Posted on 06/28/2012 3:48:07 PM PDT by digger48
WASHINGTON—Solar-panel manufacturer Abound Solar Inc. is closing its doors, putting about $68 million in U.S.-backed loans at risk of not being repaid.
Abound, of Loveland, Colo., said it had failed to come to terms with potential buyers over the last several months and would seek bankruptcy-court protection next week. It said 125 employees would lose their jobs.
Republicans were quick to criticize the firm's collapse as the latest setback to President Barack Obama's energy policy. In the highest-profile case, solar-panel manufacturer Solyndra LLC declared bankruptcy in September after receiving $528 million in federally backed loans. Last month Mitt Romney, the presumptive Republican presidential nominee, criticized Mr. Obama's policy in a televised appearance near its California headquarters.
(Excerpt) Read more at online.wsj.com ...
well, not the whole $400B.
but just enough for some of Obamas buds to line their pockets and make a few campaign contributions.
Abound was never even close to being a competitor.
As of last October, they gave a crapload of money to the University of Colorado to help them figure out how they could make these things at a profit.
the Democrat Money Laundromat strikes again.
Just announced in Albuquerque; German solar company Schott Solar closing the plant here as of tomorrow. 250 jobs gone.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.