Solyndra Sister Company Received $63 Million through Rahall’s Wasteful Stimulus and Now is Filing for Bankruptcy, Under Investigation
WASHINGTON, DC – October 9, 2012 – (RealEstateRama) — West Virginia families and small business owners can’t trust Nick Rahall anymore. It was his $833 billion stimulus that was responsible for giving hundreds of millions of taxpayer dollars to solar companies that wasted it, namely the now-bankrupt Solyndra. Recently, Abound Solar, which received a $63 million loan, filed for bankruptcy after admitting to creating unworkable equipment.
“This is what leading from behind looks like: Nick Rahall continues to throw West Virginia families’ tax dollars at wasteful enterprises, failing to strengthen the economy,” said NRCC Communications Director Paul Lindsay. “Known for a record of failure and recklessness, Nick Rahall no longer is trusted by West Virginia families and small businesses to make decisions in their best interest.”
Abound Solar benefitted from Democrats’ failed stimulus package and is now under investigation for making a product that “worked as long as you didn’t put them in the sun:”
“Internal documentation and testimony from sources within Abound show that the company was selling a faulty, underperforming product, and may have mislead lenders at one point in order to keep itself afloat.
“’Our solar modules worked as long as you didn’t put them in the sun,’ an internal source told The Daily Caller News Foundation.” (Michael Bastasch, “Sources, documents suggest government-subsidized Abound Solar was selling faulty product,” The Daily Caller, 10/2/2012)
Unsurprisingly, a new survey shows that the American people know that tax hikes that Washington Democrats are championing will go to increase government spending, not cut the deficit:
“President Obama claims that tax increases will help close the deficit, but a majority of Americans believe he intends to use the money for increased spending, according to a new survey.” (Joel Gehrke, “Poll: Voters believe Obama wants tax hikes to increase spending, not cut deficit,” The Washington Examiner, 10/8/2012)
Rahall’s Stimulus Funded Solar Panels that “Worked as Long as You Didn’t Put Them in the Sun” http://ow.ly/ekFte