Abound borrowed $70 million against its $400 million Obama DOE loan guarantee; taxpayers will lose up to $60 million on the loan after the bankruptcy proceedings are complete. Nearly 125 Abound Solar employees lost their jobs. Screwed-over companies like CDG that did business with Abound are not alone. At least one other warehouse in Colorado is storing the costly panels. And an untold number of related contractors and businesses have been stiffed. "I did a lot of machining for Abound," one business owner told me this summer, "and they went under owing me a fair amount."
Recently released internal documents show that customers demanded replacements for the panels after experiencing "low performance," "under performance" and "catastrophic failures." Credit and technical advisers at DOE complained about having "major issues" with the Abound Solar deal and expressed concern over the "transaction pressure under which we are all now operating." The documents fly in the face of Obama's denial -- just days before Election Day -- that his White House played any role in this fiscal disaster.
The investigative work of Colorado's Todd Shepherd at CompleteColorado.com, Amy Oliver at the Independence Institute and Michael Sandoval now of the Heritage Foundation exposed Abound's crony ties to the Obama administration. Like Solyndra, Abound had a deep-pocketed bundler with ties to the White House. Progressive activist and billionaire heiress Pat Stryker, a repeat visitor to the Obama White House, owns an investment firm that invested considerably in Abound and donated nearly $500 million to the Democrats between 2008 and 2012.
Criminal and civil probes into Abound Solar's alleged malfeasance -- there are reports that the firm knowingly sold faulty goods -- have been launched in both Colorado and on Capitol Hill. The stench of pay-for-play abounds. While Obama giddily promises his cronies and sycophants that "the best is yet to come," small-business owners are fighting for their lives. Where's their "fair share"?
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