Executive Branch - POLITICS
Another Energy Company Goes Bankrupt, $39 Million Borrowed From Taxpayers
Published October 31, 2011
| FoxNews.com
AP
FILE: Sen. Jeff Sessions, R-Ala., ranking member of the Senate Banking Committee, called the revelation of the bankruptcy another example of "the reckless abuse of taxpayers' dollars in the pursuit of green jobs."
An energy company that received a $43 million loan guarantee through the same federal program that backed Solyndra has followed the path of the failed solar firm and filed for bankruptcy.
Beacon Power Corporation filed for Chapter 11 bankruptcy on Sunday in U.S. Bankruptcy Court in Delaware. The company, which develops energy storage systems based on what are known as "flywheels," had received the federal guarantee for a 20-megawatt energy storage plant in Stephentown, N.Y., back in August 2010.
The loan was expected to cover the lion's share of the $69 million project, one of several that Beacon was developing across the country.
Ever wonder where the millions are going to? Anyone want to bet that in the finest tradition of Chicago politics (the paragon of clean and clear politics) I would venture a bet that a great of the money given to Solyndra ( and now Beacon) will be ending up in the coffers of the re-election campaign of one Barak Hussein Obama. But trust me you will never find that money - it will be well laundered by a number of people that have not been around for a long, long time.
Actually it was more than that. They also recieved over $15 million from the stimulus package too! And another $4 million from somewhere else. I forgot where. but it totals. anotheer $62 million dollar waste due to green energy crap!
