Obama's Green Energy Debacle

President Obama has chosen not to work "diligently" to create jobs, in his first three years. Getting his health care plan passed was of paramount importance to him. He chose instead to "advance green energy" which "will create millions of new quality high paying American jobs". So far this dream has been an economic nightmare. While the Heritage Foundation has done yeoman's work on this issue, here are some details the general public may have missed, as details are the victim of the President's daily lies. Through various programs the President has dedicated over $90 billion dollars to his "green initiative". Under his stimulus plan, there were the various loan guarantee programs(remember Solyndra?, the 1703, and 1705 programs. Under the Dept. of Energy there was the now infamous 1605 programs. Under these programs, initially 26 companies got taxpayer monies. An Additional 13 companies got monies through various spending bill amendments. Out of these companies 80% of them were run, founded, or connected to Large Obama Donors, and bundlers. Most of them are now bankrupt. As to the bankruptcies, 26 green energy companies received $42B, in total. here are the bankruptcies; Solar Trust of America:Filed Bankruptcy in Oakland, CA, April 3, 2012 Bright Source:Bright Source warned Obama’s Energy Department officials in March 2011 that delays in approving a $1.6 billion U.S. loan guarantee would embarrass the White House and force the solar-energy company to close. Bright Source lost billions of dollars but is getting more money to keep trying. Solyndra: Obama gave $500,000,000 (that’s a HALF BILLION!) in taxpayer money to Solyndra who shut its doors and laid off 1100 workers in August 2011 after billions in losses due to failure to make a solar product that works! Barack Obama was not vetted before being elected President and neither was Solyndra before Mr. Obama threw that taxpayer money down the drain of unproven technology. LSP Energy: LSPEnergy LP filed bankruptcy protection and a sale of its assets in Feb 2012 Energy Conversion Devices: On February 14, 2012 Energy Conversion Devices, Inc. and its subsidiaries filed for bankruptcy Abound Solar: Abound Solar received a $400 million loan guarantee from Barack Obama then announced in June, 2012 that it would file for bankruptcy. Many of these failed corporations, such as Abound, donated MILLIONS and continue to donate to Barack Obama’s campaign. Can you say, “Democrat Slush Fund”? Yes this is illegal. But Democrats are being protected from being prosecuted, for now. SunPower: SunPower stopped producing solar cells in 2011 at near bankruptcy then restructured with the help of, get this, oil giant TOTAL, Inc. who owns 60% stake in SunPower. Irony? The company is still struggling. Beacon Power: Beacon Power Corp filed for bankruptcy protection in October, 2011 just a year after Obama approved a $43 million Government loan guarantee. They remain barely in business, still struggling to make energy that makes sense or that works at all. Ecotality: ECOtality, a San Francisco green-tech company that never earned any money and remains on the verge of bankruptcy after receiving roughly $115 million in two loan guarantees from President Obama, who wants to do some more of this kind of Democrat Slush Fund Guarantees after he is elected to a 2nd term. A123 Solar: A123 Solar received $279 million from taxpayers thanks to President Obama’s Department of Energy loan guarantees even after the Solyndra bankruptcy and is getting another $500M from Obama after a loss of $400M. UniSolar: Uni-Solar filed for Ch 11 bankruptcy in June 20, 2012 after laying off hundreds of workers. UniSolar received even more Obama money after showing now progress, no profits and is still failing… yet they still remain in business with Obama’s help. Azure Dynamics: Azure Dynamics filed for bankruptcy in June , 2012 wasting millions in Obama “Stimulus” money and received abatement on taxes owed and and several tax credits. Azure Dynamics LLC filed for bankruptcy protection in Canada and the US. Azure laid off 120 of its 160 employees in Oak Park; Boston; Vancouver, British Columbia; and the UK. The Amonix Solar: manufacturing plant in North Las Vegas, subsidized by more than $20 million in federal tax credits and grants given by Obama Administration, has closed its 214,000 square foot facility a year after it opened. Evergreen Solar: Evergreen Solar received $527 Million in Taxpayer money from Obama and filed bankruptcy in late 2011. Evergreen, which closed its taxpayer-supported Devens factory in March, 2011 cut more than 1800 jobs. Evergreen’s $450 million factory, turned out to be a colossal “waste” of taxpayer money. Ener1: Ener1 Inc. received a $118 million U.S. Energy Department grant from President Obama to make electric-car batteries but filed for bankruptcy protection January 2012 after defaulting on bond debt. Add to this, the rest of the energy loans, and grant from the DOE; Mountain Plaza, Inc. (Dandridge, Tennessee), designed and implemented “truck-stop electrification” technology. Beacon Power Corp: Received $43 million in federal loan guaranteed in 2009 and also received $29 million in PA grants – Bankrupt in October 2011 Olsen’s Crop Service and Olsens Mills Acquisition Co. (Berlin, Wisconsin), a private company producing ethanol. Babcock and Brown: Received $178 million in federal grants in December 2009 (4 months after it went bust) – Bankrupt in early 2009 Fisker Automotive: $529 million in federal loan guarantees — Multiple 2012 sales prediction downgrades for first car release, delivery and cash flow troubles; Assembling cars in Finland Range Fuels (Soperton, Georgia), tried to develop a technology that converted biomass into ethanol without the use of enzymes. Johnson Controls: Received $299 million in federal grants in 2009 — Low demand caused cancellation of a new factory, operating at half capacity Raser Technologies (Provo, Utah), geothermal power plants and technology licensing. Nevada Geothermal: Received $98.5 million in federal loan guarantees in 2009 — Defaulting on long-term debt obligations, 85% drop in stock value Spectrawatt (Hopewell, New York), solar cell manufacturer. Thompson River Power LLC (Wayzata, Minnesota), designed and developed advanced products and services to support stable, reliable and efficient electricity grid operation. The president likes to tout his green energy street crd, but this is the dirty underbelly of his economic capriciousness, that he will not tell America. This is what happens when Government chooses winners and losers based upon Political considerations, rather than economic analysis.