11 More Solyndras About to Crash – Obama Administration Says They “Expected” Failures (Video)
Posted by Jim Hoft on Friday, January 13, 2012, 4:30 PM
There are at least another 11 Solyndras in Obama’s backyard just ready to crash.
The Obama Administration said they knew that several of the companies would fail.
They built in $2.4 billion into the program for potential failures.
That’s criminal.
Solyndra was not an isolated incident. There are several green energy projects that are going to fail.
CBS reported:
Solar panel maker Solyndra received a $528 million Energy Department loan in 2009 – and went bankrupt last year. The government’s risky investment strategy didn’t stop there, as a CBS News investigation has uncovered a pattern of cases of the government pouring your tax dollars into clean energy.
Take Beacon Power — a green energy storage company. We were surprised to learn exactly what the Energy Department knew before committing $43 million of your tax dollars.
Documents obtained by CBS News show Standard and Poor’s had confidentially given the project a dismal outlook of “CCC-plus.”
Asked whether he’d put his personal money into Beacon, economist Peter Morici replied, “Not on purpose.”
“It’s, it is a junk bond,” Morici said. “But it’s not even a good junk bond. It’s well below investment grade.”
Was the Energy Department investing tax dollars in something that’s not even a good junk bond? Morici says yes.
“This level of bond has about a 70 percent chance of failing in the long term,” he said.
In fact, Beacon did go bankrupt two months ago and it’s unclear whether taxpayers will get all their money back. And the feds made other loans when public documents indicate they should have known they could be throwing good money after bad.
It’s been four months since the FBI raided bankrupt Solyndra. It received a half-billion in tax dollars and became a political lightning rod, with Republicans claiming it was a politically motivated investment.
CBS News counted 12 clean energy companies that are having trouble after collectively being approved for more than $6.5 billion in federal assistance. Five have filed for bankruptcy: The junk bond-rated Beacon, Evergreen Solar, SpectraWatt, AES’ subsidiary Eastern Energy and Solyndra.
Much more here.
For the record… Campaign contribution information from Open Secrets shows that Beacon Power’s CEO F. William Capp donated to both Barack Obama and two Massachusetts Democrats..
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Published May 23, 2012 at 4:57 am - 64 Comments
JenBee commented:
Whoa, this from CBS?? Might the scales be falling from the media’s eyes regarding The Lightbearer? *shock*
FurryGuy commented:
This sudden revelation of truth telling by CBS makes me think they are showing a small truth to make swallowing a large lie easier. Perfect Pravda/Goebbels propaganda spewing.
squeaky commented:
somewhere there must be a used car salesman breathing a sigh of relief.
http://money.cnn.com/2011/11/30/technology/solar_power/index.htm
when obama has limited our options to something just above a cave man……..
http://artofmanliness.com/2008/04/29/9-ways-to-start-a-fire-without-matches/
FurryGuy commented:
No matter how this falls out, each and every failure will be the lone act of some low-level flunky acting on their own or against express administration rules. Barry will be absolved of any complicity by the MFM in this and other scandals headed his way.
Gus commented:
If they BUNDLED, they got PAID.
usamopatriot commented:
Just imagine the private sector frittering away shareholder money the way this administration fritters away tax payer money. The government would throw them in jail. These scum bags have are operating above the law and it must stop or we are doomed as a nation.
tommy mc donnell commented:
of course they think its a success. in this administration if a business fails its a success for them. it’s a marxist’s job to destroy the existing order.
Gus commented:
Who in the Obama administration knows ANYTHING about PRIVATE INDUSTRY.
No one is your answer.
They know NOTHING. LIBERALS are generally ignorant. Obama thinks he is a genius. He says, that “he’s got game”.
Puppycock. Obama has been a loser since the day he was born.
dunce commented:
Is there even one that got millions that did not make a big contribution to democrats? But of course that does not make them legally bribes. Besides it was just a coincidence.
lizzy84 commented:
The Holy oBamamessiah media will not play it.
