Posted on 11/17/2011 6:31:03 AM PST by Hojczyk
It has to do with a “green energy” company called BrightSource Energy Inc., which develops solar energy products (or intends to someday, anyway). In 2010, BrightSource was in deep trouble. It was $1.8 billion in debt and was losing money hand over fist–a $71.6 million loss on a mere $13.5 million in revenue. A company destined to go down the drain, one would think. But no! The Obama administration bailed out BrightSource to the tune of a cool $1.4 billion in loan guarantees.
How could that possibly have happened? Well, start with the fact that the principal investor in BrightSource is VantagePoint Partners. Robert F. Kennedy, Jr. is a Venture Partner in VantagePoint. But BrightSource had an even more valuable contact than that:
Sanjay Wagle…was one of the principals in Kennedy’s firm who raised money for Barack Obama’s 2008 presidential campaign. When Obama won the White House, Wagle was installed at the Department of Energy (DOE), advising on energy grants.
Well, that was convenient! So BrightSource got its $1.4 billion. BrightSource isn’t out of business yet, but how promising was the Obama administration’s investment? Check out the registration statement for the company’s IPO. This is from the discussion of risk factors:
This offering involves a high degree of risk. … We have generated substantial net losses and negative operating cash flows since our inception and expect to continue to do so for the foreseeable future as part of the development and construction of solar thermal energy projects using our systems.
(Excerpt) Read more at powerlineblog.com ...
$1,400,000,000 billion in loan (tax payer) guarantees?
Being a Kennedy means never having to pay the price for any of your f***-ups.
According to their report, the stimulus bill of 2009 included $80 billion in funds for these kinds of projects. $80 billion of taxpayer money for Obama to reward his friends and win new ones as part of his re-election campaign, which started the day after the 2008 election.
Why bother even reading any of this anymore? The gutless GOP will ignore it or gloss it over. They will claim that they are helpless and will not make themselves look “mean spirited” by actually going after the criminal democrat party but will instead pass it off in the spirit of bipartisanship. If the democrats started arresting and “disappearing” conservative opponents our worthless representatives would just wonder out loud about what crimes were committed to bring this on. We have entered the era of taxation with no representation and no protections from our government or the now trashed Constitution. Worthless domestic enemies one and all.
Bfl. FOGOP!!!
How can a company with $13 million in revenue borrow 1.4 Billion—even from the government, and lose it to boot? They should be too small to generate that kind of loss, even if the business model is grossly unprofitable.
Exactly. “Another” scandal? I’m waiting for the media to actually cover any of them.
If Solyndra, Fast and Furious, and power-grabbing Executive Orders had happened under Bush like they are going on with “the One”, Bush would have been impeached by now.
PRECISELY.
This appears to be the most Crooked Administration in the History of America ???????
According to Fox News this morning there appears to have been an unnamed green czar who was working to speed up green loans - I wonder if Sanjay Wagle is the guy... Hum???
No problem all the alleged Romney voters could care less..
Thats WHY?... they are Romney voters...
What you said. Hell, they ought to make King Zero dictator for life and get it over with.
silly person....
that's why they're (prospective) Rombot voter(s)
....they're clinically brain-dead...drones
(to see your future, ruled by the Marxist American
Nomeklatura, administered by torpid apparatchik.)
Look @ the Detroit / Chicago axis (Liberal) Paradise...
Just look @ it , just don't go there.
The list, ping
Let me know if you would like to be on or off the ping list
And the OCCUPY protesters know they are protesting the fat cats seated by Obama.How could they as they have been paid with God knows who’s money to say what mister SOB corrupt organizer told them too.
How about POLITICO work on a story of the Obama’s law practices.Can they practice law?Was Obama a professor?If so where are the college records?
Romney voters are mostly ex-democrats..
and other silly women...
Time to send all of DC packing at the first opportunity, IMO.
...That looks like this, $1,400,000,000,000,000,000. 1.4 quintillion. (-;)
What’s another obama scandal? He gets a pass on everything.
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