Friday, January 13, 2012

Obozo's Green Plan: BK the US Taxpayer, Too!!

There are--occasionally--good reasons for Gummint money spends in technology.  Basic research is always a good suspect, for example--which might even cover some 'alternative' energy ideas.

Then--in contrast--there are the Obozo money-spends in technology.

Take Beacon Power -- a green energy storage company. We were surprised to learn exactly what the Energy Department knew before committing $43 million of your tax dollars.

Documents obtained by CBS News show Standard and Poor's had confidentially given the project a dismal outlook of "CCC-plus."

Any high-school kid has a better rating.

CBS News counted 12 clean energy companies that are having trouble after collectively being approved for more than $6.5 billion in federal assistance. Five have filed for bankruptcy: The junk bond-rated Beacon, Evergreen Solar, SpectraWatt, AES' subsidiary Eastern Energy and Solyndra.

Others are also struggling with potential problems. Nevada Geothermal -- a home state project personally endorsed by Senate Majority Leader Harry Reid --  warns of multiple potential defaults in new SEC filings reviewed by CBS News.

There are MORE!!

SunPower landed a deal linked to a $1.2 billion loan guarantee last fall, after a French oil company took it over. On its last financial statement, SunPower owed more than it was worth. On its last financial statement, SunPower owed more than it was worth. SunPower's role is to design, build and initially operate and maintain the California Valley Solar Ranch Project that's the subject of the loan guarantee. 
First Solar was the biggest S&P 500 loser in 2011 and its CEO was cut loose - even as taxpayers were forced to back a whopping $3 billion in company loans.

Meanwhile, Obozo has delayed (or tried to eliminate) the XL petro-line.

HT:  Verum


Anonymous said...

Jim said...

The primary purpose of the XL Pipeline is to get oil from Canada to the gulf which is free trade zone so that the oil can be sold on the international market at reduced or no taxes. This is not designed to increase energy resources in the US. There are currently two pipelines from Canada to refineries in the US Midwest which are not utilized to full capacity.

Dad29 said...

Primary or secondary, Jim?

There are a whole lotta refineries on the Gulf, too.

Of course, Obozo could help a bit by encouraging US-refinery use.

He won't.