As the now-bankrupt stimulus loan recipient Abound Solar filed for Chapter 7 (liquidation) bankruptcy in early July thanks largely to its defective modules, the Department of Energy still praised the company’s work as “innovative” and cost competitive...Actually, DOE is concerned that releasing the information would reveal DOE's failure to vet the company before giving it money, and to monitor it afterwards. Two key points that have managed to escape DOE's cover-up and find the sunlight.
And now, despite the fact that Abound no longer exists, DOE is still withholding public information about the company because it claims it would harm the inactive business’s competitive edge by disclosing trade secrets.
- The DOE funding was based in part on projections that the company would create 1200 permanent jobs. The actual number was around 280.
- Inside sources at the company revealed that corporate officials knew their panels were faulty before they received taxpayer dollars.
“Our solar modules worked as long as you didn’t put them in the sun...”The operation was a success but the patient died.
Responding to criticism, a DOE spokesman said “Because of the strong protections we put in place for taxpayers, the (DOE) has already protected more than 80 percent of the original loan amount...”
That's governmentese for "We lost 20 percent of the tax dollars we invested in this boondoggle."
Other choice tidbits about Abound Solar:
It is now under investigation by Weld County, Colorado (where the firm was located) authorities for fraud. The feds, of course, continue to defend their waste of our taxpayer dollars.We simply cannot afford four more years of this nonsense.
One of the company's major investors is an obama supporter who contributed large amounts to his campaign, and also bundled other contributions.
Ironically, the company went bankrupt on the eve of the second anniversary of President Obama praising the company as proof that his green energy initiative was working.
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