Another Solar Energy Company Filed for CH 11 Bankruptcy Protection

by on February 9th, 2011
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What will it take to focus the national spotlight on everyone involved in loan guarantees, from the controversial Department of Energy (DOE) to Sr. advisors at the White House? What will it take to criminally indict individuals recommending loan guarantees without any oversight over projects funded with tax payer money? Where is the accountability?

A month ago, the DOE made loan guarantees to six other solar energy projects costing $5.6 billion in tax payer money. Based on the Solyndra Inc. example, and now Beacon Power Corp, we should ask how long before the newly funded companies file for Ch11? Of course, the Energy Department did not stop at loan guarantees for solar companies. Last week, electric car maker “Fisker, received a $529 million federal government loan to produce electric cars in Finland.

This only demonstrates a lack of involvement and oversight by the Obama administration. What is happening at the DOE, likewise occurs at the Department of Defense where big ticket items such as the Lockheed Martin F-35s, will cost the taxpayer in excess of $150 million for a single aircraft. At Lockheed Martin, numerous cost overruns on the three F-35 variants forced the Pentagon to reduce the buy of F-35 aircraft from 35 to 30 aircraft in order to cover cost overruns incurred in earlier production lots.

Now that the scandal plagued Solyndra name once more circulated through the media, it is peculiar to see the White House jumping on the band wagon, in announcing it too will review Energy Department loans. The announcement comes on the heels of an expected vote this week by House Republicans to subpoena White House documents related to all Solyndra communication.

To the observer, it must confirm what many conservatives have said for some time, White House spending is out of control and without any oversight or accountability. This must be the reason why Republicans refused to sign blank checks on upcoming Obama’s spending projects.


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