont, California to showcase a "brighter and more prosperous future" promised by the green-energy company Solyndra.The solar panel maker went bankrupt last year, taking with it $535 million in taxpayer-funded loan guarantees. More than 1,000 people lost their jobs. The Obama administration had cut corners to rush money to Solyndra, with some of the beneficiaries being top Obama fundraisers. Even as Solyndra failed, the administration considered giving it another $469 million.
But on this day in 2010, with Solyndra already facing serious obstacles, President Obama was filled with optimism. "The true engine of economic growth will always be companies like Solyndra," the president said. "Less than a year ago, we were standing on what was an empty lot. But through the Recovery Act, this company received a loan to expand its operations. This new factory is the result of those loans."
"We've placed a big emphasis on clean energy," Obama continued. "It¡¯s the right thing to do for our environment, it¡¯s the right thing to do for our national security, but it¡¯s also the right thing to do for our economy¡"
end of quotes
because NOTHING says National security and good economy
like throwing 535 Million of our taypayer dollars away on a company that was known to be in trouble. known to the Bush admin who advised the BO admin to NOT give our money to it at that time.
We know the result
but to blanace out the tired criticisms coning from BO and the keft on Bain here is a partial list of what has happened to OUR taxpayer money BO used in his public venture giveaways
"¡ñ Raser Technologies. In 2010, the Obama administration gave Raser a $33 million taxpayer-funded grant to build a power plant in Beaver Creek, Utah. According to the Wall Street Journal, after burning through our tax dollars, the company filed for bankruptcy protection in 2012. The plant now has fewer than 10 employees, and Raser owes $1.5 million in back taxes.
¡ñ ECOtality. The Obama administration gave ECOtality $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states. Obama even hosted the company¡¯s president, Don Karner, in the first lady¡¯s box during the 2010 State of the Union address as an example of a stimulus success story. According to ECOtality¡¯s own SEC filings, the company has since incurred more than $45 million in losses and has told the federal government, ¡°We may not achieve or sustain profitability on a quarterly or annual basis in the future.¡±
Worse, according to CBS News the company is ¡°under investigation for insider trading,¡± and Karner has been subpoenaed ¡°for any and all documentation surrounding the public announcement of the first Department of Energy grant to the company.¡±
¡ñ Nevada Geothermal Power (NGP). The Obama administration gave NGP a $98.5 million taxpayer loan guarantee in 2010. The New York Times reported last October that the company is in ¡°financial turmoil¡± and that ¡°[a]fter a series of technical missteps that are draining Nevada Geothermal¡¯s cash reserves, its own auditor concluded in a filing released last week that there was ¡®significant doubt about the company¡¯s ability to continue as a going concern.¡¯ ¡±
¡ñ First Solar. The Obama administration provided First Solar with more than $3 billion in loan guarantees for power plants in Arizona and California. According to a Bloomberg Businessweek report last week, the company ¡°fell to a record low in Nasdaq Stock Market trading May 4 after reporting $401 million in restructuring costs tied to firing 30 percent of its workforce.¡±
¡ñ Abound Solar, Inc. The Obama administration gave Abound Solar a $400 million loan guarantee to build photovoltaic panel factories. According to Forbes, in February the company halted production and laid off 180 employees.
¡ñ Beacon Power. The Obama administration gave Beacon ¡ª a green-energy storage company ¡ª a $43 million loan guarantee. According to CBS News, at the time of the loan, ¡°Standard and Poor¡¯s had confidentially given the project a dismal outlook of ¡®CCC-plus.¡¯ ¡± In the fall of 2011, Beacon received a delisting notice from Nasdaq and filed for bankruptcy.
This is just the tip of the iceberg. A company called SunPower got a $1.2 billion loan guarantee from the Obama administration, and as of January, the company owed more than it was worth. Brightsource got a $1.6 billion loan guarantee and posted a string of net losses totaling $177 million. And, of course, let¡¯s not forget Solyndra ¡ª the solar panel manufacturer that received $535 million in taxpayer-funded loan guarantees and went bankrupt, leaving taxpayers on the hook. "
Wapo Oped linkThe Link
and the money quote from link?
"Amazingly, Obama has declared that all the projects received funding ¡°based solely on their merits.¡± But as Hoover Institution scholar Peter Schweizer reported in his book, ¡°Throw Them All Out,¡± fully 71 percent of the Obama Energy Department¡¯s grants and loans went to ¡°individuals who were bundlers, members of Obama¡¯s National Finance Committee, or large donors to the Democratic Party.¡± Collectively, these Obama cronies raised $457,834 for his campaign, and they were in turn approved for grants or loans of nearly $11.35 billion. Obama said this week it¡¯s not the president¡¯s job ¡°to make a lot of money for investors.¡±
end of quote
But BO, keep hammering on how evil Bain was.
