Mitt Romney has a Solyndra-like failure in his past, too: report [Oops...]

New York Daily News ^ | 2 June 2012 | Jonathan Lemire

[Yashcheritsiy]

Mitt Romney has made a bankrupt solar power company the symbol of President Obama’s inability to jumpstart the economy - but he has a similar failure on his resume, according to a report.

Romney has repeatedly ripped the Obama administration for sending federal funds to Solyndra, a California alternative energy company that went belly-up.

Decrying the White House’s decision to give Solyndra a $535 million federal loan as “crony capitalism,” Romney even held a surprise campaign stunt at the Bay Area plant Thursday.

But a day later, a Massachusetts solar panel company that received a state grant while Romney was governor filed for bankruptcy, according to the Boston Herald.

Romney personally awarded a $1.5 million renewable energy subsidy to Konarka Technologies, based in Lowell, a short time after he took office in 2003, the paper reported.

That company filed for Chapter 7 bankruptcy protection and laid off 85 workers.

[Yashcheritsiy]

D'oh!

[EQAndyBuzz]

You mean alternative energy didn’t work in 2003?

Romney made mistakes, Obama didn’t learn from them.

[saganite]

Lets see. 1.5 million in 2003 vs nearly 500 million in 2010. Hmm, I don’t see he connection.

[PhiloBedo]

1.5 vs 550 million.... not accounting for inflation.

[Pietro]

$1.5M vs $535M.............

Yeah, that sounds like a winning arguement.

[Yashcheritsiy]

So it’s okay to waste taxpayer monies on “green jobs” boondoggles as long as the increments are small enough.

[b4its2late]

Yeah, maybe he did. But $1.5 million compared to $535 million is truly apples to oranges.

[saywhatagain]

Yeah I agree

This is not about defending Mittens. This is about the idiotic logic of Axle and the media

Using NY Daily figures

20 million in Govt grants (1.5) from Mittens vs 535 from Abamo

11 year history vs 2 years

This is their best shot? This is embarrassing to watch

[JewishRighter]

Romney authorized 1.5 million in 2003. They file for Bankruptcy in 2012. According to Wikipedia:

As of 2006, Konarka has received $60 million in funding from venture capital firms including 3i, Draper Fisher Jurvetson, New Enterprise Associates, Good Energies and Chevron Technology Ventures. [2] Konarka has also received nearly $10 million in combined grants from the Pentagon and European governments, and in 2007 was approved for further funding through the Solar America Initiative, a component of the White House’s Advanced Energy Initiative. [3] The company raised a further $45 million in private capital financing in October 2007 in a financing round led by Mackenzie Financial Corporation. [4]

Obama bet 1/2 a billion on Solyndra when he was being warned they were about to go under. The cases couldn’t be more different unless Konarka made pot-bellied stoves.

[saganite]

No. But you have to look at the time frame. The Mass. Company received that grant in 2003 and declared bankruptcy this year. It was an ongoing concern in the interim. Trying to tie that in with Solyndra, which was nothing more than a payoff to donors, is no more than gotcha politics. The two examples are or even related.

[Yashcheritsiy]

“Governour CEO” is gonna save us ping!

[cripplecreek]

I ain’t gonna hold my breath. Progressive globalists are all the same.

[liberalh8ter]

Let's see....Romney awards grant to solar company in 2003 and company files for bankruptcy 9 years later, as a result of Obama's economic policies. Obama funnels taxpayer money through a solar company (that the Bush administration previously declined to finance) to campaign bundlers and the company files for bankruptcy within the year (as soon as the money is gone).

Obama ruins the economy and when the consequences of his policies destroy business, he digs up a decades old grant and somehow tries to compare Romney oranges to Obama road apples. It's exactly the same.....but different.

[Popman]

Wow....Mittens pulled an Obama....before Obama pulled an Obama.../ s

These stories are related like the Orwell Brother first flight to the first lunar landing ..

Same template....but way different scenarios...

[God luvs America]

$500mill is just the tip of the iceberg....

[muir_redwoods]

"Romney personally awarded a $1.5 million renewable energy subsidy to Konarka Technologies, based in Lowell, a short time after he took office in 2003, the paper reported."

If he did it "personally" it wasn't state money. If he did it as governor, it was because the state house of representatives and the state senate passed it. I'm no fan of Romney but this is a reach.

[Ramcat]

Lets see. 1.5 million in 2003 vs nearly 500 million in 2010. Hmm, I don’t see he connection.

I'm sure that you see that for the Democrats this election is a battle for the minds of the weak!

As always.

[saywhatagain]

this election is a battle for the minds of the weak!

Absolutely! You all saw where "they" are now accusing Scott Walker of having a "love child" from his college days

reprehensible

as you say it is a battle for the minds of the weak

[SoFloFreeper]

But a day later, a Massachusetts solar panel company that received a state grant while Romney was governor filed for bankruptcy, according to the Boston Herald.

See: the 10th Amendment. States are free to make stupid mistakes with their taxpayers' money. The federal government was never given that authority.

[VeniVidiVici]

Romney authorized 1.5 million in 2003. They filed for Bankruptcy in 2012.

D'oh!