Another one of president Obama's green energy investments has failed. This time, the company is Abound Solar, a company that won a $400 million Energy Department loan guarantee in 2010 to manufacture advanced solar panels. The company which was to manufacture solar panels is closing and filing for bankruptcy. All of its employees have been laid off. Fortunately for taxpayers, the finances at the company were so shaky that the Department of energy cut off funding late last year when Abound Solar had taken down only $70 million in federal funds.
So how do the Obamacrats describe what happened? Energy Department spokesman Damien LaVera announced that once the liquidation of the company is complete, taxpayers are only expected to lose "10 to 15 percent of the original $400 million loan amount". Do you catch the game being played? Fifteen percent of the original loan amount is $60 million. Abound Solar received a total of $70 million from the feds. In other words, DOE is predicting that taxpayers will lose over 85% of the money given to Abound Solar, and that is surely an optimistic view coming from the government. Most likely, the loss will be total. But, in typical Obamacrat fashion, the Energy Department compares the loss to the amount originally authorized not the amount actually loaned to the bankrupt company.
I keep waiting for the Obamacrats and Obama himself to tell us about some success story among his green energy investments. Instead, all we ever hear about are losses. Obama spends his days trying to convince voters that Romney would be bad for the economy. At least at Bain Capital, Romney was successful with about 80% of his investments. No one is perfect, but so far Obama has had not a single success despite investing something like $50 billion of taxpayers' money.
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