President Obama's Green Energy Problems Continue To Escalate
Cronyism: Two more alternative-energy companies that have tapped into taxpayer dollars and have been praised by the administration are in trouble. How many more will fall before the public understands that green means red?
Two more green energy companies are taking the Solyndra route. Solar Trust of America, which planned to build the world's largest solar power project, has filed for bankruptcy, and Ecotality, maker of electric-car charging stations, is under a Securities and Exchange Commission probe.
Solar Trust's load on the taxpayers' backs would have been profoundly heavy had it taken the money. A year ago it was awarded $2.1 billion in guaranteed loans from the Energy Department. But it never took the offer, apparently because it knew it couldn't compete.
Isn't this something Energy Secretary Steven Chu should have known before he crowed that "investments like this project make solar power more efficient and cost competitive while creating thousands of jobs and strengthening the economy"?
And shouldn't Interior Secretary Ken Salazar have anticipated problems before taking part in the company's groundbreaking ceremonies in Blythe, Calif.?
Of course they didn't know the company would run into trouble. As bureaucrats and not investors, they couldn't have — which is exactly why the government shouldn't make business decisions: They're always political, never rationally informed.
Moving on, we find that Ecotality has been subpoenaed. CBS reports the SEC "wants all communication regarding the federal grant from at least four Ecotality employees and two board members." Ecotality has been awarded $115 million in Energy Department grants and, according to the Heritage Foundation, has received "shout-outs" from President Obama and Chu.
Obama said Solyndra "was not our program per se" and he'll likely use the same defense with Solar Trust and Ecotality. But they are his programs. He owns his green mistakes and must be held accountable for them. |
