So Much For The "Solyndra Scandal"

[Cigar]

http://upload.democraticunderground.com/imgs/2014/141113-so-much-for-the-solyndra-scandal.jpg

Obama's Green Programme that Sparked Solyndra Scandal Turns ProfitA US government renewable energy programme described by Republicans as "disgusting" and "a colossal failure" has turned a profit for the first time.

The Loans Program Office became a stick to beat President Barack Obama with during the campaigning for the 2012 election, after the solar energy company Solyndra defaulted on a $535m loan it received from the Department of Energy.


Now, it has reported a profit of $30m, after collecting interest payments of $810m on total loans of $34.2bn, Reuters reports.

The lending programme was borne out of 2005's Energy Policy Act and was designed to stimulate the US' fledgling renewable energy sector. The intention was never to make money but to subsidise an industry that has always struggled to gain commercial financing. An initial $10bn was set aside to cover those losses.

The US Energy Secretary told NPR that it "literally kickstarted the whole utility-scale photovoltaic industry".

Read more: http://www.ibtimes.co.uk/obamas-green-programme-that-sparked-solyndra-scandal-turns-profit-1474582

U.S. Expects $5 Billion PROFIT From Program That Funded SolyndraThe U.S. government expects to earn $5 billion to $6 billion from the renewable-energy loan program that funded flops including Solyndra LLC, supporting President Barack Obama’s decision to back low-carbon technologies.

The Department of Energy has disbursed about half of $32.4 billion allocated to spur innovation, and the expected return will be detailed in a report due to be released as soon as tomorrow, according to an official who helped put together the data.

The results contradict the widely held view that the U.S. has wasted taxpayer money funding failures including Solyndra, which closed its doors in 2011 after receiving $528 million in government backing. That adds to Obama’s credibility as he seeks to make climate change a bigger priority after announcing a historic emissions deal with China.

A $5 billion return to taxpayers exceeds the returns from many venture capital and private equity investments in clean energy, said Michael Morosi, an analyst at Jetstream Capital LLC, which invests in renewable energy.

http://www.bloomberg.com/news/2014-11-12/u-s-expects-5-billion-from-program-that-funded-solyndra.html

Next :grin:

[Captain Obvious]

Bankruptcy has a funny way of making things easier.

Now when Medicare and Social Security go bankrupt, go ahead and cheer their sudden great performance afterward.

:biglaugh:

Dismissed

[Cigar]

Bankruptcy has a funny way of making things easier.

Now when Medicare and Social Security go bankrupt, go ahead and cheer their sudden great performance afterward.

:biglaugh:

Dismissed

Can someone read this for now demoted to Private Obvious :roflmao:

[Bo-4]

Well let's see:

Making Obama a one-term president?
Defunding Obamacare?
Yammering about Solyndra?
Benghazi?
IRS-gate?
AP-gate?
Shutting down gub-ment?
Birtherism & Trutherism?

http://media-cache-ak0.pinimg.com/236x/fe/ae/59/feae5970c26468d41c6eaef80d5d52b0.jpg

[Captain Obvious]

Oh wait - yeah, my bad.

Not Solyndra - the agency that loaned Solyndra that money.

So they collected $34m in interest payments.

So considering the Solyndra write down of what, $536m I think, they're only in the hole $502m.

The "billions" bullshit is just a projection, wipe your ass with it.

Dismissed!

:biglaugh:

[Peter1469]

Also, people are realizing that the Chinese equipment was crap and had to be replaced after a few years....

[Captain Obvious]

Also, people are realizing that the Chinese equipment was crap and had to be replaced after a few years....

Yeah, there's always more to the story than what's reported, especially with Cigar's drive-by specials.

:biglaugh:

[Alyosha]

Well let's see:

Making Obama a one-term president?
Defunding Obamacare?
Yammering about Solyndra?
Benghazi?
IRS-gate?
AP-gate?
Shutting down gub-ment?
Birtherism & Trutherism?

http://media-cache-ak0.pinimg.com/236x/fe/ae/59/feae5970c26468d41c6eaef80d5d52b0.jpg

AP gate is true.
The IRS trip on the USS Enterprise on our taxes was also true, the gifts bags as well.
Benghazi was a black OP gone wrong on his watch

The fact that the Republicans were impotent did not make them untrue. The fact that these are humorous to you is disturbing.

[Howey]

After all, whenever that buhlack man succeeds on something they've ragged (http://www.rawstory.com/rs/2014/11/george-zimmerman-friend-tells-court-he-now-thinks-trayvon-martin-was-targeted-for-his-race/) on for years, they always switch course.


