‘Scandalous’ Solyndra Program Actually Earned Taxpayers A $5 Billion Profit

[westwall]

The Fisker would have succeeded without Pubs. They tried to kill the Volt, too, with total bs. The GOP is a disgrace.

Fisker failed because it sucked. It was under engineered and sacrificed function for form. As usual you blame others for the failures of those you favor while ignoring all the idiotic decisions your hero's made.



"Joe insists that the company achieved its goals and had the engineering know-how to truly succeed. "The goal was to bring to market a unique car with exceptional styling with the most efficiency that it could provide within the limitations of the design. And design was always the priority."
One of the major factors that brought Fisker Automotive to its current precarious state was the collapse of battery supplier A123 Systems. Joe emphasizes that the none of the Karmas produced suffered a powertrain or battery failure that was the result of a design or chemistry problem. The battery failures that did occur were a direct result of a manufacturing problem at A123's Livonia, MI factory.
Fisker had to stop producing cars last summer while A123 scrambled to produce replacement batteries for those early cars. It was then that A123 simply ran out of financial runway and had to file for Chapter 11 bankruptcy protection. Among other things, that led to more than 300 Karmas sitting at a port in New Jersey last fall waiting for replacement batteries right when hurricane Sandy blasted through."

Fisker Automotive Closure - Fisker Inside on Last Days of Company

 

[francoHFW]

The long Republican nightmare continues!

‘Scandalous’ Solyndra Program Actually Earned Taxpayers A $5 Billion Profit

The much-maligned government program that funded the failed solar tech company Solyndra is expected to make taxpayers a $5 to $6 billion return, Bloomberg Businessweek reported on Wednesday.

The loan program is run out of the Department of Energy (DOE), and covers a large umbrella of investments to encourage green energy and low-carbon technologies. According to Businessweek, the expected positive returns on those investments are detailed in a new report DOE will be releasing, perhaps as early as Thursday, on the loan program’s performance — the first such estimate the agency has made of the fruits of its efforts.

The program has the authority to spend as much as $40 billion, and has allocated $32.4 billion of that to a portfolio with dozens of specific projects. Half of the $32.4 billion has already been paid out, in loans that average a 22-year lifecycle. The Energy Department expects the full $5 to $6 billion return to come in over that total time period. But $3.5 billion of the principal for those loans has already been paid back by the various companies that received them, and the government has already garnered over $810 million in interest payments. The portfolio’s losses only amount to $780 million so far, and they aren’t expected to rise above $2 billion once everything is said and done — a fraction of the $10 billion in losses the government anticipated when it originally designed the program.

This stands in stark contrast to the image critics painted of the program. In 2011, the solar tech company Solyndra collapsed after receiving $528 million from the program, setting off a political feeding frenzy and embarrassing the White House.

In the 2012 presidential campaign, Republican candidate Mitt Romney said he thought “about half” the businesses the program invested in had gone out of business. On Tuesday, Rep. Marsha Blackburn (R-TN) declared that “most of these companies are bankrupt and are no longer in existence, and the taxpayer is left holding the bag.” In point of fact, as of November 2012 only three companies out of several dozen had folded, though a few others were facing financial difficulties. That number has ticked up one more to four failures since. Investigations into the loan program have found no evidence of political manipulation or wrongdoing.

Genius....If Solyndra earned a profit, why did the firm go out of business?
Christ. You libs will say anything to save Obama's hide.

Solyndra got caught up in Chinese dumping of solar panels. We're talking about the whole alternative energy program it was a part of. Jeebus dupes are thick...

The Bush admin when they were looking at securing the loans for Solyndra looked at that and determined that Solyndras tech wasn't sufficiently advanced to warrant the investment. NO ONE with a brain would have funded them. That's why they couldn't get any more cash from the IB's and venture capitalists, they were a loser and everyone KNEW IT.

Yup. The Big Oil guys looked at it and KNEW the Chinese would dump panels all over years later...lol.

 

[westwall]

"Expected". A very large word that never seems to work out the way the government thinks it will. Show me a single government program that came in on time and on budget. Go ahead, I dare you.

