Did You Know...

   

The 11 Other Solyndras

Share
By Doug Powers  •  January 14, 2012 01:46 PM

**Written by Doug Powers

null

Yesterday there was another White House document dump regarding Solyndra’s bankruptcy filing just after the 2010 elections. While Solyndra is the crown jewel in the Department of Energy’s “you can’t make a green omelette without breaking a few hundred million taxpayer eggs” trial-and-error initiative, there are many other examples.

CBS News’ Sharyl Attkisson — who was one of the first reporters on the Solyndra trail — featured 11 other DoE loan recipients that either have or probably will take a Solyndra-style plunge and suck down $6.5 billion of taxpayer loans with them.

Video by way of Real Clear Politics:

*****

The DoE isn’t playing with their own money, so no credit risk is too great:

In the case of Beacon Power, even if the company ended up receiving the DOE loan guarantee, Standard and Poor’s analysis indicated it still wouldn’t be a smart investment. The credit agency’s ratings services division assigned Beacon Power a “CCC+” Final Rating.

Standard and Poor’s defines a “CCC” rating as “currently vulnerable” and “dependent upon favorable business, financial, and economic conditions to meet its financial requirements.”

Somebody needs to scrutinize the rigor in the Department of Energy’s process of rigorous scrutiny. Or maybe insisting that DoE officials must invest a dollar of their own money in these projects for every thousand dollars of taxpayer money would help tighten the vetting process.

Final note: Not every Solyndra employee lost his or her job. There are still 84 people working there — a couple dozen of which might even receive bonuses this year.

**Written by Doug Powers

Twitter @ThePowersThatBe

blog comments powered by Disqus
~ For the latest breaking news, be sure to join Michelle's Email List:

Obama: Economic patriotism means we rise or fall together

July 28, 2014 07:37 AM by Doug Powers

gypsy

Wherever we go, whatever we do…

Eleanor Holmes Norton vigorously defends Obama administration’s right to privacy

July 27, 2014 10:47 AM by Doug Powers

holmesnorton

Another Democrat sticks up for the ‘little people’

Speak-os, typos and wackos

July 26, 2014 11:47 AM by Doug Powers

thelmalouise

FACT: Obama boosts labor force participation rate

July 24, 2014 07:55 AM by Doug Powers

labor

War on women


Categories: Barack Obama, Campaign finance

Follow me on Twitter Follow me on Facebook