Posted on 11/18/2011 6:19:22 AM PST by Hojczyk
At the end of last month, I wrote about Beacon Power, a solar-tech company that received over a hundred million dollars in taxpayer-backed credit but who teetered on the edge of bankruptcy. Yesterday, Beacon tipped over, filing for protection from its creditors — and potentially taking $43 million in taxpayer dollars with it:
Beacon Power, a Massachusetts-based company that won praise from renewable power activists and loan guarantees from the federal government, has filed for bankruptcy, potentially leaving taxpayers on the hook for $43 million.
The company, which promised to build storage devices for intermittent power produced by wind and solar power facilities, was never able to attract investors. Coming on the heels of the Solyndra bankruptcy and ensuing scandal, the Beacon Power bankruptcy has a growing number of people calling for an end to federal loan guarantees for risky alternative energy start-ups.
According to published reports, Beacon’s shares traded for $47 in 2005 but fell to $3.44 in February 2011 and less than $1 a few months later. The company was cautioned by Nasdaq it was in danger of losing its listing. In late October, the price per share fell to just under 11 cents, leaving the company with a market value of $3 million.
(Excerpt) Read more at hotair.com ...
How is the company of JFK’s nephew doing that got 1.5 billion stimulus bucks?
Wouldn’t it be richly delicious if this spiralled out of control, and
Al Gore lost all his money?
I know, pipe dream.
follow the money
http://www.beaconpower.com/index.asp
http://www.whitehouse.gov/sites/default/files/100-Recovery-Act-Projects-Changing-America-Report.pdf
page 24
Every project on this whitehouse.gov document should be audited
That money was not lost. It went into the Democrat’s pockets. Democrats - Thieves, Thugs, Thralls and Thickheads.
A new variation on the old Penny Stock scam.
These are ALL utterly worthless companies that will eventually go bankrupt.
Like the Penny Stocks the owners loot all the value of the investment before the equity goes to zero.
The new twist is that the owners are democrat party insiders and the hapless investors are the increasingfly impoverished taxpayers.
Exactly. Follow the money. They should show where every dollar was spent and to who it went to.
WITH OUR ECONOMY LIKE IT IS, WITH MANY OF US SUFFERING TOO, THESE CORRUPT AND MENTALLY SICK MEN AND WOMEN WORM THE STIMULUS INTO PAY-OFFS?
I AM ONE AMERICAN WHO WANTS THIS BROKEN OPEN AND THE MONEY RETURNED, PEOPLE NAMED AND ESPECIALLY THOSE WHO MET AND THEN ISSUED THE CHECKS BROUGHT BEFORE THE AMERICAN PUBLIC AS A MEANS OF SETTING THIS RIGHT.
IF THIS HAD BEEN DONE UNDER AN REPUBLICAN ADMINISTRATION IT WOULD BE HEADLINE NEWS FOR WEEKS.
THIS ABUSE OF OUR MONEY IN THESE TIMES, MONEY TAKEN FROM US TO BE USED FOR THE GREATER GOOD, AND TO HAVE IT STOLEN AND USED AND PAY-OFFS AND GUARANTEES FOR FUTURE BUCKS COMING BACK INTO THE DEM PARTY COFFERS IS NOT ACCEPTABLE!
WHERE WAS THE OVERSIGHT-NEEDED WHEN DEALING WITH SNAKES LIKE THE OBAMA WH AND DOE PUPPETS?
HOW MANY DAVID AXELRODS, RAHM EMANUELS, NANCY PELOSIS, BARACK OBAMAS, ASSC LIKE BILL AYERS OR GEORGE SOROS DOES IT TAKE TO WAKE UP OUR REPUBLICAN CONGRESS AND SENATE?
and Rick Perry should write "Department of Energy" on the blackboard 100 times, then make hay while the sun shines.
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