As long as it makes a profit, who cares?

Based on simple accounting principles the program will NEVER make any money. That's the point. Funny how you ignore simple facts when it suits you.

 

[westwall]

The long Republican nightmare continues!

‘Scandalous’ Solyndra Program Actually Earned Taxpayers A $5 Billion Profit

The much-maligned government program that funded the failed solar tech company Solyndra is expected to make taxpayers a $5 to $6 billion return, Bloomberg Businessweek reported on Wednesday.

The loan program is run out of the Department of Energy (DOE), and covers a large umbrella of investments to encourage green energy and low-carbon technologies. According to Businessweek, the expected positive returns on those investments are detailed in a new report DOE will be releasing, perhaps as early as Thursday, on the loan program’s performance — the first such estimate the agency has made of the fruits of its efforts.

The program has the authority to spend as much as $40 billion, and has allocated $32.4 billion of that to a portfolio with dozens of specific projects. Half of the $32.4 billion has already been paid out, in loans that average a 22-year lifecycle. The Energy Department expects the full $5 to $6 billion return to come in over that total time period. But $3.5 billion of the principal for those loans has already been paid back by the various companies that received them, and the government has already garnered over $810 million in interest payments. The portfolio’s losses only amount to $780 million so far, and they aren’t expected to rise above $2 billion once everything is said and done — a fraction of the $10 billion in losses the government anticipated when it originally designed the program.

This stands in stark contrast to the image critics painted of the program. In 2011, the solar tech company Solyndra collapsed after receiving $528 million from the program, setting off a political feeding frenzy and embarrassing the White House.

In the 2012 presidential campaign, Republican candidate Mitt Romney said he thought “about half” the businesses the program invested in had gone out of business. On Tuesday, Rep. Marsha Blackburn (R-TN) declared that “most of these companies are bankrupt and are no longer in existence, and the taxpayer is left holding the bag.” In point of fact, as of November 2012 only three companies out of several dozen had folded, though a few others were facing financial difficulties. That number has ticked up one more to four failures since. Investigations into the loan program have found no evidence of political manipulation or wrongdoing.

Genius....If Solyndra earned a profit, why did the firm go out of business?
Christ. You libs will say anything to save Obama's hide.

Solyndra got caught up in Chinese dumping of solar panels. We're talking about the whole alternative energy program it was a part of. Jeebus dupes are thick...

The Bush admin when they were looking at securing the loans for Solyndra looked at that and determined that Solyndras tech wasn't sufficiently advanced to warrant the investment. NO ONE with a brain would have funded them. That's why they couldn't get any more cash from the IB's and venture capitalists, they were a loser and everyone KNEW IT.

Yup. The Big Oil guys looked at it and KNEW the Chinese would dump panels all over years later...lol.

The Chinese were dumping solar modules FOR YEARS! idiot.

 

[Tom Sweetnam]

There's enough bullshit in this thread to fertilize Idaho's farms for 20 years. How about the stockholders who got fucked out of hundreds of millions in the Solyndra/Obama fraud that actually cost US taxpayers and investors billions of dollars?



Hey OP, where's your link to Solyndra's 2011 & 2012 annual reports? Put up or shut up.

 

[francoHFW]

Hater dupes of course don't even know how FOS they are. I think I'll go with Bloomberg over Rush and the Blaze lol. A disgrace.

 

[Listening]

The long Republican nightmare continues!

‘Scandalous’ Solyndra Program Actually Earned Taxpayers A $5 Billion Profit

The much-maligned government program that funded the failed solar tech company Solyndra is expected to make taxpayers a $5 to $6 billion return, Bloomberg Businessweek reported on Wednesday.

The loan program is run out of the Department of Energy (DOE), and covers a large umbrella of investments to encourage green energy and low-carbon technologies. According to Businessweek, the expected positive returns on those investments are detailed in a new report DOE will be releasing, perhaps as early as Thursday, on the loan program’s performance — the first such estimate the agency has made of the fruits of its efforts.

