Worse than Madoff? USDA biofuels investment goes bust

Canada Freepress ^ | January 6, 2012 | Institute for Energy Research

[opentalk]

USDA-backed biofuels plant in Soperton, Georgia has lost taxpayers nearly $60 million

WASHINGTON D.C.—Upon reports Tuesday that a USDA-backed biofuels plant in Soperton, Georgia has lost taxpayers nearly $60 million, IER President Tom Pyleissued the following statement:

“Apparently U.S. taxpayers have yet to discover life after Solyndra. Today’s announcement that a USDA-backed biofuels plant has been sold for pennies on the dollar—at a loss of nearly $60 million to U.S. taxpayers —further underscores the point that the federal government should not be in the venture capital business.

The Bush administration secured the Range Fuels loan, and the Obama administration doubled down on the bad investment. At this rate, Uncle Sam may be outpacing Bernie Madoff when it comes to fraudulent investment schemes and zeroed-out portfolios.The Department of Agriculture, like the Department of Energy, should be held accountable for this abusive waste of taxpayer money.”

[opentalk]

From reference link in artcle (ajc)

Range cost U.S. taxpayers $64 million and Georgia taxpayers another $6.2 million. Tuesday's sale netted $5.1 million which will help offset losses suffered by the U.S. Department of Agriculture. Georgia's money, which paid for some of the ethanol-making equipment, won't be recouped outright..

[WOBBLY BOB]

luvs me some green jobs

[knarf]

Willie Nelson will have to cut back on his pot.

[WOBBLY BOB]

Willie,Kris and John Couger Mellonhead will need another Farm Aid concert for those poor, downtrodden corn farmers.

[AlmaKing]

Anbody keeping a list of these failed ‘alternative’ energy scams?

Sounds like something Nachum would have.

I have a coworker who thinks this effort is legit. i just want some evidence to give him.

[blueunicorn6]

Obama isn’t smart enough to run a snocone stand.
DEMOCRATS = THIEVERY AND INCOMPETENCE
DEMOCRATS = THIEVERY AND INCOMPETENCE
DEMOCRATS = THIEVERY AND INCOMPETENCE

Hiding behind the skirts of a bought-off old media.

[knarf]

IIRC, Willie was looking for investors to develope biofuel for big trucks, or something like that.

I don't know ... maybe 7 or 8 tears ago

[Nachum]

The only file I kept on an alternative energy scam was for the Solyndra fiasco.

http://www.nachumlist.com/solyndra.htm

Most of the other violations of the public trust, simply put under a general heading of Obama Ethics. That would incude the attacks by the EPA

Year 3

http://www.nachumlist.com/obamaethics3.htm

Year 2

http://www.nachumlist.com/obamaethics2.htm

Year 1

http://www.nachumlist.com/obamaethics1.htm

Then there are the federal attacks under Agenda 21

http://www.nachumlist.com/agenda21.htm

-I hope that leads you in the direction you desire

N

[ronnie raygun]

Madoff in jail for life.....................funny, meanwhile