Delta Air Lines launched a suit on Wednesday against the United States Export-Import Bank, alleging that the bank did not properly assess its impact on U.S. businesses when it financed purchases by foreign airlines, reported Bloomberg.
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.
First Solar, the recipient of nearly $1.5 billion in taxpayer-financed grants and loans, appears to be on the brink of financial collapse.
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.
One of President’s Obama’s much-touted green energy projects, First Solar, received nearly $500 million in taxpayer-backed loans from the Export-Import Bank to subsidize the sale of solar panels to itself.