Skip to comments.Forget Bain — Obama’s public-equity record is the real scandal
Posted on 05/25/2012 8:34:36 AM PDT by Kaslin
Despite a growing backlash from his fellow Democrats, President Obama has doubled down on his attacks on Mitt Romneys tenure at Bain Capital. But the strategy could backfire in ways Obama did not anticipate. After all, if Romneys record in private equity is fair game, then so is Obamas record in public equity and that record is not pretty.
Since taking office, Obama has invested billions of taxpayer dollars in private businesses, including as part of his stimulus spending bill. Many of those investments have turned out to be unmitigated disasters leaving in their wake bankruptcies, layoffs, criminal investigations and taxpayers on the hook for billions. Consider just a few examples of Obamas public equity failures:
● Raser Technologies. In 2010, the Obama administration gave Raser a $33 million taxpayer-funded grant to build a power plant in Beaver Creek, Utah. According to the Wall Street Journal, after burning through our tax dollars, the company filed for bankruptcy protection in 2012. The plant now has fewer than 10 employees, and Raser owes $1.5 million in back taxes.
● ECOtality. The Obama administration gave ECOtality $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states. Obama even hosted the companys president, Don Karner, in the first ladys box during the 2010 State of the Union address as an example of a stimulus success story. According to ECOtalitys own SEC filings, the company has since incurred more than $45 million in losses and has told the federal government, We may not achieve or sustain profitability on a quarterly or annual basis in the future.
(Excerpt) Read more at washingtonpost.com ...
Romney camp needs to scream these injustices from the roof tops. Also needs to hold this issue close as it could come in handy for an nice rebuttal in a future debate about investing money wisely.
Obama needs to be fired
Amazing...just amazing...and NOTHING NOTHING! will be done about this filthy disgusting imposter!!!
He will get his notice on November 6 if we all stick together and then on January 20, 2013 he will be evicted from the Peoples House
Well, if Romney follows the standard GOP playbook, he'll "take the high road" -- all the way to defeat....
Romney can wrap this around Obama’s neck.
This is from the WAPO ???????