Thursday, January 26, 2012

Another One Bites The Dust

Obama loves to waste taxpayer money.



The company, Ener1, received a $118 million grant from DOE in 2010 as part of the president’s stimulus package. The money, which went to Ener1 subsidiary EnerDel, aimed to promote renewable energy storage battery technology for electrical grid use.
But despite generous federal support for the company, Ener1 was racked by problems last year. In October, NASDAQ delisted the company due to non-compliance with Securities and Exchange Commission filing requirements. A month later, the company’s president, chief executive, and top financial officer were fired.
The upside is its nowhere near as much the other green failures this bunch has wasted money on.
Maybe the Government should just let the private sector risk money, they are a much safer bet...

3 comments:

Woodsterman (Odie) said...

I guess it's time to tell BO about my plan to haul all of the country's trash to the White House. He can burn it for fuel and send me a check for $500,000,000.00 for the idea.

Randy-g said...

Odie, I will help haul it for a cut!

Robert Janicki said...

Recently I read somewhere that four of the top five green energy companies subsidized by the Obama administration are in bankruptcy or teetering on the brink of bankruptcy and seeking fresh infusion of capital from whomever would be stupid enough to give it to them. That must be code for the federal government.