...But for Republicans and much of the media, the fact that one of the loan recipients failed helped prove an ideological point: the Obama administration made poor choices, and when the government picks “winners and losers,” the results are invariably poor for American investors.

We now know that the Republican arguments had it backwards. Bloomberg News reported (http://www.bloomberg.com/news/2014-11-12/u-s-expects-5-billion-from-program-that-funded-solyndra.html) yesterday:

The U.S. government expects to earn $5 billion to $6 billion from the renewable-energy loan program that funded flops including Solyndra LLC, supporting President Barack Obama’s decision to back low-carbon technologies.

The Department of Energy has disbursed about half of $32.4 billion allocated to spur innovation, and the expected return will be detailed in a report due to be released as soon as tomorrow, according to an official who helped put together the data.

The results contradict the widely held view that the U.S. has wasted taxpayer money funding failures including Solyndra, which closed its doors in 2011 after receiving $528 million in government backing.
This is no small revelation. Much of Mitt Romney’s presidential campaign was based on (http://www.msnbc.com/rachel-maddow-show/live-the-loan-guarantees-die-the) the assumption that the Department of Energy’s loan program was a spectacular failure. Even now, Republicans continue to point to this program as obvious proof of why it’s a mistake for Washington to invest in the clean-energy sector at all.

[Professor Peabody]

http://upload.democraticunderground.com/imgs/2014/141113-so-much-for-the-solyndra-scandal.jpg Obama's Green Programme that Sparked Solyndra Scandal Turns ProfitA US government renewable energy programme described by Republicans as "disgusting" and "a colossal failure" has turned a profit for the first time. The Loans Program Office became a stick to beat President Barack Obama with during the campaigning for the 2012 election, after the solar energy company Solyndra defaulted on a $535m loan it received from the Department of Energy. Now, it has reported a profit of $30m, after collecting interest payments of $810m on total loans of $34.2bn, Reuters reports. The lending programme was borne out of 2005's Energy Policy Act and was designed to stimulate the US' fledgling renewable energy sector. The intention was never to make money but to subsidise an industry that has always struggled to gain commercial financing. An initial $10bn was set aside to cover those losses. The US Energy Secretary told NPR that it "literally kickstarted the whole utility-scale photovoltaic industry". Read more: http://www.ibtimes.co.uk/obamas-green-programme-that-sparked-solyndra-scandal-turns-profit-1474582 U.S. Expects $5 Billion PROFIT From Program That Funded SolyndraThe U.S. government expects to earn $5 billion to $6 billion from the renewable-energy loan program that funded flops including Solyndra LLC, supporting President Barack Obama’s decision to back low-carbon technologies. The Department of Energy has disbursed about half of $32.4 billion allocated to spur innovation, and the expected return will be detailed in a report due to be released as soon as tomorrow, according to an official who helped put together the data. The results contradict the widely held view that the U.S. has wasted taxpayer money funding failures including Solyndra, which closed its doors in 2011 after receiving $528 million in government backing. That adds to Obama’s credibility as he seeks to make climate change a bigger priority after announcing a historic emissions deal with China. A $5 billion return to taxpayers exceeds the returns from many venture capital and private equity investments in clean energy, said Michael Morosi, an analyst at Jetstream Capital LLC, which invests in renewable energy. http://www.bloomberg.com/news/2014-11-12/u-s-expects-5-billion-from-program-that-funded-solyndra.html Next :grin: My electricity went from $0.08 cents a kWh to $.15 a kWh.............Thanks Obumble.

[Max Rockatansky]

After all, whenever that buhlack man succeeds on something they've ragged (http://www.rawstory.com/rs/2014/11/george-zimmerman-friend-tells-court-he-now-thinks-trayvon-martin-was-targeted-for-his-race/) on for years, they always switch course.


Nice play of the Race Card. Why is it that the biggest racists are the Democrats?

[nathanbforrest45]

Expects to earn. I expect to land a $20 million dollar contract. An expectation is not a reality until it happens. Wake me up when the government actually collects the $6 Billion.

[Mac-7]

My problem with this news is the zero credibility of anything coming from the White House.

The Obama administration are liars so why should we believe their numbers on this?

[Howey]

Nice play of the Race Card. Why is it that the biggest racists are the Democrats?

It's called mockery.

[Alyosha]

It's called mockery.

Mockery really only works if the person doing the mocking isn't a hypocrite, otherwise it just is relegated to snarking.