Skip to comments.Solyndra Fallout Stalls Energy Loans
Posted on 04/05/2012 7:38:13 AM PDT by Oldeconomybuyer
The Energy Department was in such a rush three years ago to issue a loan to solar-panel maker Solyndra LLC that it gave the Treasury Department only a day to review the deal, according to a government report released Wednesday.
Today, the situation is the opposite, industry officials say: The department is putting loans through such exacting reviews that some renewable-energy funds look as if they never will be disbursed.
The issue came into focus Tuesday when the new chief executive of Fisker Automotive Inc. said the company would consider giving up on a hybrid-electric car factory in Delaware and building it overseas if it can't secure its financing.
Until recently, the cornerstone of that financing was to come from a $529 million loan by the Energy Department. Vice President Joe Biden visited the sitea closed General Motors Co. GM -0.36% plantin October 2009 when the deal was approved and touted it as a part of a strengthening of American manufacturing.
(Excerpt) Read more at online.wsj.com ...
Saw a Fisker Karma the other day in Chicago. Nice. At $100K per copy I’m guessing the driver was an Obama supporter.
The reason for the delay is really quite obvious. Until President Obama’s 2012 campaign bundlers perform, no one knows who is eligible for the government money. As the article mentions, there’s plenty still available. Now the bundlers have to prove they deserve some of it, well, all of it actually.
“The issue came into focus Tuesday when the new chief executive of Fisker Automotive Inc. said the company would consider giving up on a hybrid-electric car factory in Delaware and building it overseas if it can’t secure its financing.”
WTH is the government doing in the business of financing expansion plans for private companies, previously the business of banks? Oh, that’s right, the government has their boot on the throat of banks and now the government is in the position of picking winners and losers in the private industry. Transform America indeed. Mission Accomplished.
Since Congress only got about 6 hours to even READ the Obamacare bill, I guess that is the best tactic the Democrats have...
Here iit is: VOTE NOW.
Yeah!! Send that un-disbursed money back to the taxpayers you stole it from! I'm waiting for my check!
When you see this sign, check your mailbox.