The failed solar company Solyndra, in which the federal government invested half a billion dollars of taxpayer money and put the taxpayers last, is just the beginning of President Obama’s green energy venture socialism.
Newly surfaced confidential documents show credit agency Standard and Poor’s considered Beacon Power — a now-bankrupt green energy storage company — a risky investment, even with the $43 million loan guarantee President Barack Obama’s Energy Department was planning to, and eventually did give the company.
The documents, first obtained by CBS News investigative correspondent Sharyl Attkisson, show how the Department of Energy’s (DOE) Jonathan Silver — the now-former loan guarantee program administrator – asked Standard and Poor’s to conduct a credit analysis prior to investing taxpayer money in Beacon Power.
Silver resigned in mid-October 2011 as congressional inquiries into the DOE loan guarantee program heated up following the loss of $528 million of taxpayer money to solar panel manufacturer Solyndra when it went bankrupt. Solyndra received the first-ever loan guarantee under the program, and was the first to go bankrupt. At least four more loan guarantee recipients have filed for bankruptcy in Solyndra’s wake, and other recipients have shown signs of financial weakness. (Read More)
In all there were 11 other companies in dire fiscal straights the Obama administration funded, even though they were aware of the companies’ problems. I guess it’s easy to make bad “investments” when it’s someone else’s money you’re investing. Good grief. And they say they can’t cut the budget.