Confirmed: Obama administration sunk $535 million in Porkulus funds in green-energy t

Discussion in 'Congress' started by Stephanie, Feb 22, 2011.

  1. Stephanie
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    Stephanie Diamond Member Supporting Member

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    Links in article

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    posted at 9:30 am on February 22, 2011 by Ed Morrissey
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    Not that there was much doubt about the question of the White House backing of Solyndra in California. The report from November, when I first wrote about the dissipation of more than a half-billion dollars, covered the facts well. In fact, let’s watch the original report from the local ABC affiliate one more time:(video at site.)

    Congress has now confirmed the waste in a letter from the House Energy and Commerce Committee to Energy Secretary Steven Chu:
    Solyndra, Inc. was supposed to have showcased the effectiveness of the Obama administration’s stimulus and green jobs initiatives, but instead it has become the center of congressional attention for waste, fraud and abuse of such programs.

    According to a Feb. 17 letter signed by Energy and Commerce Committee Chairman Fred Upton, Michigan Republican, and Oversight Subcommittee Chairman Cliff Stearns, Florida Republican, to Energy Secretary Steven Chu, the Fremont, Calif.-based solar panel manufacturer squandered $535 million of stimulus money. …According to Biden’s speech, the $535 million loan guarantee was a smaller part of the $30 billion of stimulus money the administration planned to spend as part of its Green Jobs Initiative.
    Obama made similar claims in a May 26, 2010 speech at the plant, but the 1,000 jobs he and Biden touted in their respective speeches failed to materialize.

    Instead, Solyndra announced on Nov. 3 it planned to postpone expanding the plant, which cost the taxpayers $390.5 million, or 73 percent of the total loan guarantee, according to the Wall Street Journal.
    It also announced that it no longer planned to hire the 1,000 workers that Obama and Biden had touted in their speeches and that it planned to close one of its older factories and planned to lay-off 135 temporary or contract workers and 40 full-time employees.
    Gosh, who could have predicted that the Solyndra pork project might fail? Perhaps all of those Wall Street investors that avoided Solyndra for one obvious reason:

    read it all here with comments.
    Confirmed: Obama administration sunk $535 million in Porkulus funds in green-energy turkey « Hot Air
     
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  2. WillowTree
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    WillowTree Diamond Member

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    and shut down the oil wells putting thousands out of work. ain't he special?
     
  3. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Well duh.

    That's exactly what Green Investments by the government are: bail outs.
     
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  4. Trajan
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    Trajan conscientia mille testes

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    thx steph for the update.........I pass solyndra every single day I go to work....this all started when oops, after building that second plant, the Chinese had already, while it was on the drawing board and being built, ate our lunch...so those 1000 jobs they forecast won't even happen and, I saw it the other day, they are closing the 'older' plant, which will cost jobs as a net loss.




    anyway a primer-

    http://www.usmessageboard.com/energy/137175-solar-panel-production-china-eats-our-lunch.html
     
  5. Oddball
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    Oddball BANNED Supporting Member

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    [​IMG]
     
  6. Trajan
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    Trajan conscientia mille testes

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    mad money yo!!!
     
  7. BolshevikHunter
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    BolshevikHunter BANNED

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    Meanwhile, Madman "Mr. Green" Obama and his media, cover up the horrific results of the Gulf spill tragedy. ~BH
     
  8. rdean
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    rdean rddean

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    First Solar has solar-panel factories in Ohio, Germany and Malaysia, with additional plants planned in France, Vietnam and possibly China.

    First Solar has projected it will produce solar panels totaling 2,742 megawatts in 2012. The new U.S. factory would represent about 9 percent of its total manufacturing capacity that year. One megawatt can generate enough energy for about 250 homes at once in direct sunlight.

    Solar Panel Maker May Build In Mesa

    You gotta admit, the more right wingers say, the more stupid they appear to be. Then entire world is looking at "Green Energy" and the only group on earth laughing, are Right Wing Confederate Republicans.

    Of course, the entire world is laughing at them. The party of "magical creation" and "tax cuts for billionaires".

    Hey, don't you guys have an abortion to stop? A school to close down? Some brown skinned people to harass? Some oil company to apologize to?
     
  9. KissMy
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    KissMy Free Breast Exam

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    Wow Obama spent $535 million & lost jobs. Isn't our dear leader just special. I get the feeling he read the companies sales brochure & believed it without critical thought. Or maybe he was just paying someone back for political contributions.
     
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  10. BolshevikHunter
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    BolshevikHunter BANNED

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    With his mind on our money and our money on his mind? Snoop Dogg digs it!. :cool: ~BH
     

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