Posted on 11/29/2015 7:55:05 AM PST by Hojczyk
As President Barack Obama departed for the climate summit in Paris, he faces a new “Solyndra†scandal as Spain’s Abengoa SA, which received $3 billion in administration sustainable energy loans and Export-Import Bank guarantees, announced that it has started bankruptcy proceeding and may soon default on its debt.
The Obama administration tucked $90 billion of stimulus money for energy projects into a huge corner of the $800 billion American Recovery and Reinvestment Act, passed with no Republican votes barely a month into Obama’s presidency.
The money was supposedly allocated to fund “strategic clean energy investments intended to promote job creation and promote deployment of low-carbon technologies,†but much of it was squandered.
The General Accounting Office in April warned that of the 38 sustainable loans and guarantees, “the total expected net cost over the life of the loans†was “to be $2.21 billion, including $807 million for loans that have defaulted.â€
But with $2.7 billion in Department of Energy loan guarantees and $225 million since 2010, Abengoa SA just began insolvency proceedings in a Spanish court on November 25 as a technical first step toward a possible bankruptcy, according to the Washington Times.
The biggest of those federal loan guarantees is $1.45 billion to build 4 solar plants in California and Arizona, which was issued to Abengoa Yield to build and operate four solar plants that were supposed to produce 1.13 gigawatts of energy, more than a nuclear power plant.
(Excerpt) Read more at breitbart.com ...
Obama’s retirement fund.
Must be why he calsl it stimulus money.
A few more billion and then you’re talking real money...../s
Anyone who doesn’t believe some of that money isn’t going into his pocket somehow is an abject fool.
But there is a shortfall for veterans and social security, meanwhile, no shortfall for welfare or EBT cards......anyone not seriously pissed off is not paying attention.
Veterans and Social Security don’t generate as many Democrat votes per dollar as do EBT cards.
10% kickback to Hussein’s post white hut slush fund.
Will any in our MSM dare to follow that money to see who got rich or to find out how much has been kicked back in the form of campaign financing?
The sad thing is that democRATs expect this kind of graft and corruption from their leaders. Certainly this will be continued on a large scale in a Hillary presidency.
Utter fraud on the US taxpayers yet again by this criminal administration. Shouldn’t all of these LIB asshat bums be in prison, hung or exiled (after an investigation and a fair trail, of course)?
This story will disappear from the MSM in 10,9,8,7,6,5,4...
Poof! It’s gone. Never happened.
I guess I really don’t see what the problem is. Abengoa SA and all of its officers and all of it management have no doubt “contributed” the maximum allowed kickbacks, un, I mean “campaign contributions” to a plethora of Democrat candidates as well as additional millions to various Democrat and “Progressive” PACs, so they’ve already served their primary purpose for existing. It really doesn’t matter if they go bankrupt now.
The “Billions and Billions” guy
“$90 billion of stimulus money for energy projects “
Just for perspective, the officially richest man in the world, Bill Gates, has not accumulated this much wealth in his lifetime.
And Obama flushed it down the toilette on his first day on the job.
he Obama administration tucked $90 billion of stimulus money for energy projects into a huge corner of the $800 billion American Recovery and Reinvestment Act, passed with no Republican votes barely a month into Obama’s presidency.
How is all that Hope and Change workin for ya?
I think I understand better why they wanted to keep funding the Ex-Im bank.
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