The American Thinker ^ | April 30, 2012 | Warren Beatty
....Obama was emphatic about how recovery money was to be spent......Eighty percent of the Department of Energy's (DOE) green loans, loan guarantees, and grants went to Obama backers....
...In March 2011, for example, the GAO examined the first 18 loans that were approved and found that none were properly documented. ... No notes were kept during the review process.....
Schweizer concludes, "DOE Inspector General Gregory Friedman......testified that contracts have been steered to "friends and family."
So with all that in mind, let's turn our attention to what has actually happened since Obama took office.
* SunPower, after receiving $1.5 billion from DOE, is reorganizing, cutting jobs.
* First Solar, after receiving $1.46 billion from DOE, is reorganizing, cutting jobs.
* Solyndra, after receiving $535 million from DOE, filed for bankruptcy protection.
* Ener1, after receiving $118.5 million from DOE, filed for bankruptcy protection.
* Evergreen Solar, after receiving millions of dollars from the state of Massachusetts, filed for bankruptcy protection.
* SpectraWatt, backed by Intel and Goldman Sachs, filed for bankruptcy protection.
* Beacon Power, after receiving $43 million from DOE, filed for bankruptcy protection.
* Abound Solar, after receiving $400 million from DOE, filed for bankruptcy protection.
* Amonix, after receiving $5.9 million from DOE, filed for bankruptcy protection.
* Babcock & Brown (an Australian company), after receiving $178 million from DOE, filed for bankruptcy protection.
* A123 Systems, after receiving $279 million from DOE, shipped some bad batteries and is barely operating. It cut jobs.
* Solar Trust for America, after receiving $2.1 billion loan guarantee from DOE, filed for bankruptcy protection.
* Nevada Geothermal, after receiving $98.5 million from DOE, warns of potential defaults in new SEC filings.
And that's a partial list....
(Excerpt) Read more at americanthinker.com ...
