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View Full Version : Another $40-60 million down the Obama crapper



Hubie
06-28-2012, 08:57 PM
http://www.businessweek.com/news/2012-06-28/abound-solar-to-close-as-early-as-today-greentech-media-says


Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will suspend operations and file for bankruptcy because its panels were too expensive to compete.

Abound borrowed about $70 million against the guarantee, the Loveland, Colorado-based company said today in a statement. It plans to file for bankruptcy protection in Wilmington, Delaware, next week.

...

U.S. taxpayers may lose $40 million to $60 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, Damien LaVera, an Energy Department spokesman, said in a statement today.

Obama has the anti-Midas touch: everything he touches turns to shit.

Retread
06-28-2012, 11:21 PM
Green Company Creates Three Jobs In Three Years, Gets Another $80 Million From DOE

Department of Energy officials gave a New Hampshire-based biofuel company access to $80 million for a Michigan project that has already fallen short of job creation expectations, despite receiving another $40 million in state and DOE subsidies. “In September 2008, Mascoma [Corp.] pledged 70 jobs at the plant by the end of 2012. On Feb. 29 of this year, Mascoma reported to the MEDC that only three jobs had been created by the grant,” the Capitol Confidential (Mich.) reports today.”The company has been given the full $20 million from the state.”

Mascoma, a renewable energy company that specializes in cellulosic ethanol, received another $20 million for research and development from the Energy Department in 2008. The company warned the federal government, in its SEC filing, that it has “no experience in the markets in which we intend to operate” — which perhaps explains why it only created three jobs from 2008 to 2011, despite promising to create 70 jobs, according to Capitol Confidential...

Joel Gehrke, Beltway Confidential

Rockntractor
06-28-2012, 11:30 PM
Not a problem, Roberts court says the government can tax us in any and every way to make up for what they spend.

Starbuck
06-29-2012, 08:35 AM
..................Obama has the anti-Midas touch: everything he touches turns to shit.

Shitfinger?....:biggrin-new:

Hubie
06-29-2012, 12:59 PM
Shitfinger?....:biggrin-new:

Where's James Bond when you need him?

m00
06-29-2012, 01:09 PM
despite receiving another $40 million in state and DOE subsidies. “In September 2008, Mascoma [Corp.] pledged 70 jobs at the plant by the end of 2012.

So wait, the plan was that they were creating jobs at over half a million each?

Retread
06-29-2012, 04:08 PM
despite receiving another $40 million in state and DOE subsidies. “In September 2008, Mascoma [Corp.] pledged 70 jobs at the plant by the end of 2012.

So wait, the plan was that they were creating jobs at over half a million each?

And ended up closer to $30 mill ea.