Combs Spouts Off

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Posts Tagged ‘crony capitalism’

The Solyndra of Colorado

Posted by Richard on October 26, 2012

During one of the debates, in the context of green energy company subsidies, Romney said to Obama, “You don’t pick winners and losers, you pick losers!” The feds have repeatedly loaned large sums to companies that couldn’t stay in business even with a government crutch (I think the last count I saw was 19).

But it’s not just that government guarantees attract the uncompetitive and incompetent. This kind of crony capitalism (the only kind of capitalism the Obama administration seems to like) also inevitably attracts crooks and scoundrels. We may have an example here in Colorado. David Harsanyi has the story:

It was one of Barack Obama’s favorite green-energy companies. And green-energy companies, according to the president, are one of the best ways to facilitate economic growth.

Well, yesterday, The Denver Post detailed the criminal investigation of Abound Solar, a defunct solar-panel manufacturer in Colorado that was run on taxpayer “investments,” for securities fraud, consumer fraud and financial misrepresentation.

Abound shuttered its Colorado plant during the summer and filed for bankruptcy, leaving “125 workers without jobs and taxpayers holding the bag for up to $60 million in defaulted loans.” …

The story of how the Denver Post finally came to report the Abound Solar story is itself quite interesting. It took a billboard across from their offices to shame them into reporting this important local story. Check out:

 

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