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April 6, 2012
Throwing bad money after bad money
Not having learned its lesson with Solyndra and a half dozen other tax payer loan guarantees for iffy energy projects, the Energy Department is set to begin doling out taxpayer monies to more "destined to fail" projects.
The Hill:
The Energy Department said Thursday it expects to begin tentatively approving new taxpayer-backed loans for renewable energy projects in the coming months.The announcement comes about seven months after Solyndra, the California solar firm that received a $535 million loan guarantee from the administration in 2009, went bankrupt, setting off a firestorm in Washington.
"The Department expects to begin issuing conditional commitments over the next several months after completing a rigorous internal and external review of each application," Energy Department loan program chief David Frantz wrote to the top lawmakers on the Senate Energy and Natural Resources Committee.
Frantz - in the letter to committee Chairman Jeff Bingaman (D-N.M.) and ranking...(Read Full Post)