Liberals can't pretend that Solyndra was a one-time occurrence or that the "green" energy loan program that gave it $535 million of your money is otherwise a great program.
We told you about Evergreen Solar, SpectraWatt, Solyndra, the National Renewable Energy Lab, SunPower andnow two more companies that received your tax money are circling the drain.
The first, Beacon Power Corp., an energy storage company which received $43 million worth of your taxes, filed for bankruptcy. This Massachusetts company was warned by Nasdaq that it would be delisted from the exchange for failing to meet the minimum stock price of $1.
This warning came before the Department of Energy granted the loan.
Think about that for a minute, this administration gave a loan to a company whose stock wasn't even worth a dollar per share; in fact it was worth 79 cents per share. Would you have invested? According to their CEO:
| "The current economic and political climate, the financing terms mandated by DOE, and Beacon's recent delisting notice from Nasdaq have together severely restricted Beacon's access to additional investments through the equity markets." |
So they're blaming their fallout on everyone but their own poor business model? Sounds like someone else we know…
The second company facing a casualty after receiving your money is EnerDel, which makes electric car batteries - you know, the batteries that pollute the air more than regular car batteries? They received $118 million from the DoE and to date have spent $53 million of that - and now they too have been delisted from Nasdaq. In 2010 they had 253 employees working their using stimulus funds, today just 33 jobs are supported by the stimulus. Did they need the extra 220 people to begin with? Or were they just spending your money without any regard?
This makes 7 companies that have either filed for bankruptcy or are on the path towards bankruptcy.
Does President Obama and his administration need any more proof that they should not be pretending to be venture capitalists?
CLICK HERE to DEMAND that Congress pull the plug on all "green" jobs loans until they can be properly investigated. Taxpayer dollars should not be going to industries that are not viable financially. It's a risk we're not willing to take and a risk the administration has no right to put us in.
As mentioned above, SunPower, the California solar power company that was going to build a new facility is now $820 million in debt, $20 million more than the company is worth. It was granted the $1.2 billion federal loan after it announced it would build a new plant in Mexico to build the solar panels for the project.
As Human Events points out, if SunPower were a bank with this much debt, the feds would shut it down. But because it's one of President Obama's pet projects, and because a Democrat Congressman and his lobbyist son are connected to the company, it receives YOUR money to stay afloat.
We can't keep giving out these loans, especially when so many of these companies can't survive without them. That is a risk taxpayers should not be forced to take.
CLICK HERE to DEMAND that Congress pull the plug on all "green" jobs loans until they can be properly investigated. Taxpayer dollars should not be going to industries that are not viable financially. It's a risk we're not willing to take and a risk the administration has no right to put us in.
Yet none of these bankruptcies seem to
get through to the White House
get through to the White House
The Department of Energy wants to hand out another $6.5 BILLION to more "green" energy companies. Yes, just like Solyndra. The administration projects that this money will create a grand total of 283 jobs. That's $23 million of your tax money PER JOB.
One such loan will go to a company already worth billions. Why are tax payers giving them money when they clearly can afford it themselves?
That's because the "green" jobs movement is not about putting Americans back to work. It's about sounding politically correct and lining the pockets of Obama donors.
Since Spain went bankrupt subsidizing "green" jobs, one company, Iberdrola, has decided to move to the U.S. and set up shop here. Why? Because we are one of the few countries that subsidizes "green" energy.
See, this movement isn't about jobs. These companies just want the government handouts. Spain has already proven that the "green" jobs movement is a complete waste. When will President Obama understand that?
CLICK HERE to DEMAND that Congress pull the plug on all "green" jobs loans until they can be properly investigated. Taxpayer dollars should not be going to industries that are not viable financially. It's a risk we're not willing to take and a risk the administration has no right to put us in.
"The true engine of economic growth will always be companies
like Solyndra" - President Obama, 2010
Solyndra is "exactly what the Recovery Act is all about"
- Vice President Joe Biden, 2009
How can we feel safe as taxpayers if we know that our President is giving our money away to companies just because they donated to him?
The Office of Management and Budget (OMB) repeatedly warned the administration that the Solyndra loan was too risky. Nasdaq warned that Beacon was not a worthy investment.
Yet our government gave them money anyway.
The Government Accountability Office (GAO) says the Obama Administration didn't do their due diligence in researching Solyndra before the loan went out.
They clearly didn't properly research Evergreen Solar, SpectraWatt, the National Renewable Energy Lab, SunPower, Beacon or EnerDel either.
That's because President Obama has hinged his entire Presidency on the viability of "green" jobs. It's all he proposes; it's why he wants to raise your taxes. He believes that the only jobs in the future are "green" jobs.
Thanks to President Obama's "green" jobs loans, one new permanent job has been created for every $5.5 million spent. Is that money well spent?
Now he has a plan out to tax you and your family, actual job creators and the wealthy even more to pay for what? More "green" loans?
Americans can't afford that. The industry is a bust and continuing to give handouts to companies that can't survive without them is a waste of taxpayer dollars and an insult to every American who pays taxes.
Our money is being squandered and President Obama has no plans to stop.
We cannot let this man continue to give failing companies handouts while America spirals towards bankruptcy. We need to stop these loans since apparently President Obama will not. Please Fax every Member of Congress now and tell them to stop these loans from going out!
Conservative Action Alerts
www.ConservativeActionAlerts.com
P. S. The "jobs" plan that President Obama is touring the country to campaign on has one goal: to raise your taxes in order to spend more on "green" energy. Please CLICK HERE to FAX every Member of the U.S. Congress to tell them that "green" jobs are a waste of money and to look for REAL growth policies!
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