Scandal! Solar Firm Given Small Loan By Romney in 2003 Goes Belly Up

Posted by on Jun 02, 2012 at 8:28 pm

This is being called Mitt’s big flop. Nine years ago when he became Governor of Massachusetts Mitt Romney awarded a $1.5 million loan to a company now going out of business. So I guess this is a gotcha moment after he’s been ridiculing Obama for throwing away $535 million on Solyndra.

A Bay State solar panel developer that landed a state loan from Mitt Romney when he was Massachusetts governor has gone belly up — a day after the GOP presidential hopeful ripped President Obama’s green-energy investments.

Lowell-based Konarka Technologies announced late yesterday that it filed for Chapter 7 bankruptcy protection and will cease operations, lay off its 85 workers and liquidate.

“Konarka has been unable to obtain additional financing, and given its current financial condition, it is unable to continue operations,” CEO Howard Berke said in a statement. “This is a tragedy for Konarka’s shareholders and employees and for the development of alternative energy in the United States.”

The demise of Konarka could become a hot topic on the campaign trail because Romney personally doled out a $1.5 million renewable energy subsidy to the Lowell startup in 2003, shortly after taking office on Beacon Hill.

And on Thursday the GOP candidate was stumping outside the shuttered Solyndra solar-panel factory in California, blasting the Obama administration’s $535 million loan as a symbol of “crony capitalism.”

“If Romney gets a little bit of heat because he participated in some of these policies at a point in time, it’s all fair in the world of politics,” said state Sen. Marc Pacheco (D-Taunton). “He’s criticizing on one hand, he’s got to take criticism on the other.”

I guess he could take criticism if there was anything to compare to the Solyndra scandal. But seriously, a nine-year-old loan of $1.5 million compared with a $535 million boondoogle? The story fails to mention it, but since it was a loan, we may assume it was paid back in that period, unlike Solyndra.

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3 Responses to “Scandal! Solar Firm Given Small Loan By Romney in 2003 Goes Belly Up”

  1. Mashiki on 3/03/12 at 1:53 pm

    The stupid makes my brain hurt. Maybe the reason why liberals are the way they are, is because their brains have stopped hurting? Is it all the drugs? We may never know.

  2. SpideyTerry on 3/03/12 at 5:44 pm

    Romney’s loan wasn’t even 1/267th of what Obama shoveled out and Konarka was apparently able to maintain operations for nine years, while Solyndra went belly up in less than two. And yet they’re the same… or perhaps Romney’s was worse? Wow, liberals really can’t count.