President Obama feels it is the government’s job to invest our money in business ventures. He believes the government can take the place of the free market.
The President has no problem giving our tax dollars to foreign entities with little planning and forethought. If he were the CEO of a private company, he would have been fired by now.
When Obama is not sending our money to a renegade U.N. that has no problem exporting our HP computers to Iran, he’s wasting it on solar investments that benefit foreign countries. Read about the computers at Fox News.
The Department of Energy just awarded a $25 million loan to a French solar company, Soitec, even though it had a net loss of $70 million last year and is in serious financial trouble.
The Foundry: …According to a company report, Soitec posted a gross profit of $63.1 million, down from $82.9 million the year before; operating losses of $57.3 million, down from an operating profit of $2.3 million the year before; and a net loss of $70.5 million, up from $22.4 the year before (all dollar amounts are converted from euros).
The company’s solar division was also deeply in the red. It posted operating losses of $56.2 million in the financial year that ended in March, up from an operating loss of $31.2 million the year before. Its gross profits were -244% of its sales for that year, meaning it lost about $2.44 for every dollar in sales it took in…
Last month, Solar Trust of America LLC, whose parent company is in Germany, would have been another failed Obama administration investment except the company turned down the offer of a loan for $2.1 billion. The company in America had nine employees – it was a real job producer (irony here). The company realized the investment (which involved Chinese products of course) was so bad that they turned down the loan. Read about it at Powerline blog.
In October of last year, SunPower, a solar company that is $820 million in debt, received a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project even though the new plants to make the panels will be built in Mexico. The government knew the company was failing when they awarded the loan.
How did a failing California solar company – SunPower – a company burdened by shareholder lawsuits – receive a loan twice the size of Solyndra? It might have something to do with California Democratic Rep. George R. Miller and his SunPower lobbyist son, George Miller IV, who pushed it. The company also made the requisite donations to California Democrats. Read more at Human Events.