Obama Administration: DoE Loan Program ‘Enormous Success’

David G. Frantz, Acting Executive Director of the Department of Energy Loan Program, recently told the House Energy and Commerce subcommittee that the Department of Energy’s loan program, you know the one that gave us such companies as Solyndra, was an “enormous success.”

When asked by Congressman Cliff Stearns, “Don’t you agree that the Loan Guarantee Program has had a rough record?” Frantz responded, “Quite to the contrary, sir, I think it’s been an enormous success.”

Frantz must have been speaking in code and that ‘enormous success’ really means eighty percent of DoE dollars went to Obama backers.

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Well let’s just list a few of the ‘enormous successes’ that Mr. Frantz claims, shall we? The following is a list of companies that backed Barack Obama and got part of the $800 billion in stimulus money. They either have already filed for bankruptcy or are failing.

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According to Heritage,

For those who only hear about these failing companies one by one, the following is a list of all the clean energy companies supported by President Obama’s stimulus that are now failing or have filed for bankruptcy. The liberal media hopes you’ve forgotten about all of them except Solyndra, but we haven’t.

  • Evergreen Solar
  • SpectraWatt
  • Solyndra (received $535 million)
  • Beacon Power (received $43 million)
  • AES’ subsidiary Eastern Energy
  • Nevada Geothermal (received $98.5 million)
  • SunPower (received $1.5 billion)
  • First Solar (received $1.46 billion)
  • Babcock & Brown (an Australian company which received $178 million)
  • Ener1 (subsidiary EnerDel received $118.5 million)
  • Amonix (received 5.9 million)
  • The National Renewable Energy Lab
  • Fisker Automotive
  • Abound Solar (received $400 million, only borrowed $70 million of that)
  • Chevy Volt (taxpayers basically own GM)
  • Solar Trust of America
  • A123 Systems (received $279 million)
  • Willard & Kelsey Solar Group (received $6 million)
  • Johnson Controls (received $299 million)
  • Schneider Electric (received $86 million)
  • Brightsource (received $1.6 billion)
  • ECOtality (received $126.2 million)
  • Raser Technologies (received $33 million)

The President is trying to claim in his first official campaign ad that he’s created 2.7 million clean energy jobs. When you look at all the companies going bankrupt, some of those jobs might have been paid for by the stimulus, but they are gone now. You can’t claim we’re up 2.7 million jobs if so many of those jobs have been subsequently lost.

Now if this is what those in the Obama administration call an ‘enormous success,’ what in the world would they define as an absolute failure?

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