But on this day in 2010, with Solyndra already facing serious obstacles, President Obama was filled with optimism. "The true engine of economic growth will always be companies like Solyndra," the president said. "Less than a year ago, we were standing on what was an empty lot. But through the Recovery Act, this company received a loan to expand its operations. This new factory is the result of those loans."
"We've placed a big emphasis on clean energy," Obama continued. "It¡¯s the right thing to do for our environment, it¡¯s the right thing to do for our national security, but it¡¯s also the right thing to do for our economy¡"
end of quotes
because NOTHING says National security and good economy
like throwing 535 Million of our taypayer dollars away on a company that was known to be in trouble. known to the Bush admin who advised the BO admin to NOT give our money to it at that time.
We know the result
but to blanace out the tired criticisms coning from BO and the keft on Bain here is a partial list of what has happened to OUR taxpayer money BO used in his public venture giveaways
"¡ñ Raser Technologies. In 2010, the Obama administration gave Raser a $33 million taxpayer-funded grant to build a power plant in Beaver Creek, Utah. According to the Wall Street Journal, after burning through our tax dollars, the company filed for bankruptcy protection in 2012. The plant now has fewer than 10 employees, and Raser owes $1.5 million in back taxes.
¡ñ ECOtality. The Obama administration gave ECOtality $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states. Obama even hosted the company¡¯s president, Don Karner, in the first lady¡¯s box during the 2010 State of the Union address as an example of a stimulus success story. According to ECOtality¡¯s own SEC filings, the company has since incurred more than $45 million in losses and has told the federal government, ¡°We may not achieve or sustain profitability on a quarterly or annual basis in the future.¡±
Worse, according to CBS News the company is ¡°under investigation for insider trading,¡± and Karner has been subpoenaed ¡°for any and all documentation surrounding the public announcement of the first Department of Energy grant to the company.¡±
¡ñ Nevada Geothermal Power (NGP). The Obama administration gave NGP a $98.5 million taxpayer loan guarantee in 2010. The New York Times reported last October that the company is in ¡°financial turmoil¡± and that ¡°[a]fter a series of technical missteps that are draining Nevada Geothermal¡¯s cash reserves, its own auditor concluded in a filing released last week that there was ¡®significant doubt about the company¡¯s ability to continue as a going concern.¡¯ ¡±
¡ñ First Solar. The Obama administration provided First Solar with more than $3 billion in loan guarantees for power plants in Arizona and California. According to a Bloomberg Businessweek report last week, the company ¡°fell to a record low in Nasdaq Stock Market trading May 4 after reporting $401 million in restructuring costs tied to firing 30 percent of its workforce.¡±
¡ñ Abound Solar, Inc. The Obama administration gave Abound Solar a $400 million loan guarantee to build photovoltaic panel factories. According to Forbes, in February the company halted production and laid off 180 employees.
¡ñ Beacon Power. The Obama administration gave Beacon ¡ª a green-energy storage company ¡ª a $43 million loan guarantee. According to CBS News, at the time of the loan, ¡°Standard and Poor¡¯s had confidentially given the project a dismal outlook of ¡®CCC-plus.¡¯ ¡± In the fall of 2011, Beacon received a delisting notice from Nasdaq and filed for bankruptcy.
This is just the tip of the iceberg. A company called SunPower got a $1.2 billion loan guarantee from the Obama administration, and as of January, the company owed more than it was worth. Brightsource got a $1.6 billion loan guarantee and posted a string of net losses totaling $177 million. And, of course, let¡¯s not forget Solyndra ¡ª the solar panel manufacturer that received $535 million in taxpayer-funded loan guarantees and went bankrupt, leaving taxpayers on the hook. "
Wapo Oped linkThe Link
and the money quote from link?
"Amazingly, Obama has declared that all the projects received funding ¡°based solely on their merits.¡± But as Hoover Institution scholar Peter Schweizer reported in his book, ¡°Throw Them All Out,¡± fully 71 percent of the Obama Energy Department¡¯s grants and loans went to ¡°individuals who were bundlers, members of Obama¡¯s National Finance Committee, or large donors to the Democratic Party.¡± Collectively, these Obama cronies raised $457,834 for his campaign, and they were in turn approved for grants or loans of nearly $11.35 billion. Obama said this week it¡¯s not the president¡¯s job ¡°to make a lot of money for investors.¡±
end of quote
But BO, keep hammering on how evil Bain was.
