Beacon Power bankrupt; had U.S. backing like Solyndra
(Reuters) - Beacon Power Corp filed for bankruptcy on Sunday just a year after the energy storage company received a $43 million loan guarantee from a controversial U.S. Department of Energy program.Yep. Another "shovel ready" project that just wound up burying our tax dollars. There's an expression that says once is an accident, twice is coincidence, three times is enemy action. I think we're well beyond two "green" companies that got .gov $$$ and then went teats up shortly thereafter - heck, there were two in MA alone.
The move comes about two months after solar panel maker Solyndra also filed for bankruptcy, setting off criticism of the government loan program.
It does make one wonder what kind of oversight there was - is - when the loan money is being flung fast and furious. Does anyone investigate the companies that are applying for loans - and by "investigate" I mean more than "did they donate to the re-election campaign". I mean, they accused George Bush of raising gas prices to enrich his oil buddies, yet no one seems to bat an eye when millions of dollars in loans just goes up in (dioxin-free?) smoke. Want to make a million? Claim to be a "green" company and apply for a TARP loan.
I'm sure the media will investigate this every bit as thoroughly as Operation Gunwalker, right?
That is all.
4 comments:
I think the Guy who ran "Soylent Green" was actually a Big Demacommie Donor/Bundler, and this was his reward. Kinda like when Bernie Schwartz and Loral was able to send Missile Technology to the Chicoms during the Clinton Admin. But I think Bernie only had to payout $2 Million to the DNC to get the Override the CIA, State Dept. and the DOD were imposing.
I read that post title and my first thought was, "You pay cash for Lasergrips."
Or shoot a watermelon...
I assure you our tax money did not go up in smoke.
Most, if not all, is in offshore accounts under the name Barry Soetoro.
Ya, I'm a cynic. But tell me you haven't thought the same thing.
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