Well, well, well, as predicted, Solyndra was the mere tip of the iceberg of the Obama Administration’s giving away our money to companies who were failing. Only this was was for a whole lot more, $1.2 billion to be exact.
The iceberg is finally being exposed:
As failed solar panel manufacturer Solyndra rides through the investigative ringer in Congress, revelations of another politically-connected company that received what appears to be a less-than-virtuous $1.2 billion loan guarantee are surfacing.
The company, SunPower, received its $1.2 billion loan guarantee in September, immediately before the program’s deadline.
SunPower isn’t as financially sound as the public was led to believe when it secured a loan guarantee twice the size of Solyndra’s $535 million loan. Just this week — less than a month after taxpayers landed on the hook for SunPower’s $1.2 billion loan guarantee — company executives announced that they expect to lower their 2011 earnings projections.
The company also carries $820 million in debt, which is $20 million more than its market capitalization.
House Energy and Commerce subcommittee on Oversight and Investigations chairman Rep. Cliff Stearns says the revelations are troubling.
No kidding – yes, it IS “troubling” that we were “misled.” I believe the phrase for which Rep. Stears was searching was this, “they lied to us.” Say it after me, “they lied to us.” You can do it.
“There is great cause for alarm over political influence contaminating the DOE loan guarantee program,” Stearns told The Daily Caller. “The documents that the White House dumped last Friday reveal a disturbing prevalence of wealthy donors and bundlers littered throughout the loan guarantee process, with direct access to the President’s West Wing inner circle.”
“The politicization of the loan guarantee process is quite troubling and is a subject our investigation does not take lightly — we are looking into this and will see where it leads us,” Stearns said. “After failing to respond to our September 20th request, we also have asked Secretary Chu for a second time to provide financial details and DOE communications on every loan guarantee to ensure loans were indeed awarded on the merits and were proper candidates for federal support.” (Click here to read the rest.)
“Troubling,” indeed, and it makes me wonder just how this keeps happening, and how it was allowed to happen.
I cannot help but wonder if Obama has “no regrets” over the news about this company, either, given his complete and utter disregard when asked about dropping half a bil with Solyndra. “No regrets,” he says. But I can tell him this – I care about tossing away this moeny to his freakin’ donors as they go bankrupt. I care a lot, even more now that the total is closer to $2 billion, not counting the 3/4 of a billion the government gave to Nancy Pelosi’s bro-in-law for his solar place in Nevada, of all states. That is not the least bit coincidental, I am sure.
I don’t know about you, but I am sick to death of this man acting like it is no big deal to treat our treasury like it is his own personal ATM to payback those jackwagons who supported this pathetic excuse of a man to be our president. They sure as hell are not too big to fail, and they can start right now by giving us our damn money back. Now.