Obama's record in public equity is 'not pretty'
President's attacks on Mitt Romney's private equity may backfire
President Barack Obama's strategy to attack Mitt Romney's tenure at Bain Capital could backfire in ways Obama did not anticipate. If Romney's record in private equity is fair game, then Obama's record in public equity is far from attractive.
The White House gave ECOtality $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states.
A few of Obama's most notable failures follow below --
-- Raser Technologies. The Obama administration gave Raser a $33 million taxpayer-funded grant in 2010 to build a power plant in Beaver Creek, Utah. After burning through tax dollars, the company filed for bankruptcy protection in 2012. The plant now has fewer than 10 employees, owing $1.5 million in back taxes.
-- ECOtality. The White House gave ECOtality $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states. According to ECOtality's own SEC filings, the company has since incurred more than $45 million in losses and has told the federal government, "We may not achieve or sustain profitability on a quarterly or annual basis in the future."
-- Nevada Geothermal Power. The Obama administration gave NGP a $98.5 million taxpayer loan guarantee in 2010. The company is in "financial turmoil," according to the New York times, and that "[a]fter a series of technical missteps that are draining Nevada Geothermal's cash reserves, its own auditor concluded in a filing released last week that there was 'significant doubt about the company's ability to continue as a going concern.'?"
-- First Solar. The Obama administration provided First Solar with more than $3 billion in loan guarantees for power plants in Arizona and California. The company has since "fell to a record low in Nasdaq Stock Market trading May 4 after reporting $401 million in restructuring costs tied to firing 30 percent of its workforce."
-- Abound Solar, Inc. President Obama gave Abound Solar a $400 million loan guarantee to build photovoltaic panel factories. In February the company halted production and laid off 180 employees, according to Forbes.
-- Beacon Power. The president gave Beacon, a green-energy storage company - a $43 million loan guarantee. At the time of the loan, "Standard and Poor's had confidentially given the project a dismal outlook of 'CCC-plus.' " In the fall of 2011, Beacon received a delisting notice from Nasdaq and filed for bankruptcy.
Obama's "good ol' boy" policies are catching up with the administration. According to Politico, "The Energy Department's inspector general has launched more than 100 criminal investigations" related to the department's green-energy programs.
Now the man who made Solyndra a household name says Mitt Romney's record at Bain Capital "is what this campaign is going to be about."
© 2012, Catholic Online. Distributed by NEWS CONSORTIUM.
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Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: Presdient Obama, equity, failed businesses, Solyndra, ECOtotality
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