Wasting Billions Alert: Up To 50 of Obama’s Green Companies are in the Crapper
The October bankruptcy of solar company Satcon Technology Corp. puts the number of bankrupt or troubled green energy companies as high as 50, according to one estimate.
During the first presidential debate, Republican candidate Mitt Romney said the Obama administration had doled out $90 billion to green energy companies, half of which he said had failed, which sparked a media-wide debate over the accuracy of the claim.
The Romney campaign later clarified that he was talking about the DOE’s 1705 loan program which doled out $16.1 billion to green energy companies, according to the Washington Post. Of the 33 companies that received 1705 loan guarantees, only three have declared bankruptcy.
However, when other subsidies, outside of the 1705 loan guarantees are factored in, the number of government-backed green energy failures is much higher.
The blog Green Corruption’s “Obama green-energy failure” list contains 23 bankrupt and 27 troubled green energy companies which were backed by the federal government. This list uses data compiled by the Heritage Foundation, but also includes some things the conservative think tank doesn’t.
According to the Heritage Foundation, $80 billion was set aside in the 2009 stimulus package for clean energy loans, grants, and tax credits, and 10 percent of these funds have gone to companies that have filed for bankruptcy or are in dire straits
Read more: http://clashdaily.com/2012/10/wasting-billions-alert-up-to-50-of-obamas-green-companies-are-in-the-crapper/#ixzz2AyLe7BPX Get more Clash on ClashDaily.com, Facebook, Twitter, and YouTube.