Well, let's take a look at how government programs work:
In 2011, King’s company received a $102 million for development of Record Hill. The loan came through the same stimulus program that funded Solyndra. The original federally-guaranteed loan was as questionable as the Solyndra loan. As it turned out, there was no need for a federally-guaranteed loan on the surface; the company supposedly had $127 million in liquid assets available, assets it had to have under Maine state law in order to commence construction. The loan program was specifically designed to help companies that couldn’t get private loans otherwise.
Furthermore, the company may not have been eligible for the loan, since its technology wasn’t innovative under the applicable regulation. But the company got the loan anyway, from an Obama administration eager to help out its cronies. Angus King was, of course, an Obama supporter, endorsing him and having contributed at least $10,000 to Obama’s reelection campaign.
Angus King is running for, and will likely win, the Senate seat in Maine. Just what we need. Another crony in Washington, who made his money the old fashioned way. Scamming the people through government programs. Read the whole article, the King scandal doesn't stop there.
http://www.breitbart.com/Big-Governm...ment-of-Energy
OBAMA ADMIN BUYING MAINE SENATE SEAT WITH CRONY ENERGY LOANS
