Bankrupt solar firm

Sounds about like Range Fuels but RF was on a lot smaller scale. I remember how well the country worked prior to the DOE being organized and set up. Their purpose, I thought, was to lower the cost of energy. Now after billions of dollars we have not made a dent in it at all.

__________________
Jim

Solargate...

http://bottomline.msnbc.msn.com/_news/2011/09/14/7759207-white-house-ignored-red-flags-in-loan-to-failed-solar-company?GT1=43001
watch the vid clip.

".....They would run out of cash by Sept. 2011"....

and by-cracky, they did'nt dissapoint!


Irony of Ironies: ExxonMobil one of the ads ad at beginning of clip!

Right. They hit their projection. What's the problem?

That's a big ol' loan they got. They must have put on quite a dog-and-pony show.

.....or made quite a campaign contribution?


You know, I audited a for profit subsidiary of a local hospital some years ago, when the CW then was for hospitals to buy up local GP and internist practices. So, in the first two years, they blew throught about 2.5 milion. I wondered about a "going concern" problem and if I would need to disclose something in the audited statements. I was relieved to find the business plan projected cumulative losses of up to 5 million dollars in the first 5 years.

I was more relieved in year 3 when a retired corp. executive was named Chairman of the parent NP board and pulled the plug on it.
I hate stupidity and waste, whatever the cause.

In the instant example, both were likely present...in spades.
(my $.02)

Solyndra $528 million tax payer dollars - Range Fuels $162 million taxpayer dollars, pikers by comparison!

From the article the information available thus far points to a much greater priority on the photo-op value for the administration rather than any realistic business success potential.

Here in MA. Obama's Mini-Me Deval "Cadillac" Patrick did the same thing with Evergreen Solar to the tune of $58 million taxpayer dollars.