The program has the authority to spend as much as $40 billion, and has allocated $32.4 billion of that to a portfolio with dozens of specific projects. Half of the $32.4 billion has already been paid out, in loans that average a 22-year lifecycle. The Energy Department expects the full $5 to $6 billion return to come in over that total time period. But $3.5 billion of the principal for those loans has already been paid back by the various companies that received them, and the government has already garnered over $810 million in interest payments. The portfolio’s losses only amount to $780 million so far, and they aren’t expected to rise above $2 billion once everything is said and done — a fraction of the $10 billion in losses the government anticipated when it originally designed the program.

This stands in stark contrast to the image critics painted of the program. In 2011, the solar tech company Solyndra collapsed after receiving $528 million from the program, setting off a political feeding frenzy and embarrassing the White House.

In the 2012 presidential campaign, Republican candidate Mitt Romney said he thought “about half” the businesses the program invested in had gone out of business. On Tuesday, Rep. Marsha Blackburn (R-TN) declared that “most of these companies are bankrupt and are no longer in existence, and the taxpayer is left holding the bag.” In point of fact, as of November 2012 only three companies out of several dozen had folded, though a few others were facing financial difficulties. That number has ticked up one more to four failures since. Investigations into the loan program have found no evidence of political manipulation or wrongdoing.

Please do an IRR on the numbers you provided. My guess is that it is one or two percent.

 

[francoHFW]

The Fisker would have succeeded without Pubs. They tried to kill the Volt, too, with total bs. The GOP is a disgrace.

Fisker failed because it sucked. It was under engineered and sacrificed function for form. As usual you blame others for the failures of those you favor while ignoring all the idiotic decisions your hero's made.



"Joe insists that the company achieved its goals and had the engineering know-how to truly succeed. "The goal was to bring to market a unique car with exceptional styling with the most efficiency that it could provide within the limitations of the design. And design was always the priority."
One of the major factors that brought Fisker Automotive to its current precarious state was the collapse of battery supplier A123 Systems. Joe emphasizes that the none of the Karmas produced suffered a powertrain or battery failure that was the result of a design or chemistry problem. The battery failures that did occur were a direct result of a manufacturing problem at A123's Livonia, MI factory.
Fisker had to stop producing cars last summer while A123 scrambled to produce replacement batteries for those early cars. It was then that A123 simply ran out of financial runway and had to file for Chapter 11 bankruptcy protection. Among other things, that led to more than 300 Karmas sitting at a port in New Jersey last fall waiting for replacement batteries right when hurricane Sandy blasted through."

Fisker Automotive Closure - Fisker Inside on Last Days of Company

And of course had nothing to do with the Booosh meltdown, Pubs obstructing everything that would have been constructive, refusing to keep the stimulus recovery going in 2010, bad mouthing alternative energy, refusing to buy the cars, etc etc etc. A123 was working in vacuum, no problem! lol. Just HAPPENED to run out of money, a coincidence. lol. The debt crises and gov't shutdown helped. Consumer confidence was FINE.

 

[Listening]

The Fisker would have succeeded without Pubs. They tried to kill the Volt, too, with total bs. The GOP is a disgrace.

Fisker failed because it sucked. It was under engineered and sacrificed function for form. As usual you blame others for the failures of those you favor while ignoring all the idiotic decisions your hero's made.



"Joe insists that the company achieved its goals and had the engineering know-how to truly succeed. "The goal was to bring to market a unique car with exceptional styling with the most efficiency that it could provide within the limitations of the design. And design was always the priority."
One of the major factors that brought Fisker Automotive to its current precarious state was the collapse of battery supplier A123 Systems. Joe emphasizes that the none of the Karmas produced suffered a powertrain or battery failure that was the result of a design or chemistry problem. The battery failures that did occur were a direct result of a manufacturing problem at A123's Livonia, MI factory.
Fisker had to stop producing cars last summer while A123 scrambled to produce replacement batteries for those early cars. It was then that A123 simply ran out of financial runway and had to file for Chapter 11 bankruptcy protection. Among other things, that led to more than 300 Karmas sitting at a port in New Jersey last fall waiting for replacement batteries right when hurricane Sandy blasted through."

