CNBC: GE’s Immelt Defends US Backing Ventures Like Solyndra

Thursday, 06 Oct 2011 08:37 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Some are looking to the government's funding of now bankrupt Solyndra to unfold as a scandal. However, General Electric Chairman Jeff Immelt told CNBC “anytime you get into venture capital investing you're going to have some losses.”

The Huffington Post succinctly provided backdrop surrounding the controversy, explaining that “once touted as a model of green energy, Solyndra received a $535 million loan guarantee from the U.S. government in 2009. The company has since laid off 1,100 workers and is now filing for Chapter 11 bankruptcy.

There are a wide range of probes into details surrounding the deal.

Emails are being examined and records are being reviewed. Questions are being raised about when the government realized Solyndra was in financial trouble, whether they were considering a second loan, and whether the first loan was approved because of pressure from Obama campaign contributor George Kaiser.

An article in the New York Daily Times downplays scandal motives and points attention to President Barack Obama's stated green energy initiatives.

Obama's comprehensive New Energy for America plan, released in 2008, cites a projected investment of $150 billion of taxpayer money over 10 years to "catalyze private efforts to build a clean energy future," the article says.

That's how we got to Solyndra — and its siblings. There are 15 similar green energy loan guarantees, worth $6 billion, that the administration approved at the end of September, the New York Daily Times piece adds.

Immelt told CNBC Solyndra failed because they didn't have the right technology and they had too high costs.

Those costs, Bloomberg revealed, included a plant the size of five football fields outfitted with whistling robots and spa-like showers.

Immelt told CNBC, “to get its confidence back, America needs less regulation and more innovation even if that means some failed ventures using taxpayer money.”

© 2014 Moneynews. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

CBS to Get $16 Million Subsidy From New York for Colbert Show

Wednesday, 23 Jul 2014 15:26 PM

CBS Corp. is eligible to receive at least $16 million in tax credits and grants from the state of New York for its commi . . .

Senate Bill Targets Companies That Move Overseas

Wednesday, 23 Jul 2014 13:20 PM

The Senate voted Wednesday to advance an election-year bill limiting tax breaks for U.S. companies that move operations  . . .

National Retail Federation Cuts Sales Estimate for 2014

Wednesday, 23 Jul 2014 12:26 PM

The National Retail Federation (NRF) has lowered its retail sales forecast for 2014 to 3.6 percent from 4.1 percent in J . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved