Obama energy officials funded solar firms despite ‘junk bond’ ratings from S&P, Fitch

The Daily Caller ^ | 3/321/12 | Gene J. Koprowski

[Nachum]

The U.S. Department of Energy backed hundreds of millions of dollars in loans for discredited solar power start-ups whose corporate debt was already sullied with “junk” ratings by Standard & Poor’s and Fitch Ratings, two of the world’s leading credit agencies, a federal government investigation has shown.

Despite the finding, Energy Secretary Steven Chu vigorously defended the ethics of his agency in a hearing last week held by House Oversight Committee Chairman Rep. Darrell Issa.

Details are emerging this week about the Energy Department’s practices that indicate the agency spent a disproportionate amount of funding on these tainted solar power projects.

Congressional aides interviewed personnel at Fitch and S&P, and officials inside Obama’s Energy Department, as part of their investigation.

A company called Solopower was cited in a “dire” warning by S&P, which accurately forecast that the firm would “fail to meet its debt obligations.” Nonetheless, it received $170 million in federal funding guarantees, investigators told The Daily Caller.

[Nachum]

Obamanomics

[Nachum]

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/

[Forward the Light Brigade]

Its about feel good companies—with feel good names and goals—its not about reality—its about POWER! Feel good companies means feel good PR and VOTES from weak headed ex-hippies and their type. It worked well for a time—only bad thing is reality has a nasty habit of raising its ugly head (gas prices etc...)

[himno hero]

...total fiscal negligence and irresponsibility.

Does he really think he is smarter than the market?

[Oldexpat]

First you mandate that a product must be used..such as in CA where they mandate 30% renewable energy by 20xx. Then you give subsidies to your friends to make the product. When that all doesn’t work..then you put tariff’s on the product from overseas. And then they still fail. Same problem with ethanol. Having the govt pick the winners is a sure way to corruption and riches for the elite and poverty for the people.

[Dilbert San Diego]

Yep, we have to subsidize wind, solar, biomass, geothermal, ocean waves, and God knows what else.

We have to stop the rising of the oceans, and allow the planet to heal.

We have to do any damn thing to kowtow to the enviro-radicals.

Besides, Obama told us we’re already drilling everywhere except the National Mall. And he had to turn down the Keystone Pipeline because Republicans didn’t give him enough time to study the project. It’s not his fault that the pipeline won’t happen. Don’t blame him.

[sthguard]

Maybe he’d do better if the stocks were in March Madness bracket form.

[umgud]

Very well put.

[Graewoulf]

Time to abolish the US Department of Energy.

[Wingy]

As I see it, these were straight thefts on the taxpayer.

"Hey guy, if you will "contribute" $50,000 to my campaign, I'll make sure you will get 100X your money from the taxpayer." These are deals that just scream for some oversight and transparency on the grant process.

[oldenuff2no]

The department of energy and the department of education have to go.
I work in the alternative energy field making chips for bio fueled gen plants. They store the chips in big piles and burn them on demand to make electricity. They make it when it is needed because there in no way of storing electrical energy on a large scale. That is how it works.
Now, lets talk about needing electricity at night when the wind is not blowing. WTF are you going to do then???

[Graewoulf]

ALGAE! Algae is what Dictator Baby-Doc Barack is retro-fitting Air Force One for.

BTW, the Algae vote should be huge this election for his High Poo-Bahness.

(BTW, BTW we are on the same page as I work in the Oil Patch.)

[Brad from Tennessee]

[Investigators also said the administration exercised “improper influence” in the approval of loan guarantees to favored companies “through manipulation of analysis — defrauding taxpayers and misappropriating assets.”]

This is what a White House looks like when it is controlled by Chicago organized crime.

[Mister Da]

The crony capitalism has been obvious to all but those charged with policing it.

The only solution to minimizing gov’t corruption is to minimize gov’t, especially Federal gov’t. The Feds need to get out of the health, education, welfare, housing, & energy business. We need to return to the gold standard. We need a balanced budget amendment. Pork Barrel spending needs to end completely & forever. Congress should be a part time institution.

America is just one disaster away from collapse. That disaster may be natural or man made, but when it comes, this nation will be totally unprepared. The result will be the end of freedom & capitalism in America.