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DoE Officials Calls Loan Program That Produced Solyndra an “Enormous Success”

1949Jeep Wrote: Jul 14, 2012 1:08 AM
Solyndra was a company that made solar panels that they were selling at a loss. The Obama administration gave them over half a billion $ of our money to expand production and sell more solar panels and lose money even faster. There was no change or improvement of their business model. Say what you will about Bain Capital, but Romney and his associates wouldn't have lasted a year if they had done anything as monumentally stupid as that!
true liberal Wrote: Jul 15, 2012 6:18 AM
Of course they were losing money, but they figured to make it up in volume!

Some bureaucrats never learn. David G. Frantz, the Acting Executive Director of the Department of Energy Loan Program, recently called the guaranteed loan program responsible for the Solydra fiasco an “enormous success” during a House Energy and Commerce subcommittee hearing on Thursday. During the hearing, Congressman Cliff Stearns asked David Frantz, “Don’t you agree that the Loan Guarantee Program has had a rough record?” Frantz quickly responded, “Quite to the contrary, sir, I think it’s been an enormous success.” Mr. Frantz’s answer prompted a press release from the Committee that reads in part: