Google billionaires request $539 million federal bailout after spending $1.6 billion of “stimulus” funding on failed solar power project

google ivanpahThis is all about Obama and his kickbacks to his campaign donors. Ivanpah is only the tip of the iceberg when it comes to the billions of taxpayer funded stimulus dollars spent on failed Greentech. You can blame CEOs of corporations for their greed but in the end they have to answer to their stockholders. I would expect no less from corporations, but a whole lot more from our POTUS.

ROMNEY to OBAMA in 2012 Presidential debate: “…you don’t just pick the winners and losers, you pick the losers…”

romney

Romney – click on Romney to hear video

Romney said i n the debate, “And in one year you provided $90 billion in breaks to the green energy world. Now, I like green energy as well, but that’s about 50 year’s worth of what oil and gas receives and you say Exxon Mobil, actually this $2.8 billion goes to small companies, to drilling operators and so forth. If we get the tax rate from 35% to 25%, why that $2.8 billion is on the table.  Of course it’s on the table. That’s probably not going to survive to get the rate down to 25% but don’t forget, you put $90 billion, like 50 years worth of breaks into solar and wind to solar and wind, to Solyndra and Fisker and Tesla and I had a friend who said you don’t just pick the winners and losers, you pick the losers. This is not the kind of policy you want to have to get America energy secure.

Dan from Squirrel Hill's Blog

Ivanpah is a solar power company owned by Google, BrightSource Energy, and NRG.

In April 2011, as part of Obama’s “stimulus,” Obama gave Ivanpah a $1.6 billion loan guarantee to build a solar power plant.

In November 2014, when the plant was up and running, Associated Press reported that it was producing only “about half of its expected annual output.” The California Energy Commission blamed this failure on “clouds, jet contrails, and weather.”

In November 2014, Ivanpah asked Obama for a $539 million bailout.

Google is owned by Larry Page and Sergey Brin. At the time they requested this $539 million bailout, Page was the 19th richest person in the world, with assets of $30.4 billion, and Brin was the 20th richest person in the world, with assets of $30 billion.

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About Idea Capitalist
Family guy and entrepreneur. Small Business owner. NFIB Leadership Council member. Serial blogger.

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