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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The Last Sip!

Solyndra for sale: Inside company's vacant production plant

By Claudia Cowan

For sale: manufacturing and office facility with 411,618 square feet, state of the art electrical, air, and power distribution systems -- and a troubled past. As part of its bankruptcy proceedings, Solyndra is reportedly very close to landing a buyer for its California plant. Fox News toured it to see what the new owners will get for their multi-million dollar investment.

Though partly covered up by sheets of paper to filter the sunlight, the glass windows of this very "green" building create an atmosphere of gleaming newness. Indeed, Solyndra built the facility from the ground up, spending $300 million for a project that was completed in October, 2010. During a visit that year, President Obama heralded Solyndra as "proof that the promise of clean energy isn't just an article of faith."

For a time, assembly lines hummed as Solyndra launched its unique technology, producing cylindrical panels of CIGS thin-film solar cells. Work abruptly stopped last September when the company declared bankruptcy, 1,100 people found themselves out of a job, and FBI agents raided the compound. The federal investigation continues into how a start-up that had received a half-billion dollar federal loan guarantee could suddenly fail.

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