Lifetime Supporting Member
- Aug 12, 2007
- Reaction score
- somewhere near Lake Michigan
And another one is about to go under...
[h=2]The Obama campaign unveiled a new “Betting on America” slogan today, but there is increasing evidence that all his administration has done is bet on cronyism.[/h]The Obama administration made a disastrous, reckless, and failed bet on the green energy company Solyndra.
And now, according to a report by the Washington Times, a geothermal energy company to whom the Obama administration gave a $98.5 million loan guarantee is in serious financial trouble and the “company’s auditors have questioned whether it can stay in business.”
Nevada Geothermal Power (NGP) “has substantial debts and does not generate enough cash from its current operations after debt-service costs,” according to an internal audit seen by the Times.
“The company’s ability to continue as a going concern is dependent on its available cash and its ability to continue to raise funds to support corporate operations and the development of other properties,” NGP auditors said, according to the Times.
Sen. Harry Reid (D-NV) and Energy Secretary Steven Chu, who is also largely responsible for the Solyndra disaster, lobbied for the loan guarantee, which Reid once said would “put Nevadans to work.” However, a recent report by the House Oversight Committee and Government Reform Committee found the loan “did not help create a single job.”