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Solyndra II: Energy Company Busts on Eve of Climate Summit
Breitbart ^ | November 29, 2015 | by CHRISS W. STREET

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.”

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 ...


TOPICS: Crime/Corruption; Government
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1 posted on 11/29/2015 7:55:05 AM PST by Hojczyk
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To: Hojczyk

Obama’s retirement fund.


2 posted on 11/29/2015 7:58:23 AM PST by Gaffer
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To: Gaffer

Must be why he calsl it stimulus money.


3 posted on 11/29/2015 8:08:15 AM PST by Vaduz (women and children to be impacted the most.)
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To: Hojczyk

A few more billion and then you’re talking real money...../s


4 posted on 11/29/2015 8:09:43 AM PST by Envisioning (4.13.15 - That awkward moment in history when 53 million racists became sexists...)
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To: Vaduz

Anyone who doesn’t believe some of that money isn’t going into his pocket somehow is an abject fool.


5 posted on 11/29/2015 8:09:50 AM PST by Gaffer
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To: Envisioning

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.


6 posted on 11/29/2015 8:13:45 AM PST by Envisioning (4.13.15 - That awkward moment in history when 53 million racists became sexists...)
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To: Envisioning

Veterans and Social Security don’t generate as many Democrat votes per dollar as do EBT cards.


7 posted on 11/29/2015 8:16:16 AM PST by Steely Tom (Vote GOP: A Slower Handbasket)
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To: Envisioning

img src=https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcT2sxkEynNRyTFKw7vdlpLWXuJ2ketph5m-bGofvbQixUJCg_teBQ>


8 posted on 11/29/2015 8:20:13 AM PST by batterycommander (- a little more rubble, a lot less trouble.)
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To: Hojczyk

10% kickback to Hussein’s post white hut slush fund.


9 posted on 11/29/2015 8:22:33 AM PST by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Hojczyk

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?


10 posted on 11/29/2015 8:24:29 AM PST by fella ("As it was before Noah so shall it be again,")
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To: Hojczyk

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.


11 posted on 11/29/2015 8:36:38 AM PST by Rockitz (This is NOT rocket science - Follow the money and you'll find the truth.)
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To: batterycommander; Envisioning
Forgot the first "<"


12 posted on 11/29/2015 8:48:21 AM PST by PJBankard
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To: PJBankard

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)?


13 posted on 11/29/2015 8:52:52 AM PST by hal ogen (First Amendment or Reeducation Camp?)
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To: Hojczyk

This story will disappear from the MSM in 10,9,8,7,6,5,4...

Poof! It’s gone. Never happened.


14 posted on 11/29/2015 9:07:30 AM PST by wildbill (If you check behind the shower curtain for a murderer, and find one.... what's your plan?)
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To: Hojczyk

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.


15 posted on 11/29/2015 9:08:34 AM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: PJBankard

The “Billions and Billions” guy


16 posted on 11/29/2015 10:08:13 AM PST by batterycommander (- a little more rubble, a lot less trouble.)
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To: Hojczyk

“$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.


17 posted on 11/29/2015 10:19:33 AM PST by unlearner (RIP America, 7/4/1776 - 6/26/2015, "Only God can judge us now." - Claus Von Stauffenberg / Valkyrie)
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To: unlearner

And Obama flushed it down the toilette on his first day on the job.


18 posted on 11/29/2015 10:20:13 AM PST by unlearner (RIP America, 7/4/1776 - 6/26/2015, "Only God can judge us now." - Claus Von Stauffenberg / Valkyrie)
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To: Hojczyk

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?


19 posted on 11/29/2015 12:52:10 PM PST by CPT Clay (Hillary: Julius and Ethal Rosenberg were electrocuted for selling classified info.)
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To: Hojczyk

I think I understand better why they wanted to keep funding the Ex-Im bank.


20 posted on 11/29/2015 1:35:44 PM PST by o_1_2_3__
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