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Today, A123 Systems filed for bankruptcy, taking with it some $250 million of your money. Actually, now that I think of it, it was probably $250 million we borrowed from China, but you will have to pay it back. This company, just like Solyndra, was one of President Obama’s green energy pet projects.
Remember Solyndra? This weekend, Beacon Power Corporation of Tyngsboro, Massachusetts filed for bankruptcy protection. In August, 2010, the Obama administration, through the Department of Energy, gave it a $43 million loan guarantee to build a plant in Stephentown, New York that opened in January, 2011. Here is what Beacon Power does. It makes, [f]ast-spinning flywheels [that] can…
When – over a period of decades – we allow the federal government to get intimately involved with contracts and government-backed loans for companies like Solyndra in an effort to push worn political and environmental agendas, we’ve got nobody to blame but ourselves.
Within a Treasury Department audit report released on April 3, we learn – not surprisingly – the review process for government-backed Solyndra loan was rushed thanks to Department of Energy pressure, and the fact the review process itself was undefined.
Last week, Abound Solar announced that it had fired 180 employees, and would shut down production of its solar panels at least until the end of the year. Advanced Solar was the recipient of a $400 million loan guarantee from you, the taxpayers, to build two factories.
You are already on the hook for $528 million as a result of the Solyndra bankruptcy. But, to add insult to injury, you will now have to dig deeper into your pocket to cover an additional $14.3 million. The original $528 million was courtesy of the Department of Energy. Last week, the Department of Labor decided…
We did a post yesterday about the bankruptcy of Solyndra, a company that manufactures solar panels, and received a $535 loan guarantee to construct a new plant in Fremont,California. It now seems that there is far more to this story than originally thought.
I’m sitting here laughing. I was just wondering if there were any Obama administration Friday night document drops last week … and sure enough, we’ve got more Solyndra-themed emails from inside the White House.
According to recent filings in the Solyndra bankruptcy case, not only did Solyndra squander over $500 million of your money, they also left behind a toxic waste dump which the company has no plans to fix.
As you know the House Energy and Commerce Committee is conducting hearings into the loan provided by the Department of Energy to the now bankrupt Solyndra. This Friday Solyndra’s CEO, Brian Harrison, and its CFO, W.G. Stover, were expected to testify.