Remember Solyndra, Fisker Automotive, Evergreen Solar and 31 other green energy companies Barack Obama subsidized with billions in taxpayer money during his administration that have turned out to be either insolvent, or collapsed into bankruptcy? Well, we can add another to this list, and just one day after Obama raised the bar on his Clean Power Plan that has accomplished two things during his administration…
The raising of energy prices for American consumers, and the killing off of U.S. industries in the coal sector.
On Aug. 4, President Obama’s growing ‘list’ added a foreign green energy company to the roles of taxpayer subsidized bailouts, and one that like the others, is headed to the scrapheap of insolvency.
Abengoa SA’s bonds and shares plunged after the Spanish renewable-energy company’s plan to shore up capital failed to reassure investors that it can stop burning cash.
Abengoa said on Monday that it’s seeking to raise 650 million-euros ($713 million) of capital and dispose of 500 million euros of assets, according to a regulatory filing. The Seville-based company stepped up disposal plans from 400 million euros as recently as Friday, when it also told investors that corporate free cash-flow for 2015 will be as much as 800 million euros lower than previously forecast. – Bloomberg
Abengoa SA had been subsidized with $230 million of taxpayer backed bond guarantees and loans since last year, and like President Obama’s ignoring Malaysia’s human rights violations to promote them eligible to join the TPP, these loan guarantees to Abengoa came at a time when Federal officials were investigating the company for engaging in violations of U.S. immigration, environmental, and workplace safety laws and uses taxpayer funds to hire foreign workers in violation of federal regulations.
The legacy of Obamanomics will be one of crony capitalism, funneling money into corrupt and insolvent green energy companies and schemes, and raising costs in nearly every sector of the economy for American consumers. And since this President is also liable for doubling the national debt in just six of the eight years he will have served in the highest office of the land, the final nail in his legacy’s coffin will be to reign over the insolvency of the United States itself.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.