Sunday, January 15, 2012

CBS News: 12 Clean Energy Firms Received $6.5B in Taxpayer Money, And Are All in Financial Trouble

A CBS News investigation has found a pattern of the government pouring your tax dollars into clean energy.

CBS NEWS --"It's been four months since the FBI raided bankrupt Solyndra. It received a half-billion in tax dollars and became a political lightning rod, with Republicans claiming it was a politically motivated investment.

CBS News counted 12 clean energy companies that are having trouble after collectively being approved for more than $6.5 billion in federal assistance. Five have filed for bankruptcy: The junk bond-rated Beacon, Evergreen Solar, SpectraWatt, AES' subsidiary Eastern Energy and Solyndra.

Others are also struggling with potential problems. Nevada Geothermal -- a home state project personally endorsed by Senate Majority Leader Harry Reid -- warns of multiple potential defaults in new SEC filings reviewed by CBS News. It was already having trouble paying the bills when it received $98.5 million in Energy Department loan guarantees."

Find out more in the video above, or go here


At 1/16/2012 1:50 AM, Blogger PeakTrader said...

And the U.S. Debt Clock soared to new highs:

At 1/16/2012 3:20 AM, Blogger Ron H. said...

Surprise, surprise.

It is nice to see this kind of news reported in the MSM, though.

At 1/16/2012 6:22 AM, Blogger W.E. Heasley said...

Wonder how this fits into the plans of self appointed minor deities such as Lisa Jackson of the EPA?

At 1/16/2012 6:30 AM, Blogger rjs said...

Why BP Solar Failed -

At 1/16/2012 8:53 AM, Blogger liberal_slayer said...

But Barack says he has a Noble Prize in physics!

At 1/16/2012 8:59 AM, Blogger liberal_slayer said...

Dr Chu says the market will be worth $100's of billions of dollars and being that he is so smart (because Barack says so and he has a noble prize just like him) he obviously believes the market is too stupid to know this and will not invest their own money so its up to the Gov't to make this happen.
Life will be so much better for all of us when we have more of the "smart people" making all the decisions for us just like they did in the USSR. The arrogance of this admin will be there downfall.

At 1/16/2012 10:45 AM, Blogger Benjamin Cole said...

I am surprised at the continuing cluelessness of some energy firms.

They need to get under the USDA banner, like ethanol or certain crops, and get permanent subsidies or mandated use. This business of getting one-time handouts is a poor business model.

Otherwise, they could construct themselves under the Defense Department, as part of our national defense and need for domestic energy. Then they get permanent and growing financing with every year.

These energy guys are really stupid. No wonder they are going out of business.

At 1/17/2012 10:41 AM, Blogger morganovich said...

the most frightening line in all of this is "we are in a ferocious race".

we are?


no. i am not. most are not. i am not in a race for solar power any more than i am in a race to develop better hot wings.

i am a potential beneficiary of such things.

if there is demand, supply is created. no one from the government has to mandate the creation of lite beer. the market wants it, suppliers respond.

alt energy is no different. if this opportunity is so big and so important, can he really think private business would miss it?

what astonishing hubris.

there is a massive and vital opportunity, but only I see it and will there force force YOU to fund it. (and lose you shirt for you while doing so)

who elected you futurist, arbiter of my demand, and investment adviser? you had no track record in any of those fields, and have demonstrated a stunning lack of ability.

if you were a hedge fund, you'd be pilloried and sued.

it astounds me that this fascist leftist dogma is able to perpetuate itself as a part of the people.

this is not a party of the people, it is a part of paternalism.

it's every action shows that it does not trust the benighted, stupid people and seeks to rule them "for their own good" like dostoyevsky's grand inquisitor.

the worst part is that they thing the are doing you a favor by imposing such fascism upon you.

the hubris is breathtaking.

At 1/17/2012 12:15 PM, Blogger 0th3rs said...

Obama et al are going to find out that it's not in the govt's purview to be involved in such things as giving spondulic out to corporations. So far thanks to the MSM, he's the real 'teflon prez".

At 1/18/2012 6:21 PM, Blogger Unknown said...

There is no need for "alternative energy." It's a fabrication created in order steal your tax money. Also, IT DOESN'T WORK. Nothing yet discovered can equal the cost, efficiency, potency, and portability of oil.


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