Good that we have you to tell us, Jim Hoft.
Swifty commented:
Gee, with all of these new regulations Obama has said will be good for keeping businesses in check, why hasn’t that lead us to success in all of these ventures?
No more regulations. Less regulation and more enforcement of existing law.
exceller commented:
what they won’t admit is that this was a big success in their minds, same with the stimulus. why? because it amounted to tens of billions of dollars going to unions and supporters. those people will funnel some of those billions back to the campaign. we’ve been had, the treasury has been looted for years now, and they’re going to run ads about how racist and greedy their opponents are. in any sane world they would be bounced out of office en mass, and many of them would go to jail. this country has been flim flamed like you can’t believe. they’ve screwed us and smiled all the while.
Stuart commented:
Barak, the government should have invested in my perpetual motion machines. (You still have a chance to get in on the ground floor, I am only asking for 10, ahem, 20 million dollars for a start up investment- big political contribution to the DNC involved, hint, hint.) Hey, eleven failed companies? Why not make it a good, round, dozen. What’s one more business failure among friends? No? Say did I tell you about my friend from Nigeria whose bank account of thirty million dollars was frozen by the Nigerian Government? All you have to do is send me a million bucks and……….
Carbon Pootprint commented:
@exceller
that and it’s important to them to get those last 6, 7 ,8 trillion dollars worth of options off the table. NOW QUICK AMERICANS YOU HAVE TWO CRAP CHOICES, PICK ONE!! Boooooooo
May they all end up being pissed on by Marines.
FurryGuy commented:
Absolutely NO surprise that a CEO from yet another bailed-out and failed company contributed heavily to Dems. This is a bitter refrain uttered much too often with this administration.
bigL commented:
Let’s support Suart in his quest for Solyndra Sous…The we can see what perpetual motion may accomplish!
A Desert Rat commented:
The congress needs to appoint a special prosecutor, like Michelle Bachmann, a tax attorney by trade, to prosecute these ‘Deficit Criminals’. I am so sick of reading about these sweetheart deals for campaign contributors, throwing taxpayer money at bad deals just because they fit the progressive agenda. Somebody must go to jail, if only to help prevent future Solyndra’s and their ilk.
Ipso Facto commented:
This is not simply a story about how the government made bad financial decisions while they had good intentions about investing in a future of clean energy.
This is a story about how the Obama administration gave money out to their bundlers, in acts of clear and total corruption, in order to get a good portion of that money back in the form of political donations. They don’t give a damn about green anything unless it pays them BACK.
We have all been watching our nation go down the tubes for years now. People used to say the main problem was that the Japanese were causing damage to our auto industry. People have talked about how China is undercutting our manufacturing. This is all BS. The truth is that we have people right here in America that are willing to sell our nation out for political and personal gain. There are people, and plenty of them, who know the complete details about this corrupt scheme to get money BACK from these scam investments in Green Energy.
I don’t buy for one minute that there aren’t people who know the detail about these corrupt deals down to the bank account level. THESE VERMIN WITHIN OUR OWN BORDERS ARE THE PROBLEM. Forget about Japan and China and the oil rich kingdoms in the Middle East. Our biggest problem in America ie that we have TREASONOUS AMERICANS SELLING US OUT!
Not only are there people who know the gory details of all this fraud against the taxpayers, there are people who know exactly who the vermin are and even they aren’t willing to come forward and expose this corruption. Shame! Shame! SHAME ON US and no one else!
Jim commented:
Remember when the most magnificient B. Hussein Obama stated thet he was the only one standing between ‘the bankers’ and ‘the pitchforks’? Will someone tell the ‘one’ that we wern’t after the bankers.
donh commented:
Oh but if Obama hadn’t of blown away a billion dollars on solyndra the recession Bush caused would have been even worse !
radioone commented:
CBS reporting it now means it will be “old” news during the election campaign.
jainphx commented:
THE FBI raided Solyndra,how long ago? What happened to those documents? I said here at the time that it was a preemptive raid to not find information, but to hide it! It’s beginning to look like I was right. Corrupt to the core, over two trillion of our money stolen. How is the Mafia any different?
rampart ranger commented:
Add the news yesterday that Vestas Wind wil be laying off 1,600 Americans, and there is an alternative energy disaster blowing up just as we get to election season.
