Saturday, September 03, 2011

After Solyndra

Taxpayers are now on the hook for a $535 million loan to bankrupt solar panel maker Solyndra. A top Obama donor -- billionaire George Kaiser -- now claims he didn't use his political influence to secure the federal loan.

The foundation of Tulsa billionaire George Kaiser said it took a hit like all other investors in Solyndra, which this week shuttered its plant and laid off 1,100 workers. The California-based solar panel manufacturer won a $535 million government-backed loan to spur clean-energy innovation, but now taxpayers may be obligated to pay it back...

...In a Thursday statement, the George Kaiser Family Foundation said Kaiser, a major fundraising bundler for Obama, is not personally invested in Solyndra and “did not participate in any discussions with the U.S. Government regarding the loan.” ...[But] Kaiser has been a frequent White House visitor.

The recent failure of at least three major solar companies like Solyndra hasn't stopped the magnanimous bureaucrats at the Department of Energy from awarding $145M in "solar grants" (with your money, of course):

In a week when the solar energy sector has been under fire, MIT and two Massachusetts are among the beneficiaries of a U.S. Department of Energy solar technologies program that has awarded $145 million to 69 organizations in 24 states.

The DOE SunShot initiative is designed to help shape the next generation of solar energy technologies, according to a news release from the agency...

American taxpayers have been funding the solar power delusion since the era of Jimmy Carter.

It's about time we disbanded the Department of Energy's "green initiatives" program which has a perfect return-on-investment: zero for many billions of dollars.


Katielee4211 said...

Should someone follow the money trail?

mrt said...

"The foundation of Tulsa billionaire George Kaiser said it took a hit like all other investors in Solyndra"

It'll be VERY interesting to see if Kaiser and/or 'all other investors' try to claim any Solyndra losses on their tax returns.