Fisker Automotive Closure - Fisker Inside on Last Days of Company

And of course had nothing to do with the Booosh meltdown, Pubs obstructing everything that would have been constructive, refusing tokeep the stimulus recovery going in 2010, bad mouthing alternative energy, refusing to buy the cars, etc etc etc. A123 was working in vacuum, no problem! lol. Just HAPPENED to run out of money, a coincidence. lol

It's just amazing you can make that come out your ass.

Time and time again.

 

[boedicca]

The OP moron didn't even bother to read the article. The $5B-$6B is an estimate of what might be collected over 20 to 25 years. It is not a real return already recognized.

The potential gains are the first estimate for the loan guarantee program released by the Energy Department. The $5 billion to $6 billion figure was calculated based on the average rates and expected returns of funds dispersed so far, paid back over 20 to 25 years.

And then there's the wee consideration that loaning money to private concerns isn't a proper function of the Federal government.

 

[boedicca]

"Expected". A very large word that never seems to work out the way the government thinks it will. Show me a single government program that came in on time and on budget. Go ahead, I dare you.

I'm guessing that you didn't get your expected $2,500 health care cost savings due to ObamaCare this year.

 

[francoHFW]

It's called the real world. It's easy when you don't live on Pub dupe Bizarroworld. Try it.

 

[Listening]

It's called the real world. It's easy when you don't live on Pub dupe Bizarroworld. Try it.

Maybe you'll do the IRR calc (after you look it up to find out what it is).

Looking forward to your math, teach.

 

[francoHFW]

"Expected". A very large word that never seems to work out the way the government thinks it will. Show me a single government program that came in on time and on budget. Go ahead, I dare you.

I'm guessing that you didn't get your expected $2,500 health care cost savings due to ObamaCare this year.

That's because only hater dupes believe it was predicted right away. DUH. Sorry about China and the EU not getting ALL the future alt energy industry, too. WTF is WRONG with you people?

 

[Listening]

"Expected". A very large word that never seems to work out the way the government thinks it will. Show me a single government program that came in on time and on budget. Go ahead, I dare you.

I'm guessing that you didn't get your expected $2,500 health care cost savings due to ObamaCare this year.

That's because only hater dupes believe it was predicted right away. DUH. Sorry about China and the EU not getting ALL the future alt energy industry, too. WTF is WRONG with you people?

Line that up behind:

"You can keep your doctor if you like them".

What's wrong with us is that we don't imprison the people who could have drowned you when they had the chance.

 

[boedicca]

"Expected". A very large word that never seems to work out the way the government thinks it will. Show me a single government program that came in on time and on budget. Go ahead, I dare you.

I'm guessing that you didn't get your expected $2,500 health care cost savings due to ObamaCare this year.

That's because only hater dupes believe it was predicted right away. DUH. Sorry about China and the EU not getting ALL the future alt energy industry, too. WTF is WRONG with you people?

Is English your second or third language... right behind Pig Latin and Ebonics?

 

[Listening]

"Expected". A very large word that never seems to work out the way the government thinks it will. Show me a single government program that came in on time and on budget. Go ahead, I dare you.

I'm guessing that you didn't get your expected $2,500 health care cost savings due to ObamaCare this year.

That's because only hater dupes believe it was predicted right away. DUH. Sorry about China and the EU not getting ALL the future alt energy industry, too. WTF is WRONG with you people?

Is English your second or third language... right behind Pig Latin and Ebonics?

Frankie has made STUPID an official language.

 

[francoHFW]

Ran out of bs talking points, now the hater dupe circle jerk of stupid insults lol....Alt energy has been a great success, despite your a-hole party and its un-American bs propaganda... End of story.

 

[Listening]

Ran out of bs, now the hater dupe circle jerk of stupid insults lol....Alt energy has been a great success, despite your a-hole party. End of story.

Fuck you and everyone around you.

Do the math asswipe. You'll see it.

If you can't do it, admit it.

Great success.

Any fund manager that was going to get 16% back over 22 fucking years would be fired in an instant.

Asshole.

 

[francoHFW]

Article alludes to much more that that...