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:
Abound Solar – The solar manufacturer received a $400 million DOE stimulus loan guarantee - BANKRUPTSolyndra – The solar manufacturer received a $535 million DOE stimulus loan guarantee - BANKRUPT
Beacon Power – The solar company received a $43 million DOE stimulus loan guarantee – BANKRUPT
Nevada Geothermal Power – Internal audit for the firm that received a $98.5 million stimulus loan guarantee revealed $98 million in net losses and significant debt. MAJOR LOSSES & DEBT
Ener1 – The battery maker, #67 on the White House list of 100 Projects that are Changing America, received a $118.5 million stimulus grant - BANKRUPT
A123 – The battery maker received a $249 million DOE stimulus grant - LAYOFFS
Fisker Automotive – The electric vehicle manufacturer received a $529 million DOE ATVM stimulus loan - LAYOFFS
If the Obama administration considers this an “enormous success,” I would hate to see what they consider a failure.
This post was authored by editorial intern Kyle Bonnell