Another “Green” Company Sucks Up a Ton of Tax Payer Cash Then Goes Bankrupt

By Gary P Jackson

Well, here we go again. It seems the biggest get-rich-quick scheme in the Obama Economy™ these days is starting a so-called “green” company, getting a bunch of government grants, and then promptly going out of business and filing for bankruptcy.

Mathew Lesko would be proud!

The latest company to go under is Evergreen Solar. After bilking the tax payers out of over $30 million in grants and tax breaks, then moving manufacturing to China, the company execs now want to walk away from it all.

From Anthony Watts:

Another publicly larded solar company – this one wants to walk away from their solar manufacturing plant

BOSTON (AP) — Evergreen Solar is asking a bankruptcy judge for permission to walk away from its former plant in Devens.

The company, which received tens of millions in state aid before shuttering its facilities last year and moving its manufacturing operations to China, filed the notice in federal bankruptcy court in Delaware on Monday.

Interested parties including MassDevelopment, which helps finance and develop new projects, have until Friday to respond to the filing.

A spokeswoman for MassDevelopment declined comment Tuesday, saying the filing speaks for itself.
Evergreen received more than $20 million in grants and $11 million in tax and lease initiatives from Massachusetts. That doesn’t include other tax benefits and millions in upgrades to roads and utilities around the plant.

Gov. Deval Patrick championed Evergreen Solar early in his first term.

The Obama regime has wasted billions of dollars on these pie-in-the-sky projects. I have no idea what the vetting process is, but judging at the sheer number of business failures, it seems all one needs to get a grant or loan for a “green” project is a pulse.

Congress needs to step in and put a moratorium on these sort of deals. If a project is truly viable, private banking will certainly be able to assist in financing. Obama must be held accountable, and frankly, the principals of these companies need to be investigated as well. The pattern of getting Obama money then going bankrupt is something we are seeing repeated far too often.

3 Comments

Filed under In The News, Politics

3 responses to “Another “Green” Company Sucks Up a Ton of Tax Payer Cash Then Goes Bankrupt

  1. TheLight

    That is unbelievable I thought this would POP like Solyndra or the Chevy Volt~ SIKE!

  2. patricia cala

    AND, IS THERE MORE TO COME?
    BEFORE ELECTION DAY?

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