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| Taxpayers Lose Another $118.5 Million As Next Obama Stimulus Pet Project Files For Bankruptcy |
| 2012-01-26 |
| Remember that one keyword that oddly enough never made it's way into the president's largely recycled SOTU address - "Solyndra"? It is about to make a double or nothing repeat appearance, now that Ener1, another company that was backed by Obama, this time a electric car battery-maker, has filed for bankruptcy. Net result: taxpayers lose $118.5 million. The irony is that while Solyndra may have been missing from the SOTU, Ener1 made an indirect appearance: "In three years, our partnership with the private sector has already positioned America to be the world's leading manufacturer of high-tech batteries." Uh, no. Actually, the correct phrasing is: "...positioned America to be the world's leading manufacturer of insolvent, bloated subsidized entities that are proof central planning at any level does not work but we can keep doing the same idiocy over and over hoping the final result will actually be different eventually." We can't wait to find out just which of Obama's handlers was may have been responsible for this latest gross capital misallocation. In the meantime, the 1,700 jobs "created" with the fake creation of Ener1, have just been lost. From The Hill: |
| Posted by:tipper |
| #6 "they have actually lined up some private equity who will invest post chapter 11" That's what they should have done in the first place, LG. >:-( |
| Posted by: Barbara 2012-01-26 22:45 |
| #5 Obama only invests our money in projects or companies to benefit his backers. In truth his backers probably make money by the truck-load during the transactions - probably through some vehicle akin to a "commission" for obtaining the funding. The only people burned in theses bogus ventures are the true-believers that didn't understand that the business was a shell just for the purposes of bilking the suckers ... the tax payers. |
| Posted by: Super Hose 2012-01-26 20:24 |
| #4 And the list continues to grow: SOLYNDRA, LIGHTSQUARED, Evergreen, SpectraWatt, BrightSource, Tonopah Solar, Abound Solar, Nevada Geothermal Power, sun power, Granite Reliable, ProLogis, Monroe Regional Airport, Beacon power, Siga Technologies Inc, Fisker,Willard & Kelsey, Ener1 |
| Posted by: newc 2012-01-26 19:57 |
| #3 I've noticed that ,amy start-up companies will get a producr with the capital and then Bankrupt, screwing the original investers and whatcanyoudoaboutit. Un other wotds YOURGUJT. |
| Posted by: Redneck Jim 2012-01-26 19:33 |
| #2 fwiw, IIUC, this is a chapter 11 bankruptcy which means the company may successfully emerge and prosper it all depends on whether their lithium battery technology (based on various patents and proprietary designs) can work in a real world situation and also be cost effective the company has already burned it's way through about half of the $118M without producing a workable prototype but they have actually lined up some private equity who will invest post chapter 11 |
| Posted by: Lord Garth 2012-01-26 14:04 |
| #1 At this point, anything Obama wants to invest in I'm investing in the direct competing technology. |
| Posted by: DarthVader 2012-01-26 13:12 |