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Another $2 billion of taxpayer money lost on solar companies

By: georgeclymer28 (Diary)  |  April 3rd, 2012 at 10:43 AM  | 

RESIZE: AAA

Yesterday, Solar Trust of America filed bankruptcy.  Exactly a year ago, Obama’s DOE gave them a $2.1 billion loan guarantee to build a factory.  The plant was supposed to create 1,000 direct jobs and 7,500 indirect jobs.  Well, maybe for the attorneys.

BTW, the CEO had a background in commodities trading and property management.  Clearly, Steve Chu has serious skills as a venture capitalist!

 

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  • http://908StraightSt.wordpress.com/ mbecker908

    I don’t have time to go into details, but Powerline had an extensive article on this and the CEO, Mr. Schmidt, turned down the loan guarantee as “too risky”. There’s lots more to be critical of the administration on, but this one doesn’t cost us anything.