Peter Schweizer, author of Throw Them All Out, revealed that 80% of the $20.5 billion in Department off Energy (DOE) loans went to Obama’s donors.
When the people’s money is spread out in this way, it is only fair to question the motives. Donors give money in donations because they expect a positive return on investment.
The government would have been better off morally if they spent that money towards the average citizen with a great idea. At least that individual would have a profit motive to be successful. There is not even a guarantee that Obama’s donors have that. I mean look at Solyndra.
But now, being reported by CBS, there are 11 more Solyndras that took out big loans from the government and either declared bankruptcy or are suffering major problems.
- Beacon Power – DOE committed 43 million dollars even after knowing they were rated CCC+ (not even a good junk bond, 70% chance of failing).
- Evergreen Solar
- Sunpower – $1.2 billion loan guarantee last fall after French company took it over. Owed more than it is worth.
- First Solar – $3 billion in loans
12 businesses getting $6.5 Billion.
The report says scientists should not be playing venture capitalist with America’s money.