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Green Energy Sinkhole: Obama’s $6.5 Billion Junk Bond Empire

John on January 13, 2012 at 10:31 am

Solyndra is just the tip of the iceberg:

Take Beacon Power — a green energy storage company. We were surprised to learn exactly what the Energy Department knew before committing $43 million of your tax dollars.

Documents obtained by CBS News show Standard and Poor’s had confidentially given the project a dismal outlook of “CCC-plus.”

Asked whether he’d put his personal money into Beacon, economist Peter Morici replied, “Not on purpose.”

“It’s, it is a junk bond,” Morici said. “But it’s not even a good junk bond. It’s well below investment grade.”

Here’s the bottom line:

CBS News counted 12 clean energy companies that are having trouble after collectively being approved for more than $6.5 billion in federal assistance. Five have filed for bankruptcy: The junk bond-rated Beacon, Evergreen Solar, SpectraWatt, AES’ subsidiary Eastern Energy and Solyndra.

Of course we all know that the decision to invest in these sinkholes comes from the top. In fact, if you click over to the White House energy page, you’ll see that they are bragging the stimulus money poured into this:

CBS’ Sharyl Attkisson deserves a Pulitzer for her Fast and Furious reporting, now she’s once again going where no one else in the media is willing to go.

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Category: Energy & Economy, Politics |

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