Solar company that received grant from Romney during his time as Massachusetts governor went bankrupt.
Mitt Romney has made a bankrupt solar power company the symbol of President Obama’s inability to jumpstart the economy - but he has a similar failure on his resume, according to a report.
Romney has repeatedly ripped the Obama administration for sending federal funds to Solyndra, a California alternative energy company that went belly-up.
Decrying the White House’s decision to give Solyndra a $535 million federal loan as “crony capitalism,” Romney even held a surprise campaign stunt at the Bay Area plant Thursday.
But a day later, a Massachusetts solar panel company that received a state grant while Romney was governor filed for bankruptcy, according to the Boston Herald.
Romney personally awarded a $1.5 million renewable energy subsidy to Konarka Technologies, based in Lowell, a short time after he took office in 2003, the paper reported.
That company filed for Chapter 7 bankruptcy protection and laid off 85 workers.
The Obama campaign was quick to pounce on the apparent double-standard.
“Every day we see a new example of Mitt Romney’s hypocrisy,” said Obama spokeswoman Lis Smith. “Mitt Romney may think he can play by a different set of rules, but he can’t hide his history of giving millions of dollars in government loans to campaign donors.”
The Romney campaign did not immediately comment on the report. Konarka collected a total of $20 million in government grants during its 11-year history, according to the Herald.
Solyndra received its loan in 2009 and Obama visited it a year later even as members of his administration feared that the company could collapse.
The business went under last August and has become a Republican rallying cry — though Congressional investigators have not found any evidence of federal wrongdoing.
Meanwhile, Romney continued his fundraising blitz Saturday with a big dollar cash bash not far from his San Diego beach house.
Obama, reeling from a disappointing federal employment report, was set to fly back to Washington after a two-day buckraising swing through Minneapolis and his hometown of Chicago. He also used his weekly address to urge Congress to set aside political differences to focus on creating jobs.