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While running the state Romney threw $1.5 million behind Konarka, a firm that filed for bankruptcy only a short time later. Romney then gave $2.5 million to Evergreen Solar which also filed for bankruptcy in 2011. If that wasn’t enough Mitt Romney also poured $2.5 million in taxpayer dollars into biotech firm Spherics Inc. which closed its doors three years later.

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This story involves two things I don't like, government subsidies to private corporations and Mitt Romney but this is just pathetic.

First, $1.5 million is just a little less than $500+ million.

Second, unlike Obama and Solyndra, there's no accusation that Romney steered the money to donors.

Most importantly, the Romney administration gave the money NINE years ago. The company survived nearly a DECADE after getting the state subsidy.

Solyndra on the other hand went under less than 2 years after getting Obama's largess.

In fact, Obama was shoveling money to Solyndra as fast as possible even as auditors were saying the company was failing.

So yeah, other than being different in every way, they are exactly the same.

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Acusphere, a biotechnology firm headed by a Romney campaign donor, got $2 million in 2004 that it was supposed to put toward a $20 million manufacturing facility in Tewksbury, which never became fully operational. Calls to Acusphere’s headquarters in Lexington were not returned.

...

Acusphere defaulted on the loan after a “nearly complete shutdown” in 2008.

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OhLongJohnson said:

Quote:

Acusphere, a biotechnology firm headed by a Romney campaign donor, got $2 million in 2004 that it was supposed to put toward a $20 million manufacturing facility in Tewksbury, which never became fully operational. Calls to Acusphere’s headquarters in Lexington were not returned.

...

Acusphere defaulted on the loan after a “nearly complete shutdown” in 2008.

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http://bostonherald.com/news/us_politics/view/2011_1201investment_keletons_hiding_inside_mitts_closets


You're right, the 1.5 million dollar loan to one company may not add up, but what about the rest?  Or is the Boston Herald making it all up?  Is four years in "business" really that much better than two?

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Well it looks like about 10% of the program didn't pan out.

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“This specific funding was part of a stimulus package that Gov. Romney opposed on the grounds that government should not play venture capitalist,” Romney campaign spokeswoman Andrea Saul said.

“Because of his concerns, he vetoed half the funding, but the veto was overridden by the Legislature.”

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OhLongJohnson said:

Quote:

Well it looks like about 10% of the program didn't pan out.

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And Solyndra was what, 1%?

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“This specific funding was part of a stimulus package that Gov. Romney opposed on the grounds that government should not play venture capitalist,” Romney campaign spokeswoman Andrea Saul said.

“Because of his concerns, he vetoed half the funding, but the veto was overridden by the Legislature.”

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Which parts did he veto?

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It's important to note here that Kaiser was never in a position to profit from Solyndra — his contributions to his foundation are "irretractable."

"He could not withdraw money from the foundation for his private use," said C. Renzi Stone, a spokesman for the foundation. "So that money is there forever. ... The investment in Solyndra would not have benefited Mr. Kaiser personally in any way."

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zappaisgod said:

This wasn't a business decision.  It was a political decision

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zappaisgod said:

several thousand poor children are going to starve because the Obama administration gave their lunch money away to the Jetsons.  The prick.

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Yes, that decision definitely caused thousands of children to starve.

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Spare me.  This wasn't a business decision.  It was a political decision and several thousand poor children are going to starve because the Obama administration gave their lunch money away to the Jetsons.  The prick.

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