Is new $1.2 billion DOE loan another 'good bet' like Solyndra?
Tuesday, October 4, 2011 at 9:13AM 
Solar Panels (from US Dept. of Energy)President Barack Obama chatted with George Stephanopoulos (ABC) on Monday. Obama responded to a couple questions on the issue of Solyndra, the solar company his administration loaned $528 million.
Obama said, "Hindsight is always 20/20...It went through the regular review process and people felt this was a good bet."
So good, in fact, the administration is lending more for projects like Solyndra.
The L.A. Times wrote up the interview; that article didn’t mention $528 million taxpayer dollars.
Stephanopoulos, who worked for the administration of Bill Clinton before becoming a pundit, should’ve asked the president : Do you have the right to “bet” with taxpayer money? The followup should’ve been: After you bet and lost taxpayer money, can you morally ask taxpayers for more money?
That Solyndra deal didn’t work out so well for us taxpayers—it appears the bankruptcy process will be rushed and the company’s executives are pleading the Fifth Amendment.
That isn’t keeping the president from betting again, however. Stephanopoulos didn’t ask Obama about other solar deals.
For instance, the Dept. of Energy announced on Friday:
“U.S. Energy Secretary Steven Chu today announced that the Department has finalized a $1.237 billion loan guarantee to support the California Valley Solar Ranch Project, sponsored by SunPower Corporation.”
Meanwhile, on Monday Business Week did a story on a corporation with the same name. BW said, “SunPower's stock fell 33 cents, or 4.1 percent, to $7.76 in morning trading. Shares are down nearly 45 percent in the past year.”
BW also noted SunPower is “revising its full-year earnings and revenue outlooks next month due to challenging market conditions.”
Would Obama gamble his personal funds on a not-good-bet like he’s done with taxpayer money?
(Commentary by Kay B. Day/Oct. 4, 2011)
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