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Another Lost Bet Against America

July 06, 2012 J

This morning’s front page of Breitbart.com showed us yet another bet gone bad made by President Obama with your tax dollars.  Nevada Geothermal Power (a green energy company) is on the brink of going belly up after the President gave them a $98.5 million loan guarantee (of your money).

“Nevada Geothermal Power (NGP) ‘has substantial debts and does not generate enough cash from its current operations after debt-service costs,’ according to an internal audit seen by the Times.

‘The company’s ability to continue as a going concern is dependent on its available cash and its ability to continue to raise funds to support corporate operations and the development of other properties,’ NGP auditors said, according to the Times.

Sen. Harry Reid (D-NV) and Energy Secretary Steven Chu, who is also largely responsible for the Solyndra disaster, lobbied for the loan guarantee, which Reid once said would ‘put Nevadans to work.’ However, a recent report by the House Oversight Committee and Government Reform Committee found the loan ‘did not help create a single job.”

You can read more about the newest case of President Obama’s “Betting Against America” failure here.

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