suitanim
09-11-2012, 11:59 AM
Here's the breakdown:
Angus King, DEMOCRAT governor of Maine, passes a law back in '97 mandating the state derive 30% of it's power form wind. He then founds a wind power company to take advantage of his own law. Now, even though this wind company had $127 million in liquid capital on hand to invest in this project, they applied for and accepted a 102 million dollar spendulous loan from Hopey's DOE (these loans were supposed to ONLY be for companies that couldn't get private monies, which sort of raises a red flag on it's own, but that's another issue) to build a wind farm.
60% of that spendulous money went directly.....................offshore to European wind turbine makers.
The House decided to investigate after the Solyndra debacle. Just TWO DAYS before the investigation started, King sold all his shares in Independent Wind, ostensibly to avoid a conflict of interest as he was gearing up for a Senate run. He claims that the timing was (and I quote him) "an amazing coincidence". In August this year, the first payment on the 102 million dollar loan came due, $23 million. Is the company doing well enough to pay the loan? Or is it hurting and can't make the payment?
We don't know, because they applied for, and received a $33 million dollar government GRANT (not a loan, "free" cash), also amazingly coinciding with their first payment. As the article points out, either the company is struggling, and the government is once again bailing out and subsidizing losing propositions, OR it's doing fine and we just gave taxpayer monies to a company that doesn't need it.
http://www.breitbart.com/Big-Government/2012/09/10/angus-king-solyndra-Obama-Department-of-Energy
Angus King, DEMOCRAT governor of Maine, passes a law back in '97 mandating the state derive 30% of it's power form wind. He then founds a wind power company to take advantage of his own law. Now, even though this wind company had $127 million in liquid capital on hand to invest in this project, they applied for and accepted a 102 million dollar spendulous loan from Hopey's DOE (these loans were supposed to ONLY be for companies that couldn't get private monies, which sort of raises a red flag on it's own, but that's another issue) to build a wind farm.
60% of that spendulous money went directly.....................offshore to European wind turbine makers.
The House decided to investigate after the Solyndra debacle. Just TWO DAYS before the investigation started, King sold all his shares in Independent Wind, ostensibly to avoid a conflict of interest as he was gearing up for a Senate run. He claims that the timing was (and I quote him) "an amazing coincidence". In August this year, the first payment on the 102 million dollar loan came due, $23 million. Is the company doing well enough to pay the loan? Or is it hurting and can't make the payment?
We don't know, because they applied for, and received a $33 million dollar government GRANT (not a loan, "free" cash), also amazingly coinciding with their first payment. As the article points out, either the company is struggling, and the government is once again bailing out and subsidizing losing propositions, OR it's doing fine and we just gave taxpayer monies to a company that doesn't need it.
http://www.breitbart.com/Big-Government/2012/09/10/angus-king-solyndra-Obama-Department-of-Energy