Wintery Knight

…integrating Christian faith and knowledge in the public square

A third Obama-subsidized green energy firm is bankrupt after $118.5 million loan

CNS News explains how well stimulus spending stimulates the economy.

Excerpt:

 The third federally subsidized green energy company to declare bankruptcy seems to indicate a pattern, said Rep. Cliff Stearns, chairman of the House Energy and Commerce subcommittee on oversight and investigations.

“One bankruptcy may be a fluke, two could be coincidence, but three is a trend,” Stearns said in a written statement. “Our investigation continues, and we are working to ensure taxpayers never are never again stuck paying hundreds of millions of dollars because of the administration’s risky bets.”

Ener1, which makes batteries for electric vehicles, announced Thursday it had filed for Chapter 11 bankruptcy protection. The company had been awarded a $118.5 million from the Energy Department through the American Recovery and Reinvestment Act, better known as the stimulus.

The Obama administration has already been under fire for a $535 million stimulus-funded loan it made to California-based solar panel company Solyndra, which filed for Chapter 11 bankruptcy protection last fall before being raided by the FBI. The House Energy and Commerce Committee has been investigating the Solyndra loan.Also late last fall, the Massachusetts-based Beacon Power, green energy storage plant that got $43 million in stimulus funds, filed for Chapter 11 bankruptcy protection.

Ener1 announced the Chapter 11 filing one year to the day that Vice President Joe Biden visited a Greenville, Ind. plant on Jan. 26, 2011.

If we want the economy to do well, then we need to elect someone who understands free market capitalism – not a socialist community organizer. Let the private sector create jobs. They know how to compete. They know how to survive. They know how to give customers what they want. They know how to be efficient.

Related posts

Filed under: News, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

3 Responses

  1. [...] A third Obama-subsidized green energy firm is bankrupt after $118.5 million loan (winteryknight.wordpress.com) nRelate.domain = "www.istheendsoon.com";nRelate.fixHeight("nrelate_related_1");nRelate.adAnimation("nrelate_related_1");nRelate.tracking("rc"); Share this:DiggRedditStumbleUponFacebook [Translate] /* 5 visitors online nowMap of VisitorsPowered by Visitor Maps [...]

  2. Nothing a round of Golf and a few parties can’t fix…

  3. [...] A third Obama-subsidized green energy firm is bankrupt after $118.5 million loan (winteryknight.wordpress.com) [...]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Click to see recent visitors

  Visitors Online Now

Page views since 1/30/09

  • 3,936,096 hits

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 1,716 other followers

Archives

Follow

Get every new post delivered to your Inbox.

Join 1,716 other followers

%d bloggers like this: