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"?
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