Media Trackers is asking if WK is another Solyndra.
This is another case of government tax dollars being heaped on a company that, in turn, fills the coffers of politicians while hardly producing anything, even the promised 72 jobs that WK guaranteed.
Records show that department officials were very aware of WK Solar’s financial woes but forged ahead with loan negotiations anyway. However, Strickland and Fisher both claim that they were not aware of any financial problems with the company whatsoever.And:
In total, the company was loaned $15 million and was offered $3.4 million in conditional tax breaks if it met certain job-creation goals. Because the company never directly employed more than 72 workers, it was ineligible to receive the additional tax breaks.Again, this appears to be another case of political malfeasance; a case in which a group of politicians hand over money to their "friends" who pop some of it back to their campaigns with the shell of a company established.
In addition to the loss of tax dollars, one of the tragedies of this game is that a community's jobs are dependent on the shell game. That community is devastated when the company folds, as WK Solar certainly appears to have done.
The company has failed to make its loan payments twice in a row. The State of Ohio is investigating.
Gateway Pundit has been reporting on these companies, a list equivalent to the "magic tonic" craze charlatans created years ago.
Eighty percent of these loans went to Obama campaign donors. Heritage has the complete list.
That’s 19 (that we know of so far). We also know that loans went to foreign clean energy companies (Fisker sent money to their overseas plant to develop an electric car), and that 80% of these loans went to President Obama’s campaign donors.UPDATE: