energy

More than $6.5 billion in taxpayer dollars have been wasted on Solyndra and 11 other green energy failures

Saturday, January 21, 2012 by: Ethan A. Huff, staff writer
Tags: Solyndra, green energy, failures

eTrust Pro Certified

Delicious Pin It
(NaturalNews) Just a few months ago, FBI agents raided the headquarters of now-bankrupt solar panel company Solyndra, which received more than half-a-billion dollars in federal stimulus funds as part of the federal government's green energy stimulus initiative. But according to a new investigation by CBS News, the Solyndra scandal is just the tip of the iceberg, as at least 11 other green energy companies have either already failed, or are on the verge of failing, taking with them more than $6.5 billion in taxpayer money.

The federal government has basically been on an unbridled spending spree for the past several years, pumping billions of taxpayer dollars into risky green energy start-ups that were huge financial risks, and that in some cases were obvious bad investments. And now that these companies are failing, everyone is asking whether or not those involved will be held responsible, and whether or not taxpayers will get their money back.

Sharyl Attkisson from CBS News writes that, besides Solyndra, four other green energy companies that received taxpayer stimulus funds have filed for bankruptcy in recent days, and many others are on the brink. These include Beacon Power, Evergreen Solar, SpectraWatt, and Eastern Energy, a subsidiary of AES.

According to Attkisson's analysis, Beacon Power, for instance, was already known to have had a dismally low bond rating before the government decided to hand over $43 million in taxpayer money. Standard & Poor (S&P) had allegedly given the company a confidential rating of "CCC-plus," which is the equivalent of a "junk" bond.

Another company, Nevada Geothermal, had indicated potential defaults in US Security and Exchange Commission (SEC) filings long before the Energy Department decided to give the company nearly $100 million in taxpayer money -- so why was it chosen to receive this cash infusion?

And First Solar, a company that BusinessWeek says was the "worst performer" on the S&P 500 Index in 2011, was awarded a whopping $3 billion in taxpayer money. A producer of thin-film solar panels, First Solar dropped 73 percent on the S&P index throughout the year, and also had to let its CEO go -- but the company reportedly spent millions lobbying the Obama administration prior to receiving its exorbitant grants.

All this mismanagement of taxpayer dollars, of course, can be traced directly back to the Obama administration's Energy Department, which not only carelessly invested the people's money without properly assessing the viability of the companies involved, but is also now neglecting to take responsibility for these behemoth failures that have ransacked the public purse.

Sources for this article include:

http://www.cbsnews.com/8301-505263_162-57358484/tax-dollars-backing-some-risky-energy-projects/

http://www.businessweek.com/news/2011-12-28/first-solar-outspent-bp-in-california-while-building-support.html

http://www.naturalnews.com/033606_Solyndra_emails.html

Get breaking news alerts on GMOs, fluoride, superfoods, natural cures and more...
Join over four million monthly readers. Email privacy 100% protected. Unsubscribe at any time.


Have comments on this article? Post them here:

comments powered by Disqus

Take Action: Support NaturalNews.com

Email this article to a friend

Permalink to this article:

Reprinting this article: Non-commercial use OK, cite NaturalNews.com with clickable link.

Embed article link: (copy HTML code below):
Most Popular
Today | Week | Month | Year

See all Top Headlines...



GET SHOW DETAILS
+ a FREE GIFT

Now Available at ShopNaturalNews.com

O3 Essentials OraJuvenate™
A powerful, cleansing dental cream for maximum oral/dental health.
New Cancer Solutions
Over 3 hours of content covering today’s best cancer tests, how to kill cancer cells and the best diets and exercise routines.
Freeze-Dried 100% Organic Whole Corn
Our freeze-drying method preserves taste, texture and nutrients better than any other food preservation method ever invented.
Fenix TK35 Flashlight
Tough, waterproof, extremely bright and it’s touted to throw an 800+ lumen beam more than 1,000 feet into the night.
Inca Treasure Smoothie Pack
This pack of our four most popular superfoods from South America is the perfect combo pack for smoothie lovers.
Pink Himalayan Salt
This salt delivers significant levels of magnesium, zinc and selenium, with trace levels of dozens of other elements.
Pinhole Glasses - Aviator Style
Pinhole glasses are becoming famous for helping people improve their vision without the risks of laser surgery.
Oxy-Rich Facial Serum
O3 Essentials Jojoba Oxy-Rich Facial Serum is cellular nourishment for your skin. Helps smooth fine lines while enhancing tissue elasticity.
Freeze-Dried 100% Blackberry Halves
Our freeze-dried blackberry halves are grown in Serbia under strict organic standards.

Also on NaturalNews:

Health Ranger Videos
Activist music
CounterThink Cartoons
Food documentaries
FREE Special Reports
Podcasts
Colloidal Silver

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...

Most Popular Stories

Flu shot kills 19-year-old, but vaccine industry still has total immunity against lawsuits
Here's a nutty fact: Eating more tree nuts lowers the risk of all-cause death by up to 20 percent
Six important facts you're not being told about lost Malaysia Airlines Flight 370
Malaysia Airlines Flight 370 now clearly a government cover-up: All evidence contradicts official story
10 other companies that use the same Subway yoga mat chemical in their buns
BLM fracking racket exposed! Armed siege and cattle theft from Bundy ranch really about fracking leases
High-dose vitamin C injections shown to annihilate cancer
U.S. treating meat with ammonia, bleach and antibiotics to kill the '24-hour sickness'
USDA to allow U.S. to be overrun with contaminated chicken from China
Vaccine fraud exposed: Measles and mumps making a huge comeback because vaccines are designed to fail, say Merck virologists
Battle for humanity nearly lost: global food supply deliberately engineered to end life, not nourish it
Diet soda, aspartame linked to premature deaths in women

25 Amazing Facts About Food

This FREE downloadable report unveils a collection of astonishing and little-known facts about the food we eat very day. Click here to read it now...

 

Resveratrol and its Effects on Human Health and Longevity - Myth or Miracle.

Unlock the secrets of cellular health with the "miracle" nutrient Resveratrol Click here to read it now...

 

Nutrition Can Save America

FREE online report shows how we can save America through a nutrition health care revolution. "Eating healthy is patriotic!" Click here to read it now...

The Healing Power of Sunlight and Vitamin D

In this exclusive interview, Dr. Michael Holick reveals fascinating facts on how vitamin D is created and used in the human body to ward off chronic diseases like cancer, osteoporosis, mental disorders and more. Click here to read it now...

Vaccines: Get the Full Story

The International Medical Council on Vaccination has released, exclusively through NaturalNews.com, a groundbreaking document containing the signatures of physicians, brain surgeons and professors, all of which have signed on to a document stating that vaccines pose a significant risk of harm to the health of children. Click here to read it now...

Health Ranger Storable Organics

GMO-free, chemical-free foods and superfoods for long-term storage and preparedness. See selection at www.StorableOrganics.com



Recommended Resources On:

Natural News trends
Health Ranger news
Natural News GMOs
Mike Adams tracker
Natural News photos
Natural News Global
Natural News in focus
Natural News connect
Natural News shocking stories
Natural News radar
GMOs
Quackwatch
Vaccines
Health freedom
Dr. Paul Offit

This site is part of the Natural News Network © 2014 All Rights Reserved. Privacy | Terms All content posted on this site is commentary or opinion and is protected under Free Speech. Truth Publishing International, LTD. is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. Truth Publishing assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published here. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

eTrust Pro Certified Android app on Google Play

Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of NaturalNews.com, the internet's No. 1 natural health news site. (Source: Alexa.com)

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.