Stephanie
Diamond Member
- Jul 11, 2004
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wake up folks..
SNIP:
By MARC A. THIESSEN
Posted 05/25/2012 06:37 PM
Despite a growing backlash from his fellow Democrats, President Obama has doubled down on his attacks on Mitt Romney's tenure at Bain Capital. But the strategy could backfire in ways Obama has not anticipated.
After all, if Romney's record in private equity is fair game, then so is Obama's record in public equity and that record is not pretty.
Since taking office, Obama has invested billions of taxpayer dollars in private businesses, including as part of his stimulus spending bill. Many of those investments have turned out to be unmitigated disasters leaving in their wake bankruptcies, layoffs, criminal investigations and taxpayers on the hook for billions. Consider a few examples:
Raser Technologies. In 2010, the Obama administration gave Raser a $33 million taxpayer-funded grant to build a power plant in Beaver Creek, Utah. According to the Wall Street Journal, after burning through our tax dollars, the company filed for bankruptcy protection this year. The plant has fewer than 10 employees, and Raser owes $1.5 million in back taxes.
ECOtality. The Obama administration gave ECOtality $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states. Obama even hosted the company's president, Don Karner, in the first lady's box during the 2010 State of the Union address as an example of a stimulus success story.
According to ECOtality's own SEC filings, the company has since incurred more than $45 million in losses and has told the federal government: "We may not achieve or sustain profitability on a quarterly or annual basis in the future."
Worse, according to CBS News, the company is "under investigation for insider trading," and Karner has been subpoenaed "for any and all documentation surrounding the public announcement of the first Department of Energy grant to the company."
Nevada Geothermal Power (NGP). The Obama administration gave NGP a $98.5 million taxpayer loan guarantee in 2010. The New York Times reported in October that the company is in "financial turmoil" and that "after a series of technical missteps that are draining Nevada Geothermal's cash reserves, its own auditor concluded in a filing released last week that there was 'significant doubt about the company's ability to continue as a going concern.'"
First Solar. The Obama administration provided First Solar with more than $3 billion in loan guarantees for power plants in Arizona and California. According to a Bloomberg Businessweek report last week, the company "fell to a record low in Nasdaq Stock Market trading May 4 after reporting $401 million in restructuring costs tied to firing 30% of its workforce."
the rest at..
President Obama's Attacks On Mitt Romney's Tenure At Bain Capital Could Backfire On Him - Investors.com
SNIP:
By MARC A. THIESSEN
Posted 05/25/2012 06:37 PM
Despite a growing backlash from his fellow Democrats, President Obama has doubled down on his attacks on Mitt Romney's tenure at Bain Capital. But the strategy could backfire in ways Obama has not anticipated.
After all, if Romney's record in private equity is fair game, then so is Obama's record in public equity and that record is not pretty.
Since taking office, Obama has invested billions of taxpayer dollars in private businesses, including as part of his stimulus spending bill. Many of those investments have turned out to be unmitigated disasters leaving in their wake bankruptcies, layoffs, criminal investigations and taxpayers on the hook for billions. Consider a few examples:
Raser Technologies. In 2010, the Obama administration gave Raser a $33 million taxpayer-funded grant to build a power plant in Beaver Creek, Utah. According to the Wall Street Journal, after burning through our tax dollars, the company filed for bankruptcy protection this year. The plant has fewer than 10 employees, and Raser owes $1.5 million in back taxes.
ECOtality. The Obama administration gave ECOtality $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states. Obama even hosted the company's president, Don Karner, in the first lady's box during the 2010 State of the Union address as an example of a stimulus success story.
According to ECOtality's own SEC filings, the company has since incurred more than $45 million in losses and has told the federal government: "We may not achieve or sustain profitability on a quarterly or annual basis in the future."
Worse, according to CBS News, the company is "under investigation for insider trading," and Karner has been subpoenaed "for any and all documentation surrounding the public announcement of the first Department of Energy grant to the company."
Nevada Geothermal Power (NGP). The Obama administration gave NGP a $98.5 million taxpayer loan guarantee in 2010. The New York Times reported in October that the company is in "financial turmoil" and that "after a series of technical missteps that are draining Nevada Geothermal's cash reserves, its own auditor concluded in a filing released last week that there was 'significant doubt about the company's ability to continue as a going concern.'"
First Solar. The Obama administration provided First Solar with more than $3 billion in loan guarantees for power plants in Arizona and California. According to a Bloomberg Businessweek report last week, the company "fell to a record low in Nasdaq Stock Market trading May 4 after reporting $401 million in restructuring costs tied to firing 30% of its workforce."
the rest at..
President Obama's Attacks On Mitt Romney's Tenure At Bain Capital Could Backfire On Him - Investors.com