CBS' Sharyl Attkisson reported today about more Solyndra-type solar compamnies that received DOE loans and that have now gone bankrupt. CBS identified 11 companies at risk, for a total of $6.5 Billion in loans.
See CBS video here: Tax-dollars-backing-some-risky-energy-projects
See documents here: Beacon_Power_Docs
Further commentary: Media Bias on Solyndra
Even worse, it appears DOE encouraged Solyndra to delay releasing its bankruptcy filing until after the November elections, for obvious reasons. For Beacon Power, DOE knew the risk was worse than a junk bond, with a 70% chance of failure. Some of the companies and loan amounts involved were:
- Beacon Power, $43 Million, S&P Rating of CCC+
- Nevada Geothermal, $98,5 Million
- Evergreen Solar, $
- Solyndra, $535 Million
- SunPower, $1.2 Billion
- First Solar, $3 Billion
- AES subsidiary Eastern Energy - bankrupt
- SpectraWatt - bankrupt
Once again we prove that the Government should not be picking winners and losers by playing venture capitalist. Steven Chu, the DOE Director is a physicist, not a venture capitalist. DOE even built in $2.4 billion in loan losses into the program. Is this the way to manage the People's money?
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