Solargate: Abound Solar receives a $400 million loan guarantee and then files for bankruptcy
When the Obama regime is asked about Solyndra–a company which went bankrupt after it was awarded a $500 million loan guarantee because the Obama regime fast tracked a review of the company–the regime fends off criticism by stating this was one bad investment but the rest of Barack Obama’s green energy initiative portfolio is strong, and after all, when you gamble on so many companies some are sure to fail because you can’t be right all the time. (Of course this doesn’t stop the Obama regime from attacking Mitt Romney for investing in some companies which eventually had to be shut down, the regime doesn’t apply the same standard to Mitt Romney as it does to itself apparently.)
But the truth is that Solyndra is not the only failure Barack Obama has invested taxpayer money in and he is purposely downplaying how disastrous his green energy initiative has been by neglecting to mention Solar Trust, SoloPower, Enir1, BrightSource, Abengoa, SunPower, LightSquared, Tesla, Fisker, and Beacon Power–all companies the Obama regime has invested in and all companies with major issues, and all these companies just happen to have ties to Democrats and Barack Obama.
If that isn’t enough to convince you that Solyndra isn’t just one bad investment in an otherwise glowing portfolio here is yet another example of the Obama regime throwing good money after bad. I give you the case of Abound Solar: Abound Solar received a loan guarantee of $400 million in taxpayer money from the Obama regime and just last week the company announced it was filing for bankruptcy because the company could not build solar panels at a competitive rate.
Abound Solar is placing the blame on China, and it is obvious that Barack Obama will do the same because he is always looking to pass the buck for his terrible decisions, but the fact is that a review of this company before the loan guarantee was awarded should have provided the Obama regime with enough information for them to come to the conclusion that Abound Solar could not compete on a global scale. So either a review was conducted which concluded Abound Solar was a risky investment and the Obama regime ignored the warnings, a review was conducted and the findings were purposely skewed to provide Barack Obama with the numbers he wanted, or no review was conducted and Barack Obama handed this money out on a whim.
Either way the taxpayer is going to foot the bill for yet another failed policy by a president who is putting his ideology above his common sense–if he has any.