[GeronL]

giving massive amounts of cash to unprofitable companies is always a bad idea. Where is the incentive for them to do better if the loans are guaranteed by the taxpayer?

[SeekAndFind]

RE: “It was approved for one reason only: because it meets all the requirements of the program – helping America win the clean energy race and create entire new industries for American workers.”

______________________

And therein lies the problem. There was NOT a good business case for private capital to fund their venture.

In comes Obama’s team who gets to decide that tax payer money should be used to fund this idealistic venture WITH LITTLE CONSIDERATION FOR BUSINESS VIABILITY.

Result: Probably another Billion down the drain.

And Obama has the gall to lecture the wealthy that they’re no paying their fair share. TSK TSK TSK.

[USNBandit]

One only gets part of the story from this Fox News installment. If you want the real story go to Human Events and read their article on SunPower. It turns out the loan sweetened a friendly takeover by the French company at an extremely inflated stock price. That allowed insiders to execute discounted stock options and then sell their stock 3 weeks later for huge payoffs. The CEO made $11 million for himself.

All it cost them was $36,000 in political contributions for the 2010 election cycle. Not a bad return.