Ultra-wealthy Obama supporter Whitney Tilson had a rough month.
A politically connected, taxpayer-funded solar firm announced a massive round of furloughs on Friday, just weeks after its chairman told Congress his company was “financially strong.”
The chairman of First Solar, a company that received approximately $3.1 billion in federal loan guarantees under President Obama’s green energy initiative, said Wednesday that the majority of the jobs created by the company have been overseas.
The Export-Import Bank of the United States (Ex-Im) is a little-known institution that has become a hot topic in Washington as Congress debates whether to extend its authorization and increase its lending capability. The bank is also a hotbed of crony capitalism—run by political donors for the benefit of political donors.
Solar Trust, which received a $2.1 billion conditional loan guarantee, filed Chapter 11 bankruptcy in Delaware Monday. The company did not qualify for those Energy Department loans after failing to meet several goals placed upon it by the agency.
GOP members say the Energy Department cut corners to approve a $1.6 billion loan to an Arizona solar firm with ties to the Obama administration. The inquiry into loans to First Solar, which both makes solar panels and assembles solar facilities, is the latest accusation in Republicans’ long-running investigation into the Energy Department’s green energy loan program.