“This new factory is the result of those loans,” errr…

Posted: September 13, 2011 in Politicos, Really?
Taxpayers Rank Behind Solyndra Investors Under Obama’s Refinancing Deal

By William McQuillen – Sep 3, 2011 1:09 PM E

"...then we borrow $385 large from the people..."

The Obama administration let $385 million in taxpayer support for Solyndra Inc. take a back seat to funds from new investors in an unsuccessful effort to keep the solar-panel manufacturer operating.

The Energy Department decided the January refinancing represented the “highest probable net benefit” for the government, according to a government document obtained by Bloomberg News. Investors provided the company $75 million that became senior debt, ahead of all but $150 million of the federal government’s stake.

Solyndra said on Aug. 31 that it will file for bankruptcy reorganization next week in Wilmington,Delaware. The administration’s agreement to subordinate the government aid to new investment may add fuel to criticism by Republicans who have said President Barack Obama spent too much money pushing a favored company in the name of green energy.

the government had already advanced $460 million in loan guarantees and decided to continue investing in an effort to fend off threatened bankruptcy.

Read more:

"What a plan, love it, I don't understand it... but I LOVE it..

And we are supposed to believe that we are to put our faith into our government to save us? From what… American Recovery and Reinvestment Act?  


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