Obama's energy loan program is no boondoggle after all

  @FortuneMagazine June 13, 2013: 7:08 AM ET
solar panels

During last year's presidential campaign, federal loan guarantees for alternative-energy companies became a GOP punch line. Mitt Romney referred to some of the recipients as "losers." Paul Ryan said they addressed "make-believe markets." Marco Rubio claimed that the Department of Energy was "wasting more taxpayer money," based largely on the well-publicized failure of solar-panel maker Solyndra. But a funny thing happened on the way to the burial: The loan program began to work. Thousands of jobs have been created. Domestic energy production is more diversified. Most important, the U.S. taxpayer is being set up for a possible profit.

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