General Motors stock acquired by the federal government in exchange for debt repayment is trading for about half the value used in the conversion calculation, while the stock market is significantly up for the year. If that stock were sold today, the taxpayers would lose $14 billion.
Then there is Solyndra. Enough said. One year into the investigation, the White House still hasn’t produced all the records Congress needs.
Amonex, a solar panel company based in Las Vegas (Senate Majority Leader Harry Reid territory) and cited as an example of “green jobs,” let go 200 of its 300 employees the day the president came to town touting green jobs.
In the president’s State of the Campaign (Union) speech, he said, “In three years, EverDel has already positioned itself to be … the world’s leading manufacturer of high tech batteries.” When EverDel took the stimulus money ($118.5 million), it said they would double production and add 1,700 jobs. Two days after Obama’s speech, its parent company, Ener1, filed for bankruptcy. (Doesn’t the president have anybody to check the facts in his speeches, or is reality just not that important?) …
via Obama striking out on ‘green jobs’ program | islandpacket.com.
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