Taxpayers Still Funding Dozens of Failing "Green" Companies
After the solar panel-making company Solyndra went bankrupt following the Energy Department's $528 million loan, American's are fed up with their tax dollars going toward fruitless “green” companies.
Well it's not even close to being the end of it.
CBS News has uncovered nearly a dozen more risky projects that the U.S. government has invested in. Your tax dollars are pouring into clean energy and receiving practically nothing in return. That's comforting, isn't it?
“It's not even a good junk bond, it's well below investment grade,” says economist Peter Morici, in reference to Standard & Poors rating of Beacon Power's project of a “dismal” CCC+ rating. “This level of bond has about a 70% chance of failing in the long term.”
But the government decided that a $43 million investment would be wise on this bond that is nearly destined to fail, according to Morici.
In fact, Beacon did go bankrupt two months ago and it's unclear whether taxpayers will get all their money back. And the feds made other loans when public documents indicate they should have known they could be throwing good money after bad.
It's been four months since the FBI raided bankrupt Solyndra. It received a half-billion in tax dollars and became a political lightning rod, with Republicans claiming it was a politically motivated investment.
CBS News counted 12 clean energy companies that are having trouble after collectively being approved for more than $6.5 billion in federal assistance. Five have filed for bankruptcy: The junk bond-rated Beacon, Evergreen Solar, SpectraWatt, AES' subsidiary Eastern Energy and Solyndra.
We can assure you that if the Solyndra tax payer's money dump didn't anger you enough, watching CBS's report on these 12 other companies and their completely abysmal track records following government funding will get your blood boiling.
“Tasking a Nobel Prize mathematician to make investments for the U.S. government is like asking the manager of the New York Yankees to be general in charge of America's troops in Afghanistan," Morici said. "It's that absurd.”+3
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