Two more renewable energy companies promoted by the Obama administration are failing. The developments occurred two months after the collapse of the Solyndra solar energy company which received $535 million in loan guarantees from the U.S. Department of Energy.
The first DOE company in trouble was EnerDel from Indiana. EnerDel received a $118 million DOE renewable energy grant in early 2010 under Obama stimulus funding. The company, which was supposed to make new electric car batteries, was delisted on Friday by NASDAQ. It’s price had fallen to zero. Under the stimulus money EnerDel once had employed 253 people. Today without the stimulus money only 33 are on the payroll.
Rep. Cliff Stearns (D-FL), chairman of the House Oversight and Investigations subcommittee on energy said today ““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.”
EnerDel also bought a 30% share in a Norwegian electric car maker, Think Global. That company went bankrupt earlier this year.
The second company to fail under the DOE loan program is Beacon Power, a Massachusetts-based electric storage company that received $43 million loan guarantee from the department. The company filed for bankruptcy on Sunday.
The two company failures come only three days after the White House announced a full review of the DOE loan program as reported on Friday by PJ Media.
It’s almost as if a pattern is emerging.
Our poor Boy King just can’t catch a break. Imagine the manna that would be falling from heaven if the man who walked through life unscathed for 47 years hadn’t totally lost his mojo trying the navigate the minefields laid by Bush.
Good thing he lives in splendor himself. If he didn’t he might have to consider pulling back on his billions dollar investments with our money. But since he lives like Marie Antoinette on our dime, he will certainly have the courage to continue with his brave forward-thinking investments. What courage he has!!
Has anybody figured out what your return would be if you had shorted each of the DOE loan recipients on the date they received their loans?
Now that’s a strategy work looking into!
If you shorted GM at the IPO price of $33 you would be up 21% right now.
The audacity of a dope
At some point, they’re going to use up their fail fund. And that appears to be sooner rather than later. Then they get to come back to taxpayers for reinsurance.
I don’t think this thing has even begun to blow up.
Jonathan Alter and the MSM consider Obama “scandal free.”
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/10/28/bloomberg_articlesLTQZU10D9L35.DTL
Stupefying Orwellian mendacity.
Jonathan Alter of Journ0list infamy? Why would I EVER believe a syllable of drivel that drips from his pen or falls from his puppet mouth?
That this disclaimer was published in the SFGate tells me all I need to know about it’s veracity.
If a Tree Falls in the Forrest;
And CBS, NBC, ABC, CNN, MSNBC, The NYT, The WaPo, and AP don’t report it,
Does it make a sound?
.
According to Johnnathan Alter, the answer is NO!
See?
Occupy Wall Street is RIGHT!
.
If only the Greedy Banks and Investors had Done The Right Thing and invested in / or Loaned Money to these companies the President would not have been Forced to make those Pork-U-Lus loans to those companies and left the Taxpayers Holding the Bag!
Can someone get a complete list of failed companies?
Or, if that’s too much work, get us the much shorter list of companies that are successful.