Obama's company wasted $250 million dollars of taxpayer money.
beatnic
Posts: 4,133 ✭
He gives another green company 250 million of taxpayer's money. The CEO walks away a billionaire, files bankruptcy and the taxpayers are screwed. Wake up people. Obama only picks losers. And you want 4 more years?
Is that how its done Vulch and Squirrel? I could do this all day long.
http://www.bloomberg.com/news/2012-10-16/electric-car-battery-maker-a123-systems-files-bankruptcy.html?cmpid=yhoo
Is that how its done Vulch and Squirrel? I could do this all day long.
http://www.bloomberg.com/news/2012-10-16/electric-car-battery-maker-a123-systems-files-bankruptcy.html?cmpid=yhoo
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True. They already enjoy all the blessings of socialism there.
The majority of Solyndra funding was provided under Title XVII section 1705 of the Energy Policy Act of 2005 (as amended by the American Recovery and Reinvestment Act). Title 1705 has provided $36 billion in loan guarantees for renewable energy projects.[20] As of May 16, 2012, "The 1705 loan guarantee program has provided loan guarantees to projects worth $16.1 billion," about 2% of total federal loan guarantees.[21] In February 2012, five months after Solyndra declared bankruptcy, President Obama's chief strategist, David Axelrod responded[22] to questions about the Department of Energy loan to Solyndra. He said that the Obama administration "won't back off" over its clean energy policy.[23] "Its good for the planet, its good for the economy, itll create great jobs high end manufacturing jobs. This is going to continue being a thrust for us."[24] He added that President Obama's first 2012 campaign ad,[25] defending his clean energy policy, was a response to an ad[26] sponsored by a SuperPAC mentioning Solyndra.
Republican presidential candidate Mitt Romney visited the empty Solyndra factory in mid-2012 as his campaign shifted from the primaries toward the convention and the general election. He criticized the bankruptcy and President Obama's previous support.[27] Soon after Romney's visit to Solyndra, another solar energy company, Konarka, declared bankruptcy. Like Solyndra, Konarka had received federal financial support.[citation needed] But Konarka also had received 2002 financial support from then-Massachusetts Governor Romney's administration.[citation needed] As such, Konarka became something of a counterpoint to Solyndra in the political exchange with the Democratic president. But this seeming hypocrisy could also be undercut by the fact that the Konarka loan in the amount of $1.5 million was repaid, whereas the much larger $535 million loan to Solyndra was, for all intents and purposes, a complete loss to federal taxpayers
Sort of funny. Like every bit of money spent is all on the president. Companies go bankrupt all the time, however just because it's a "solar" company the right likes to bash on it and obama. Investing in this stuff is a good idea, though one could say it's BS that a company can go bankrupt and people can still make a profit. Though it happens all the time. Trying to link this to "obama" is sort of a stretch. Funding started in 2005! Even if it was a start up from the stimulus how is that obama's fault? Did he own the company? Does he share on the board? NO. Did he push for the money for the company by name? No he wanted money put towards solar/battery technology. You might want to get your facts straight. I know you guys on the right like to pick and search for what sounds the best without giving the whole story.