Solyndra Part II: Second Energy Company Given Huge Loan By Obama Regime About To Go Belly Up…
That giant flushing sound you hear is $145 million in taxpayer dollars going down the drain.
WASHINGTON (NYT) — In a remote desert spot in northern Nevada, there is a geothermal plant run by a politically connected clean energy start-up that has relied heavily on an Obama administration loan guarantee and is now facing financial turmoil.
The company is Nevada Geothermal Power, which like Solyndra, the now-famous California solar company, is struggling with debt after encountering problems at its only operating plant.
After 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.”
It is a description that echoes the warning issued in 2010 by auditors hired by Solyndra, which benefited from the same Energy Department loan guarantee before its collapse in August caused the Obama administration great embarrassment.
The parallels between the companies illustrate the risk inherent in building the clean energy marketplace in the United States, government officials and industry experts say. Indeed, the loan guarantee program exists precisely because none of these ventures are a sure bet.
There are important differences between the fate of Nevada Geothermal and Solyndra, the maker of solar panels that has filed for bankruptcy.
The amount of money the federal government has at stake with Nevada Geothermal — a loan guarantee of $79 million plus at least $66 million in grants — is much smaller than the $528 million investment in Solyndra. There have been no allegations of wrongdoing by Nevada Geothermal or its Blue Mountain, Nev., plant.
Posted by ZIP on Monday, October 3, 2011, at 1:46 pm | 
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We were warned that Solyndra was only the tip of the iceberg when it came to “Green Energy” corruption.
There are many more of these failing ventures about to go belly-up.
It is solidly tied to repayment of campaign “debts”.
We know it, they know it, the Media knows it.
But, no one will say anything because it’s good for the environment.
“The amount of money the federal government has at stake with Nevada Geothermal — a loan guarantee of $79 million plus at least $66 million in grants — is much smaller than the $528 million investment in Solyndra. There have been no allegations of wrongdoing by Nevada Geothermal or its Blue Mountain, Nev., plant” <– yet.
Hippy Wall Street protesters will be all over this! Big Corporate getting in bed with Big Government to screw the little guy out of his tax dollars!
Any minute now…
Oh, forget it.
WHY IS THE GOVERNMENT IN THIS BUSINESS? Very simply, if it were a successful business model, then venture capitalists would be lining up to invest money. It’s only when they are not lined up that a failure-waiting-to-happen bellies up to the government. Jeez when are those freaking Keynsians going to learn – government is the PROBLEM not the SOLUTION!!!
Another sound investment by the venture socialism company, Obama incorporated. O inc. O inc has unlimited funds available, and is backed by it’s subsidiary, the United States of America.
There is no doubt that Solyndra should not be the model by which green companies are created and administered, but you shouldn’t immediately jump to two conclusions.
1. Going green is bad for this country.
2. All gov’t subsidies should be stopped.
Solylndra makes up less than 1% of the money given by gov’t to subsidize businesses across the country. The food we eat, water we drink, and energy we use all come from the same fund. Gov’t needs to keep giving money to businesses to expand and innovate, but tighter restrictions need to come with that money.
More of the Obama gang deliberate destruction of the U.S.A.
Two for one destruction:
1 Destroy your wealth by flushing it down the green energy scams.
2 Create a slush fund for Obama’s criminal cronies.
Commie win/win
GFY GFY
How do you spell mmmmmmmmmmmmmmmmmmmmmm ?
They were only given the loans to contribute back to the obama /Pelosi /Reid re-election campaigns..
Where do you think Nasty made that 24 million last year??? Brother in Law.. big green company, federal grant… Nope nothing to see here.. ISSA?????
One Solyndra- two Solyndra -three Solyndra four- Oh the Gore Meanwhile water still runs down hill then returns to run down hill again. I yield to the Nay can poobs
More money poured down the drain of green isanity and eco-stupidty
The core theme is that cronyism and corruption is pervasive throughout our government.
I commented about this before, but it’s worth pointing out the recent case in Texas. A Dallas business owner was involved in a civil dispute, and paid millions of dollars to lawyers, and when he objected to their fees, they had a buddy judge seize all of his property, without any notice or hearing, and essentially ordered him to be an involuntary servant to the lawyers. The business owner has been under this “servant” order for 10 months and is prohibited from owning any possessions, prohibited from working, etc…
http://www.lawinjustice.com has details about this disturbing case.
This one simple sentence tells you everything you need to know about just how abysmally clueless even regular business reporters for the Times are. First of all there are no sure bets in business. There are various levels of risk and those usually determine rates of return for investors. But sometimes there is no private money available because professional people who make these risk assessments for their livelihood won’t touch them at all. There is no private smart money available, there isn’t even private stupid money available. So what do Eric Lipton and Clifford Krauss suggest? Go to the ultimate source of really extra double stupid money, the government, who can afford to be as dumb as a sack of hammers because it isn’t their money.
Forgot the sentence
“Indeed, the loan guarantee program exists precisely because none of these ventures are a sure bet.”
When are the guv’ment bureaucrats starting with O’Bammy going to own up to the fact that IF solar, wind and other alternative energy sources could be profitable, the private sector would be scrambling to get in on the action on their dime.
“Stupid is stupid is stupid” must be the the mission statement of this administration.
I have always had a strong belief that the guv’ment wastes fully one third of what it spends but now that figure must be nearer fifty percent.
Unfreakingly unbelievable…
It’s too bad the vast majority of people able to cast a vote will never hear of any of this shit! Even if they did they would still think it a good idea!
I’ve an idea, direct bill each and every citizen for the losses and govt stupidity in spending each and every time they do it. Well we did it again, and you get to pay 1200.00 dollars because of our inability to think. har har har, it wa a good bet!