WOW! DOE Official Calls Green Scam Program an “Enormous Success” Despite Over $2.5 Billion Lost in Bankruptcies

This week, the House GOP unveiled new draft legislation — the aptly-named No More Solyndras Act — which is pretty much exactly what it sounds like. The bill would phase out the Department of Energy’s loan guarantee program for clean energy companies, which was expanded through the 2009 stimulus.

Today David G. Frantz, Acting Executive Director of the Loan Program Office for the U.S. Department of Energy called the DOE Loan Guarantee program an “enormous success.” Frantz was testifying before a joint hearing between the Subcommittee on Energy and Power and the Subcommittee on Oversight and Investigations.

** By “enormous success” Frantz means that  80% of DOE dollars went to Obama backers.

Frantz forgot to list the green companies that went belly-up since receiving Obama dollars.
Heritage reported:

For those who only hear about these failing companies one by one, the following is a list of all the clean energy companies supported by President Obama’s stimulus that are now failing or have filed for bankruptcy. The liberal media hopes you’ve forgotten about all of them except Solyndra, but we haven’t.

Evergreen Solar
SpectraWatt
Solyndra (received $535 million – now bankrupt)
Beacon Power (received $43 million)
AES’ subsidiary Eastern Energy
Nevada Geothermal (received $98.5 million)
SunPower (received $1.5 billion)
First Solar (received $1.46 billion)
Babcock & Brown (an Australian company which received $178 million)
Ener1 (subsidiary EnerDel received $118.5 million)
Amonix (received 5.9 million)
The National Renewable Energy Lab
Fisker Automotive
Abound Solar (received $400 million)
Chevy Volt (taxpayers basically own GM)
Solar Trust of America ($2.1 billion federal loan guarantee – now bankrupt)
A123 Systems (received $279 million)
Willard & Kelsey Solar Group (received $6 million)
Johnson Controls (received $299 million)
Schneider Electric (received $86 million)

That’s 19 (that we know of so far). We also know that loans went to foreign clean energy companies (Fisker sent money to their overseas plant to develop an electric car), and that 80% of these loans went to President Obama’s campaign donors.

The Obama Administration calls this a success.

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  • Pingback: WOW! DOE Official Calls Green Scam Program an “Enormous Success” Despite Over a Dozen Bankruptcies|PolitifreakPolitifreak()

  • I’m not a racist; I don’t like Biden or Pelosi either

    I wonder how many teacher, police and firefighter salaries all that wasted money could have covered? (Oh, and throw the GSA party fund into that total as well.)

  • dba…vagabond trader

    Right, and your chocolate ration will be increased from 8 ounces to 4 ounces.

    Enjoy!

  • bigkahuna

    I wouldnt cover any Police, firefighters and teachers… Those are for the state and local governments to pay for.

    However that is billions that could have not been borrowed from China in our names. Its also millions that wouldnt have been funneled into Obigears campaign.

  • Liz

    I think this is a crime, and saying you were born in Kenya, then saying you were born in the U.S. for political and financial gain is a crime too. Get on it, Holder.

  • I’m not a racist; I don’t like Biden or Pelosi either

    #4 – “I wouldnt cover any Police, firefighters and teachers… Those are for the state and local governments to pay for.”

    TRUE, AND YET: how many times have you heard the “police/fire/teacher” sob-story from Dear Leader?

    Reality has no place in this campaign. Perception is everything.

  • TeaPartyNation

    INCOMPLETE STATEMENT: Obama Official: DOE Energy Loan Program Has Been An “Enormous Success”…

    COMPLETE STATEMENT: Obama Official: DOE Energy Loan Program Has Been An “Enormous Success” in making OBOZO’s crony capitalists rich with taxpayer money beyond their wildest dreams…

  • Blue Hen

    “I’m still employed, and my dear leader paid off some of his friends”. That is their standard of success.

    Someone should ask this jerk if any of the money we lost ended up in a Swiss bank account.

  • Tim in Cali

    Exhibit A…Why I don’t argue with Liberals…

    You know they’re perfecting stupid…

    See how how much time that saved.

  • Macc

    this is a straight up money laundering racket!

  • Ariel

    Ahh! But here’s the rub. Some of the companies were never intended to succeed any more than “Springtime for Hitler” was meant to survive its opening night. The idea is to buy up or otherwise receive large amounts of stocks and stock options in these fledgling firms, then drive up the stock value with official “visits” as well as DOE grants and “loan guarantees (I really love that one), then bail before the bubble bursts. Al Gore perfected the technique with Molten Metals back in the mid-nineties.

    For a more in depth analysis, I refer you to Jerome J. Schmidtt’s excellent article at American Thinker, dated April 27, 2012: “Gore and the Democrats’ Green Graft Machine”

    http://www.americanthinker.com/2012/04/gore_and_the_democrats_green_graft_machine.html

  • ClinkinKY

    Of course it was. Just like the “jobs created or saved” meme, the loss could’ve been $5 Billion. Therefore it was a “huge success”. Don’t you guys know “nuttin”:)

  • http://lonelyconservative.com/2012/07/troopathon-v-is-today-please-help-send-treats-to-our-troops-serving-overseas/ Troopathon Today
  • http://lonelyconservative.com/2012/07/troopathon-v-is-today-please-help-send-treats-to-our-troops-serving-overseas/ Troopathon Today
  • http://lonelyconservative.com/2012/07/troopathon-v-is-today-please-help-send-treats-to-our-troops-serving-overseas/ Troopathon Today

    ++

    hah, and you (generic) thought Obama
    Care was shoved down our throat..

    “You ain’t seen nothin’ yet!” ~ BHO

    scroll threads for more, or not, pretend you still have a choice.. /s/

    ==

  • Pingback: WOW! DOE Official Calls Green Scam Program an “Enormous Success” Despite Over a Dozen Bankruptcies | Born Conservative()

  • http://lonelyconservative.com/2012/07/troopathon-v-is-today-please-help-send-treats-to-our-troops-serving-overseas/ Troopathon Today

    ++

    in case you missed my umpteen hundred posts re:

    Muhammad was a Pioneer of the Environment (#41)

    now couple that with Madrassas (#25) Sharia Law (#12) the Muslim
    Brotherhood
    (#15) etc, and there we go, the Ummah States of Allah..

    scroll threads for more..

    ==

  • tj

    I think what they mean was that the public is not aware of any DOE officials who were killed that can be traced back to them…

    A huge success… for more success see DOJ, GSA…

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