Ooops, Obama Loses Another $400 Million In Green Energy Loans

From Michelle Malkin: Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will suspend operations and file for bankruptcy because its panels were too expensive to compete.Abound borrowed about $70 million against the guarantee, the Loveland, Colorado-based company said today in a statement. It plans to file for bankruptcy protection in Wilmington, Delaware, next week.U.S. taxpayers may lose $40 million to $60 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, Damien LaVera, an Energy Department spokesman, said in a statement today...  (Yeah, right)
 Back in 2010, President Obama promised America in his weekly radio address that Abound would “manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs.” Energy Secretary Steven Chu waves his green pom-poms, too. “Not only is this investment creating thousands of jobs, but it is also increasing our renewable energy manufacturing capacity and putting us on the path for our future prosperity.”...
A123 Systems, a manufacturer of batteries for electric cars, received a $249 million grant from the Energy Department but has laid off some workers and acknowledges that it faces serious challenges.
 http://michellemalkin.com/2012/06/28/abound-solar/
 Hey, what's a few million here a hundred million there, after all, it;s just taxpayer money, not real money.