green

Widespread bankruptcy of Obama-backed green energy companies continues as state of economy worsens

Tuesday, November 06, 2012 by: Ethan A. Huff, staff writer
Tags: green energy companies, bankruptcy, Obama

eTrust Pro Certified

Most Viewed Articles
Popular on Facebook
The five biggest lies about Ebola being pushed by government and mass media
Why does the CDC own a patent on Ebola 'invention?'
Ultraviolet light robot kills Ebola in two minutes; why doesn't every hospital have one of these?
EXCLUSIVE: Natural News tests flu vaccine for heavy metals, finds 25,000 times higher mercury level than EPA limit for water
Tetanus vaccines found spiked with sterilization chemical to carry out race-based genocide against Africans
Truvia sweetener a powerful pesticide; scientists shocked as fruit flies die in less than a week from eating GMO-derived erythritol
Irrefutable proof we are all being sprayed with poison: 571 tons of toxic lead 'chemtrailed' into America's skies every year
Russia taking McDonald's to court, threatens countrywide shutdown
Oregon man serving prison sentence for collecting rainwater on his own property
The best way to help your body protect itself against Ebola (or any virus or bacteria)
Global warming data FAKED by government to fit climate change fictions
Senator who attacked Doctor Oz over dietary supplements received over $146,000 in campaign contributions from Big Pharma mega-retailer and Monsanto
Healthy 12-year-old girl dies shortly after receiving HPV vaccine
Ebola outbreak may already be uncontrollable; Monsanto invests in Ebola treatment drug company as pandemic spreads
HOAX confirmed: Michelle Obama 'GMOs for children' campaign a parody of modern agricultural politics
Ben & Jerry's switches to non-GMO, Fair Trade ice cream ingredients
W.H.O. contradicts CDC, admits Ebola can spread via coughing, sneezing and by touching contaminated surfaces
BREAKING: CDC whistleblower confesses to MMR vaccine research fraud in historic public statement

Delicious
(NaturalNews) As idyllic as it might sound in theory, the pumping of billions of taxpayer dollars into green energy programs aimed at decreasing reliance on fossil fuels and foreign oil has not exactly led to the positive advancements in clean energy we were all told it would. According to a recent report by The Daily Caller, as many as 50 of the green energy companies that received massive loans or grants from federal and state governments in recent years are struggling to survive or have gone completely belly up.

The infamous $825 billion "stimulus" package hatched by the federal government back in 2009 as a way to supposedly kick start the economy included an $80 billion allotment for green energy subsidies, a substantial portion of which went towards the now-failed Solyndra corporation, not to mention nearly a dozen other teetering or flopped companies as of January of this year. But now that number has more than quadrupled, with literally dozens of companies under investigation for abuse, waste, and blatant fraud.

According to the The Heritage Foundation, a conservative think tank, at least 19 green energy companies given federal stimulus dollars have filed for bankruptcy since the program began. Collectively, these companies were given nearly $1.1 billion in taxpayer dollars that are now gone. And another 14 companies representing more than $5.8 billion in stimulus grants are on the verge of collapse, according to reports.

These companies include only those that received funds directly from the Obama administration as part of the American Recovery and Reinvestment Act of 2009 -- another 18-or-so companies that received "other state, local, and federal tax credits and subsidies" are also flailing or have filed for bankruptcy since receiving their cash infusions, as the national and global economies spiral ever-downwards with no end in sight.

"At least $15 billion of 'green' taxpayer money is either gone or still at risk," says the Green Corruption blog about the debacle, adding that there are now 27 troubled and 23 bankrupted green energy companies as of October 23. "[The] percentage of cronyism is hovering around 60 percent (29 of the 50)."

The most recent green energy failure was Satcon Technology Corp., which reportedly received a $3 million grant from the U.S. Department of Energy (DOE) earlier in the year, and filed bankruptcy on October 17. Just a day earlier, electric car battery manufacturer A123 Systems, which received a $249 million loan guarantee, filed for bankruptcy as well.

Sources for this article include:

http://dailycaller.com

http://blog.heritage.org

Join over four million monthly readers. Your privacy is protected. Unsubscribe at any time.
comments powered by Disqus
Take Action: Support NaturalNews.com by linking back to this article from your website

Permalink to this article:

Embed article link: (copy HTML code below):

Reprinting this article:
Non-commercial use OK, cite NaturalNews.com with clickable link.

Follow Natural News on Facebook, Twitter, Google Plus, and Pinterest

Colloidal Silver

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...

GET SHOW DETAILS
+ a FREE GIFT

Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of NaturalNews.com, the internet's No. 1 natural health news site. (Source: Alexa.com)

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.