During a hearing on the Department of Energy's (DOE) loan guarantee program for “green” energy projects on Thursday, DOE Loan Program Office Acting Executive Director David Frantz had some surprising news: contrary to report, after report, after report, the program has actually been an “enormous success.”
“Don’t you agree that the loan guarantee program has had a tough record?” Rep. “Cliff” Stearns (R-FL) asked Frantz.
“Ah, quite to the contrary, sir,” Frantz responded, “I think it has been an enormous success.”
“Okay,” Rep. Stearns continued, “we have Solyndra, we have Beacon, the third recipient went bankrupt in 2011. That’s true, isn’t it?”
“Okay, the fifth DOE loan went bankrupt just a few weeks ago. Isn’t that true?”
“We, we have -- ”
“I’m asking the questions, please. Isn’t that true?” Rep. Stearns asked again. “The second recipient, a loan guarantee First Wind has withdrawn its IPO [Initial Public Offering] and has significant debt."
"The fourth recipient, Nevada Geothermal, was also the recipient of a 'going concern' letter from its auditor. Three of the first five are bankrupt and the other two seem to have significant problems,” the congressman added.
At this writing, it's unclear what Frantz's definition of "success" is.