The Last Sip!

Forget Bain — Obama’s public-equity record is the real scandal

By Marc A. Thiessen, Thursday, May 24, 10:00 AM 

 

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 did not anticipate. 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 just a few examples of Obama’s public equity failures:

● 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 in 2012. The plant now 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.” READ MORE

Why are we talking about BAIN capital and the media has ignored completely OBAMA'S Economic record??

Has everyone noticed that the Catholic church is suing the US Government?

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Bain Backfire: Obama Camp in 'Full Damage Control Mode'

 

 by John Nolte

Today at the Chicago NATO Summit, Obama told the audience:

[Bain Capital] is not a distraction, this is what this campaign is gonna be about.

Meanwhile, back at campaign headquarters, Team Obama is in full meltdown mode after Newark Mayor Cory Booker went off script, undermining and mocking "what this campaign is going to be about."

ABC News:

The Obama campaign is in full damage-control mode one day after Newark Mayor Cory Booker publicly derided Democrats’ assault on presumptive GOP nominee Mitt Romney over his record at Bain Capital.
Chief Obama strategist David Axelrod today publicly rebuked Booker, a popular and high-profile surrogate for the campaign, saying he was “just wrong.”
“I love Cory Booker. He’s a great mayor. If I were, if my house was on fire, I’d hope he were my next door neighbor,” Axelrod said on MSNBC, referring to Booker’s rescue of a neighbor last month.
“I agree with what he said later. I think this was a legitimate area for discussion,” Axelrod said of Booker’s subsequent comments clarifying the issue. Read More

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