Wasting Billions Alert: Up To 50 of Obama’s Green Companies  are in the Crapper

 

By / 31 October  2012 / 1 Comment

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.comFacebook, Twitter, and YouTube.

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