Second Energy Department-backed company goes bankruptSo you know, Obama wants to seize even more taxpayer money to fund outfits like this. Leaving even more current workers without work.
By Ben Geman, The Hill
A Massachusetts company that received a $43 million Energy Department loan guarantee last year filed for bankruptcy Sunday, a step certain to fuel criticism of federal green energy financing in the wake of the solar company Solyndra’s collapse [jf: consider it fueled].
Beacon Power Corp., which develops energy storage systems, filed for bankruptcy protection in the U.S. Bankruptcy Court in Delaware.
Beacon Power had received a federal loan guarantee to help build an energy storage plant in Stephentown, N.Y., that began operating in January. The Treasury Department’s Federal Financing Bank provided the loan.
“This latest failure is a sharp reminder that DOE has fallen well short of delivering the stimulus jobs that were promised, and now taxpayers find themselves millions of more dollars in the hole,” said Rep. Cliff Stearns (R-Fla.), the GOP’s point man on the Solyndra investigation and a senior member of the Energy and Commerce Committee, in a statement to The Hill and other outlets.
“Unfortunately for the American taxpayers, I am deeply concerned that other DOE programs could follow which goes to the heart of the President's flawed economic program,” he said. [link]
Waste? Who cares? Unemployment? Who cares?
It's green. Therefore it's good.
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So you know, a spokesperson for Beacon Power blamed the company's problems on the “current political climate." Not on the fact that the company was losing money by the bucketloads because it cost more to make its widgets than the company realized in profits.
If it weren't bad enough that Beacon was trying to spin gold from straw, its spokespersons haven't a clue.