White House report says green energy loans could cost government $3B

The White House defense is that it’s only $3 billion.

The Associated Press reports:

An independent review finds the government could lose about $3 billion on Energy Department loans for green energy programs — far less than the $10 billion Congress set aside for the high-risk program.

The White House ordered the review after criticism of a $528 million loan to Solyndra Inc., a solar company that went bankrupt.

The review was led by former Treasury Department official Herb Allison. He looked at 30 loans or loan guarantees totaling $23.8 billion that were offered to green energy companies and auto makers like Ford and Nissan. The review did not involve Solyndra.

About one-third of the money — $8.3 billion — had been spent as of Nov. 28.

The Associated Press obtained a copy of the report, which is to be released later Friday.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

2 thoughts on “White House report says green energy loans could cost government $3B”

  1. That’s crazy the US is just spending their way into nothingness with the printing of new money made possible by holding the world’s reserve currency.
    Careful though! That can change.

  2. Why would anyone in their right mind give so much control over their money to so many people without the ability to earn their own. Academics with zero business experience are flushing billions of dollars by backing companies that could never make a profit without subsidies and are not even close to being competitive with foreign energy companies.

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