Carbon Pootprint commented:
The ads kind of write themselves. Vain Capital vs: Bain Capital
BarbaraS commented:
After the FBI raided Solyndra and took all the papers proving or disproving government complicity, where did all this stuff wind up. The FBI is an arm of Eric Holder’s law enforcement. Did he order these papers confiscated before congress could demand them? Who in the right minds believe this administration has any ethics? Then again, who in their right minds believe congress is any different? We are past screwed.
Bonanza driver commented:
I thought Congress held the nation’s purse strings…The 787 billion dollar stimulus put together by Hussein, Pelosi, and Reid was the biggest heist in history. It gave nearly a trillion dollars to a man who has never had a job in the private sector. We will never know where all the money went. The executive was never meant to control money of this sort…
BarbaraS commented:
#1 January 13, 2012 at 4:32 pm
JenBee commented:
Whoa, this from CBS?? Might the scales be falling from the media’s eyes regarding The Lightbearer? *shock
No, the media knows the opinion of most Americans have of them. They know Americans are increasingly not believing them. This is a stab at trying to regain their credentials. Elections are coming up and CBS might have another Tang moment the can use against our nominee, whoever he is.
BarbaraS commented:
#10 January 13, 2012 at 5:31 pm
dunce commented:
“Is there even one that got millions that did not make a big contribution to democrats? But of course that does not make them legally bribes. Besides it was just a coincidence”
Where do you think these “green” companies got the money to donate to obama? None of obama’s donations were vetted. This is just another money laundering scheme and this administration knew these companies would bankrupt within obama’s first and hopefully last term. All this was planned to do this. The problem is that we are not as dumb as obama thinks we are. I would venture to say that all these “green” companies that obtained loans will go bankrupt before the end of this year.
Has anybody noticed that even though global warming and its associated lies have been debunked but government and others are still pushing this junk like it was still viable?
saveus commented:
failure is job one for obummer
Blacque Jacques Shellacque commented:
11 More Solyndras About to Crash – Obama Administration Says They “Expected” Failures
Yeah, and they blew taxpayer money on them.
All of the morons involved need to be prosecuted, every last one of them. That includes the head moron in the White House.
saveus commented:
Barbara S. has figured out obummer’s and the dems’s scams of the taxpayer. Just add all the stimulus money going to union jobs who then funnel the money back to the dems and you know why the country is going bankrupt while those who live off the taxpayers get rich pensions and lifetime benefits. The suckers are the taxpayers who ae being bled dry by them with nothing to show except record debts and long term unsustainable obligations.
donh commented:
Obama has bankrupted us and we are now being railroaded into the clutches of Baine Capital…a giant vulture that specializes in leveraging assets out of failed enterprises.
lizzy84 commented:
Rep. H. Schultz {D}– House Budget Committee:
http://www.youtube.com/watch?v=34ag4nkSh7Q
Patty commented:
Obama needs, he wants another 1.2 Trillion to raise the roof. I guarantee that this will be spun and Obama didn’t have a thing to do with these 11 companies. But for sure another spine will walk and the blame will be laid on someone’s else back.
That is the flow of things in this White House. Billions in Campaign contributors and more money for more debt. Sooner or later S & P will downgrade us once again. The train keeps moving and not a D thing is being done.
Pathetic.
Patty commented:
I suppose one thing can be done. His work he keeps saying isn’t finished, well, here’s a clue, it is. When November comes his time is done.
Blacque Jacques Shellacque commented:
When November comes his time is done.
I’d like to see him and members of his administration prosecuted and imprisoned.
Malfeasance, as a word, can’t begin to describe the damage the country has suffered at their hands.
Patty commented:
Does anyone see what is going on here? Donors, billionaires, wheelers and dealers contribute to this maniac’s campaign.
Then he takes OUR money and a Government that has no idea how to run a business and failures at that get billions more for favors.
Sleazy doesn’t even touch on this corruption.
Patty commented:
A pattern that the regular guy on the street is unaware of. Now, he wants to raise the debt ceiling another 1.2 TRILLION.
I am sick.
Blacque Jacques Shellacque commented:
Now, he wants to raise the debt ceiling another 1.2 TRILLION.
What pisses me off is that the Republicans can’t be counted on to stand firm and say enough is enough. They’ll wobble again, strike some sort of compromise (and end up with nothing to their credit), and several months down the line we’ll be in an even deeper hole.
lizzy84 commented:
@Patty
What’s the point of having a debt “ceiling” again?
Patty commented:
#42 January 13, 2012 at 9:49 pm
lizzy84 commented:
@Patty
What’s the point of having a debt “ceiling” again?
This is again Friday evening news. I see the same corruption over and over again. Is there anyone in Washington that has started proceedings to impeach Obama. Why is it not happening. We are losing America and he could possible win in November, Christie says he is a great Politician, interview with Oprah on NOW T.V. I think that is the station.
=
He said great. I figure he may be telling the truth because all politician are liars. But Obama is a crook. Christie can’t possibly believe Obama is a good or even slightly good president.
http://abcnews.go.com/US/wireStory/christie-oprah-talk-weight-love-politics-15352038
here is link
Patty commented:
They expected Failures? OMG, what is going on and why isn’t someone being locked up and Obama impeached.
lizzy84 commented:
@Patty..
I agree with you.
And Christie is just another pussy Republican.
Keep the faith.
it is darkest, so they say, just before the dawn.
jorgen commented:
Obama should become an exterminator after being kicked out of the White House. Whatever he touches dies.
Adi commented:
I have a solution: Increase the debt ceiling, borrow more money and cover their debt.
So, you see, debt-like, those companies will stop to exist.
Disclaimer:
1. I *am* a financial genius.
2. *We* can print all the money *we* need
3. The whelp can/must STFU, and *we* have the means to make it so.
Molon Labe commented:
Well Obama wants to invest over a trillion more in his special projects. Hanging anyone?
tommy mc donnell commented:
the only way this is going to stop is if the american worker takes their money back from the american politican.
the power to tax is the power to tyrannize.
Bonanza driver commented:
The democrats have the biggest union in the country…Like the UAW, their bosses Obama Pelosi and Reid are like the bosses of the UAW. Damn the outcome, they will heap trillion upon trillion to the benefit of their members. The UAW broke detroit…The democrats have broken the Federal government.
tommy mc donnell commented:
does giving taxpayer money to these “green companies” constitute a bailout? i expect the OWS movement to start protesting any minute now.
Obamas regulation destroy jobs commented:
WHy do you think he FIRED the IG Wilpin??? He knew what they were doing–and the lawyer at DOJ? They are his buddies—corrupt all of them! DOJ states he could appoint those 4 guys? Please he broke the law..he is evil and ALL the people that answer to him–they all need to go to JAIL!
2 War Vet commented:
I pray (yes, I said pray) that everyone gets their heads out of the sand (or their lower extremities) and executes their responsibility (not just a right) to clean our houses of the vermin that infest them! 1 out of 4 people voting is totally unacceptable, I spent 26 years and much sweat & blood protecting their right to vote (along with millions of others), when they don’t even bother to educate themselves on the candidates & issues, that spits in every vets face (just like they did when we came home from vietnam). At 66 yrs of age, I am done with politically correct, you go jane fonda on me and I will explain it so you can understand it!
Don’t just talk about it, get out and work to hand this regime the worse defeat in US history.