Skip to comments.As many as 50 Obama-backed green energy companies bankrupt or troubled
Posted on 11/03/2012 8:03:31 PM PDT by Iam1ru1-2
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 DOEs 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 Corruptions 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 doesnt.
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.
The Green Corruption estimates are on the high end as others have total number of bankrupt and troubled green energy firms much lower.
The Heritage Foundations list contains 34 companies that have either filed for bankruptcy or are faltering as of October 18. Of those 34 listed, nineteen have filed for bankruptcy and fifteen are considered faltering.
(Excerpt) Read more at dailycaller.com ...
Hmmm. I’d like to hear him talk about all he did for them....and all he did for our guys in Benghazi......and all he did to get control of Eric Holder & Fast and Furious.
The company I am employed by makes parts for #10 on the “troubled” list. I watched the 60 minutes vid on them and was puzzled by how they could make money. Also, if you google them they are being sued by Connecticut (I think) for putting out too much pollution!
When are they going to say money laundering.
Does anyone know how to find a list of all the green companies that received stimulus monies?
Add Fisker autos to the list, after a dozen new cars on a New Jersey dock exploded into small pieces, before catching on fire, as soon as salt water got near the battery pack.
No more production until they figure out the problem.
I sure hope that algore loses the hundred million or so that he owns in stock!