Posted on 04/29/2015 2:33:28 PM PDT by yuffy
Its official: The Energy Departments green energy loan program is expected to lose money despite media reports that such loans would net the government a profit. The Government Accountability Office says the DOEs oft-touted $28 billion loan program will cost taxpayers $2.21 billion over the lifetime of the loans. Not only that, the costs to taxpayers for green loans has risen about $500 million as the result of loan guarantee defaults from companies like Solyndra and Abound Solar. The credit subsidy cost of the loans and loan guarantees in its portfolio is expected to be $2.21 billion, including $807 million for loans that have defaulted, GAO reports. The fees DOE has collected have not been sufficient to cover all of its administrative expenses for the program because the fees on the current loan guarantees were too low to cover ongoing monitoring costs.
(Excerpt) Read more at libertyunyielding.com ...
$30 bil pissed over the bank.
That is unexpected!
Didn’t see that coming.
Dear Taxpayer:
Joke’s on you.
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